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GLOBAL BOOK Elft'RY SYSTEII Ownership of the Bonds. Purchases of Bonds by investors may be made through banks, brokers or dealers who are, or act through, participants (the "Participants") of the Depository, other SEC registered depositories and clearing corporations, who collec- tively comprise the National Clearance and Settlement System (the "National System"). The ownership of the Bonds will be shown on, and transfer of ownership will be effected through, records maintained by the Depository. The responsibility for maintaining, reviewing and supervising such records rests collectively with the specific Participants and the relevant units of the National System through whom the investors purchase or maintain the custody of the Bonds. Individual purchases of the Bonds may be in the amount of $5,000 or any multiple thereof of a single maturity, through book en- tries made on the books and records of the National System. Payments to Bondowners. Payment of principal of and interest on the Bonds will be made by the City to the Depository through its nominee Kray & Co., the registered owner of the Global Certifi- cates. The Depository will credit payments on the Bonds to the Participants, as listed on the records of the Depository on the fifteenth calendar day preceding each interest payment date. Transfer of such payments to the Participants is the responsibil- ity of the Depository. Transfer of such payments by the Partici- pants is the responsibility of the Participants. Bondowners will receive interest and principal payments through their bank, broker or dealer nominees. The bank, broker or dealer nominees, if not Participants , will receive payments from the Participants or others who received payments directly or indirectly from Participants. Global Certificates. As part of the Global Book Entry System, the City's Bonds are authorized only in the denomination of the entire outstanding principal amount of a given maturity and are not exchangeable for bonds of smaller denominations, unless replacement bonds are authorized. The City (or any successor registrar) will register on the registration books maintained for the Global Certificates any transfer requested by the registered owner. Initially, the owner registered on the City's registra- tion books will be Kray & Co. Despite the larger authorized denomination of the City's Global Certificates, the Depository will recognize and enter on its books in the National System interests in $5,000 denominations in each Global Certificate. TElUIS OF SALE Minimum Bid and Good Faith Deposit. A sealed bid for not less than $1,970,000 and accrued interest on the total principal amount of the Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to the time set for bid opening, a certified or cashier's check in the amount of $20,000 payable to the order of the City, shall have been filed with the undersigned. No bid will be considered for which said check has not been filed. The check of the Purchaser will be