52-06 Issuance/Sale of Sewer System Revenue Bonds $16,500,000

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and (b) interest ou the Series 2006 Bonds shall be payable in next day or federal funds delivered to the Depository or its nominee on the applicable Interest Payment Date; (iii) the beneficial owners in Book-entry fonn shall have no right to receive Series 2006 Bouds in the fonn of physical securities or certificates; (iv) ownership of beneficial interests in Book-entry fonn shall be shown by a book entry au the system maintained and operated by the Depository and its Participants, and transfers of the ownership of beneficial interests shall be made only by book entry by the Depository and its Participants; and (v) the Series 2006 Bonds as such shall not be transferable or exchangeable, except for transfer to another Depository OTto another nominee of a Depository, without further action by the .Legislative Authority. If any Depository detennines not to continue to act as a Depository for the Series 2006 Bonds for use in a Book-entry system, the Fiscal Officer may attempt to have established a securities depository/book-entry relationship with .another qualified Depository. Ifthe Fiscal Officer does not oris unable to do so, the Fiscal Officer, after making provision for notification of the beneficial owners by the then Depository and any other arrangements he/she deems uecessary, shall pennit withdrawal of the Series 2006 Bonds from the Depository, and authenticate and deliver bond certificates in bearer or registered form, as he/she detennines, to the assigns of the Depository or its nominee, all at the cost and expense (including any costs of printing), if the event is not theresuIt of Legislative Authority action or inaction, of those persons requesting such issuance. (f) Redemptiou of the Series 2006 Bauds.. If Series 2006 Bonds or portions are duly called for redemption and if on such redemption date moneys for redemption of all such Series 2006 Bonds to be redeemed, together with accrued interest to the redemption date, and any applicshle redemptiou premium shall be held by the Trustee or Paying Agents so as to be available therefor, theu from and after such redemption date such Series 2006 Bouds or portions thereofshall cease to bear interest. (i) Optional Redemption Tenns and Prices. The Series 2006 Bonds shall be non-callable for redemption at the option of the Issuer prior to the Optional Earliest Redemption Date. The Series 2006 Bonds maturing after the Optional Earliest Redemption Date shall be subject to redemptiou by and at the option of the Issuer prior to their stated maturity, either in whole or in part on any date on and after the Optional Earliest Redemptiou Date, in the principal amount of $5,000 or any integral mnltiples thereof at the applicable Optional Redemption Price plus, in each case, accrued interest to the redemptiohdate. (ii) Mandatory Sinking Fund Redemption. Uuless previously called for optioual redemption, the Series 2006 Bonds whicKare issued as Term Bonds shall be subJect to mandatory redemption, pursuant to Sinking Fund Requirements, as shall be determined by the Fiscal Officer and specified in the Certificate of Award, at a redemption price of 100% of the principal amount redeemed plus interest accrued to the redemption date, on the Principal Payment Dates and in the principal amounts set forth in the Priucipal Retirement Schedule. (g) Sale and Execution of the Series 2006 Bonds.. The Fiscal Officer is hereby authorized and directed promptly to negotiate the sale of the Series 2006 Bauds to th, Original Purchaser upon tenns consistent with the Series 2006 Bond Legislatiou. Such terms shall be incorporated into a Bond Purcbase Agreement which shall be executed by the Original Purchaser and by the Issuer acting through the Mayor and the Fiscal Officer, or either one of them, each of whom are hereby authorized and directed to execute, after approval as to form mid correctness by the Legal Officer, such Bond Purchase Agreement, with terms not inconsistènt with the provisions and authorizations contained in the Series 2006 Bond Legislation, ou behalf of the Issuer and to do all things necessary and appropriate to complete and perfonn the tenns and provisions thereof and the delivery of the Series 2006 Bonds to the Original Purchaser and, in accordance with the terms and provisions hereof and thereof, to make the necessary arrangements on behalf of the Issuer to establish the date, location, procedures and conditions forithe delivery of the Series 2006 Bonds to the Original Purchaser to the extent not provided for in the Bond Purchase Agreement. The Bond Purchase Agreement shall be in substantially the form now on file, or as will be on file no later than the date of passage of this Series 2006 Bond Legislation, with the Fiscal Officer which is hereby approved, with such changes therein as are not inconsistent with this Series-2006 Bond Legislation and not substantially adverse to the Issuer as may be approved by the Mayor and the Fiscal Officer, or either one of them. The àpproval of such changes, and that such changes are not substantially adverse to the Issuer, shall be conclusively evidenced by the executiçn of the Bond Purchase Agreement by the Mayor and the Fiscal Officer, or either one of them,