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determined. The Trustee shall give the Securities Depository and the Auction Agent at least two Business Days' notice of the record date selected by it for the purpose of a redemption (each a "Redemption Record Date") and obtain from the Securities Depository a position listing showing at the close of business as of such Redemption Record Date the aggregate principal amounts of Regular ARS, Regular IRS, Regular Fixed AIRS and Newly Fixed AIRS, respectively. On the basis of such position listing, the Trustee shall calculate the Fixed Percentage as of the Redemption Record Date and determine therefrom the principal amounts to be redeemed and Redemption Prices (plus accrued and unpaid interest thereon to the Redemption Date) of: Regular ARS, Regular IRS, Regular Fixed AIRS and Newly Fixed AIRS, respectively. "Fixed Percentage", as of any Redemption Record Date, shall mean the percentage obtained by dividing the aggregate principal amount of outstanding ARS and IRS which are Fixed on such Redemption Record Date by the aggregate principal amount of outstanding ARS and IRS on such Redemption Record Date. If the ownership of the ARS and the IRS is no longer maintained in book-entry form by the Securities Depository, the ARS and IRS to be redeemed will be selected in accordance with the Indenture by the Trustee by lot; provided, however that the principal amount of the portion of any ARS or IRS to be redeemed shall be in an Authorized Denomination. Exchange of Bonds Bonds may be exchanged at the Corporate Trust Office of the Trustee for a like aggregate principal amount of fully registered Bonds of the same series and maturity of other Authorized Denominations. The Trustee will require the payment by the Owner requesting such exchange of any tax or other governmental charge required to be paid with respect to such exchange as a condition precedent to the exercise of such privilege. The Trustee shall not be required to register the transfer of the exchange of any Bond (i) during any period commencing the day five (5) Business Days before the date on which Bonds are to be selected for redemption and ending on such date of selection, or (ii) which has been selected for redemption in whole or in part. Book-Entry System General The Bonds will be executed and delivered in the form of one global bond for each maturity, registered in the name of Cede & Co. and will be deposited with The Depository Trust Company ("DTC"). The Authority cannot and does not give any assurances that DTC Participants or others will distribute payments with respect to the Bonds received by DTC or its nominee as the registered owner, or any redemption or other notices, to the Beneficial Owners, or that they will do so on a timely basis, or that DTC will serve and act in the manner described in this Official Statement. See Appendix D hereto for additional information concerning DTC. The Authority may decide to discontinue use of the system of book-entry transfers through DTC (or a successor securities depository)provided that discontinuation of the book-entry system of transfers with respect to the AIRS may not be made without the consent of the Auction Agent and the Market Agent. In that event, Bonds will be printed and delivered and will be governed by the provisions of the Indenture with respect to payment of principal and interest and rights of exchange and transfer. With respect to the Inverse Rate Securities, the interest rate on the Inverse Rate Securities may be reduced. See "Auction and Inverse Rate Securities -- Special Investment Considerations for AIRS." THE TRUSTEE, AS LONG AS A BOOK-ENTRY ONLY SYSTEM IS USED FOR THE BONDS, WILL SEND ANY NOTICE OF REDEMPTION OR OTHER NOTICES TO OWNERS ONLY TO DTC. ANY FAILURE OF DTC TO ADVISE ANY DTC PARTICIPANT, OR OF ANY DTC PARTICIPANT TO NOTIFY ANY BENEFICIAL OWNER, OF ANY NOTICE AND ITS CONTENT OR EFFECT WILL NOT 13