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06/04/2024
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06/04/2024
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Last modified
8/5/2024 1:34:55 PM
Creation date
8/5/2024 12:58:41 PM
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Meetings
Meeting Type
BCC Regular Meeting
Document Type
Agenda Packet
Meeting Date
06/04/2024
Meeting Body
Board of County Commissioners
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INTERESTS IN THE SERIES 2024 BONDS, AND OTHER RELATED <br />TRANSACTIONS BY AND BETWEEN DTC, THE DIRECT PARTICIPANTS AND <br />BENEFICIAL OWNERS OF THE SERIES 2024 BONDS IS BASED SOLELY ON <br />INFORMATION FURNISHED BY DTC. ACCORDINGLY, THE COUNTY NEITHER <br />MAKES NOR CAN MAKE ANY REPRESENTATIONS CONCERNING THESE <br />MATTERS. <br />DTC, the world's largest securities depository, is a limited -purpose trust company <br />organized under the New York Banking Law, a "banking organization" within the meaning <br />of the New York Banking Law, a member of the Federal Reserve System, a "clearing <br />corporation" within the meaning of the New York Uniform Commercial Code, and a <br />"clearing agency" registered pursuant to the provisions of Section 17A of the Securities <br />Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues <br />of U.S. and non -U.S. equity issues, corporate and municipal debt issues, and money market <br />instruments (from over 100 countries) that DTC's participants (the "Direct Participants") <br />deposit with DTC. DTC also facilitates the post -trade settlement among Direct Participants <br />of sales and other securities transactions in deposited securities, through electronic <br />computerized book -entry transfers and pledges between Direct Participants' accounts. This <br />eliminates the need for physical movement of securities certificates. Direct Participants <br />include both U.S. and non -U.S. securities brokers and dealers, banks, trust companies, <br />clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary <br />of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding <br />company for DTC, National Securities Clearing Corporation and Fixed Income Clearing <br />Corporation, all of which are registered clearing agencies. DTCC is owned by the users of <br />its regulated subsidiaries. Access to the DTC system is also available to others such as <br />both U.S. and non -U.S. securities brokers and dealers, banks, trust companies, and clearing <br />corporations that clear through or maintain a custodial relationship with a Direct <br />Participant, either directly or indirectly (the "Indirect Participants"). DTC has a Standard <br />and Poor's rating of AA+. The DTC rules applicable to its Participants are on file with the <br />Securities and Exchange Commission. More information about DTC can be found at <br />www.dtcc.com and www.dtc.org. <br />Purchases of the Series 2024 Bonds under the DTC system must be made by or <br />through Direct Participants, which will receive a credit for such Series 2024 Bonds on <br />DTC's records. The ownership interest of each actual purchaser of each Series 2024 Bond <br />(the "Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' <br />records. Beneficial Owners will not receive written confirmation from DTC of their <br />purchase. Beneficial Owners are, however, expected to receive written confirmations <br />providing details of the transaction, as well as periodic statements of their holdings, from <br />the Direct or Indirect Participant through which the Beneficial Owner entered into the <br />transaction. Transfers of ownership interests in the Series 2024 Bonds are to be <br />accomplished by entries made on the books of Direct and Indirect Participants acting on <br />behalf of the Beneficial Owners. Beneficial Owners will not receive certificates <br />7 <br />114 <br />
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