Authorization and Description of Certificates Sample Clauses

Authorization and Description of Certificates. The Trustee is authorized to execute and deliver the Certificates in an Initial Principal Amount of $ , representing the aggregate of the Principal Components, and each evidencing and representing an undivided proportionate interest in the State Payments. The Certificates shall be designated the “State of Washington Certificates of Participation, Series #1# ( ),” shall be in fully registered form and shall be substantially in the form set forth in Exhibit A, with appropriate insertions and variations, and shall be numbered in such manner as the Trustee shall determine. “CUSIP” numbers may be printed on the Certificates. The Certificates shall be dated the Dated Date, shall be payable in lawful money of the United States of America and shall only be in Authorized Denominations. The Principal Components evidenced by the Certificates shall be payable on the Principal Payment Dates and shall evidence interest at the following rates: Principal Payment Date ( 1) Principal Component Interest Rate The Interest Components evidenced by the Certificates shall be payable on each Interest Payment Date, commencing , 20 . Interest evidenced by the Certificates shall be computed on the basis of a 360-day year, consisting of twelve 30-day months. Each Certificate shall evidence interest from its Dated Date and from the most recent Interest Payment Date to which interest has been paid in full or duly provided for, whichever is later. If any Certificate is duly presented for payment and not paid on such applicable date, then interest shall continue to accrue at the interest rate stated on such Certificate until it is paid. If the Certificates are in fully immobilized form and held by DTC, such payments of Principal Components and Interest Components shall be made as provided in the operational arrangements of DTC as referred to in the Letter of Representations. If the Certificates are no longer in fully immobilized form, interest on the Certificates shall be paid by check or draft mailed by first class mail (or, if agreed to by the State, by wire transfer to an Owner of such Certificate to the Owners of the Certificates at the addresses for such Owners appearing on the Certificate Register on the Record Date. The Principal Component or Prepayment Price shall be payable upon presentation and surrender of such Certificates by the Owners to the Trustee.
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Related to Authorization and Description of Certificates

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