21 ATTACHMENT 3 - Laserfiche WebLink

13 Selection of Bonds for Redemption. Whenever provision is made in the Indenture for the redemption of less than all of the Bonds, LAVWMA will select the Bonds to be redeemed from all Bonds or such given portion thereof not previously called for redemption in the manner determined by LAVWMA, and the Trustee will select the Bonds to be redeemed within a maturity by lot. For purposes of such selection, the Trustee will treat each Bond as consisting of separate $5,000 portions and each such portion will be subject to redemption as if such portion were a separate Bond. Purchase of 2021 Bonds in Lieu of Redemption. In lieu of optional redemption of 2021 Bonds as described above, amounts in the Redemption Account of the Debt Service Fund may also be used and withdrawn by the Trustee at any time, upon the Request of LAVWMA filed with the Trustee no later than March 15 in any year, for the purchase of 2021 Bonds at public or private sale as and when and at such prices (including brokerage and other charges, but excluding accrued interest, which is payable from the Debt Service Fund) as LAVWMA may in its discretion determine, but not to exceed the principal amount of such 2021 Bonds plus the redemption premium applicable on the next ensuing optional redemption date. LAVWMA will, at the time of any such purchase, pay to the Trustee for deposit in the Debt Service Fund the amount of any deficiency in such Fund which may be caused by such purchase. All 2021 Bonds so purchased will be cancelled. Book-Entry System The 2021 Bonds will be issued in book-entry form only and, when delivered, will be registered in the name of a nominee of The Depository Trust Company, New York, New York (“DTC”), which will act as securities depository for the 2021 Bonds. So long as the 2021 Bonds remain in book-entry form, payments of principal of and interest on the 2021 Bonds will be made by the Trustee to DTC for subsequent credit to DTC Participants and disbursement to Beneficial Owners. One fully-registered Bond will be issued for each maturity of the 2021 Bonds, each in the aggregate principal amount of such maturity, and will be deposited with DTC. See “APPENDIX C - Book Entry System.” LAVWMA, the Members and the Trustee cannot and do not give any assurances that DTC, DTC Participants or others will distribute payments of principal, interest or premium on the 2021 Bonds paid to DTC or its nominee as the registered owner, or will distribute any redemption notices or other notices, to the Beneficial Owners, or that they will do so on a timely basis or will serve and act in the manner described in this Official Statement. LAVWMA, the Members and the Trustee are not responsible or liable for the failure of DTC or any DTC Participant to make any payment or give any notice to a Beneficial Owner with respect to the 2021 Bonds or an error or delay relating thereto.