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4. Each of the President and Vice President is hereby authorized to <br />approve a Preliminary Official Statement relating to the Subordinate Bonds (such <br />approval to be conclusively evidenced by the delivery thereof) (the "Preliminary Official <br />Statement") and the Board of Directors hereby approves the use of the Preliminary <br />Official Statement in connection with the offering and sale of the Subordinate Bands, <br />with such additions thereto and changes therein as are determined necessary by the <br />President or Vice President of the Authority to make such Preliminary Official <br />Statement final as of its date for purposes of Rule 15c2-12 of the Securities and <br />Exchange Commission (except for the omission of those items permitted by said Rule). <br />Each of the President, Vice President and Executive Director of the Authority is <br />authorized to deem the Preliminary Official Statement to be final within the meaning <br />of Securities and Exchange Commission Rule 15c2-12 subject to completion of those <br />items permitted by said Rule. <br />5. Each of the President and Vice President of the Authority is hereby <br />authorized to approve one or more Official Statements relating to the Subordinate <br />Bonds (such approval to be conclusively evidenced by his execution and delivery <br />thereon (the "Official Statementstt) and the Board of Directors hereby approves the use <br />of each such Official Statement in connection with the offering and sale of the <br />Subordinate Bonds, and the Board of Directors hereby further approves the use of any <br />supplement or amendment to each such Official Statement which is necessary so that, <br />in the opinion of the President or the Vice Pre~iident of the Authority (after <br />consultation with the Authority's Co-Bond Counsel), such Official Statement does not <br />include any untrue statement of a material fact and does not omit to state a material <br />fact necessary to make the statements therein, in the light of the circumstances under <br />which such statements were made, not misleading. Each of the President and Vice <br />President of the Authority is hereby authorized to execute each such Oficial Statement <br />and any amendment or supplement thereto, in the name and on behalf of the Authority, <br />and thereupon to cause such Official Statement and any such amendment or <br />supplement to be delivered to the underwriters. The underwriters are authorized to <br />distribute each such Official Statement to the purchasers of the Subordinate Bonds. <br />6. The refunding of the Refunded Bonds (as defined in the <br />Subordinate Indenture) within 90 days of the issuance of the Subordinate Bonds as <br />provided for in the Sixteenth Supplemental Indenture and the Subordinate Indenture <br />is hereby authorized. Each of the President, Vice President, Executive Director, <br />Secretary and any Assistant Secretary of the Authority is hereby authorized on behalf <br />of the Authority to purchase (by contract or otherwise, and including on a future <br />delivery basis) U.S. Government obligations (including non-callable State and Local <br />Government Series direct obligations of the United States of America issued by the <br />Bureau of Public Debt and certain direct obligations of the United States of America <br />purchased on the open market) in such amounts, maturing at such time($) and bearing <br />such rates of interest as shall be necessary (taking into account any moneys or other <br />securities deposited in the 1996 Series A Subordinate Bonds Escrow Fund, as defined <br />in the Sixteenth Supplemental Indenture, at the same time for such purpose) to pay <br />when due the redemption price of and interest on the Refunded Bands, and to take <br />such other action as any of them may deem necessary or appropriate to effectuate the <br />purchase of said obligations.