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12. In the event that Issuer dewnnines that beneficial owners of Bonds shall he able to obtain <br /> certificated Bonds. Issuer or Agent shall notify DTC of the availability of Bond certificates. In such <br /> event. Issuer or Agent shall issue. transfer. and exchange Bond certificates in appropriate amounts. <br /> .a required by DTC and others. <br /> 13, DTC may discontinue prodding its senices as securities depository with respect to the <br /> Bonds at am-time by giving reasonable notice to Issuer or Agent tat which time DTC will confirm <br /> with Issuer or Agent die aggregate principal amount of Bonds outstanding). Under such <br /> circumstances, at DTC's request Issuer and Agent shall cooperate fully with DTC by taking <br /> appropriate action to make available one or more separate certificates evidencing Bonds to any <br /> DTC Participant having Bonds credited to its DTC accounts. <br /> 14. Nothing herein shall be deemed to require Agent to advance funds on behalf of Issuer. <br /> Notes: Very truly yours, <br /> A. If there is an Agent(as defined in this Letter of <br /> Representations).Agent as well as Issuer must sign this Letter. If there is no Agent.in signing this Letter Issuer SANTA IF I ANC G ,11U QRI TY <br /> hereself undertakes to petfotm all oi�tlte obligations set forth i I eel "t%herein. <br /> B. Under Rules of the Municipal securities Rulemaking Bv: �L1 <br /> Board relating to"good delivery',a municipal securities _,y-1uthied IItTi U,S Sig ure <br /> mt <br /> dealer must be able to deteine the date that a notice of a L�iC:tCl ALV <br /> parthdcall orof an advance refi,indin of a past of an issue is .COMPANY OF CALIFORNIA <br /> published(the"publication date").The establishment of to enti <br /> such a publication date is addressed in Paragraph 3 of the g <br /> Letter. <br /> C. Schedule B contains statements that DTC believes By: <br /> (Authorized Officer's Signature) <br /> accurately describe DTC,the method of effecting book- <br /> entry transfers of securities distributed through DTC,and <br /> certain related matters. <br /> Received and Accepted: <br /> THE DEPOSITORY TRUST COMPANY <br /> By: /� 4 et rieu� <br /> (Authorized Officer) <br /> • <br /> cc: Underwriter <br /> Underwriter's Counsel <br /> • <br /> -q- <br />