2004-54 AUTHORIZING AND APPROVING THE REFUNDING OF OUTSTANDING SERIES 1993 BONDS

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without premium. Such payments shall be made from the Securities Trust Fund and shall be made to the persons entitled thereto as provided in the Series 1993 Indenture, with respect to the principal of, interest on and redemption price for the Series 1993 Bonds. The Series 1993 Trustee is hereby directed to call for redemption on , 2004, all outstanding Refunded Series 1993 Bonds at a redemption price of 100%of the principal amount thereof, in accordance with the provisions of the Series 1993 Indenture. Notice of such redemption shall be given by registered or certified mail to the registered owners of the Refunded Series 1993 Bonds and Ambac Assurance Corporation (formerly known as AMBAC Indemnity Corporation), as bond insurer for the Series 1993 Bonds, at least 30 days and not more than 60 days prior to the date fixed for redemption, all in accordance with the provisions of Section 503 of the Series 1993 Indenture. Such notice shall be in substantially the form attached hereto as Exhibit B. The City, by this First Supplemental Indenture, hereby irrevocably directs the Series 1993 Trustee to mail such notice. The Series 1993 Trustee, without further authorization or direction from the City or the Corparation, shall pay on such redemption date the principal of the Refunded Series 1993 Bonds optionally redeemed pursuant to the provisions of this paragraph. Such payments shall be made from the Securities Trust Fund, and the Series 1993 Trustee shall make such payments to the persons entitled thereto as provided in the Series 1993 Indenture. The Series 1993 Trustee hereby agrees that the provisions for the giving of notice of redemption set forth in this Section 301 satisfy the requirements of Section 503 of the Series 1993 Indenture. ARTICLE IV GENERAL PROVISIONS Section 401. Except as provided in Section 402 of this First Supplemental Indenture with respect to excess funds, the Securities Trust Fund hereby created shall be irrevocable and the owners of the Refunded Series 1993 Bonds shall have an express lien on the principal of and interest on the Government Securities and any cash held in the Securities Trust Fund until used and applied in accordance with this First Supplemental Indenture. The Series 1993 Trustee shall hold the Securities Trust Fund as a separate trust account ', wholly segregated from all other funds held by the Series 1993 Trustee in any capacity and shall ' make disbursements from the Securities Trust Fund only in accordance with the provisions of this First Supplemental Indenture. The principal of and interest on the Government Securities shall not be reinvested and the Series 1993 Trustee shall not sell or otherwise dispose of the Government Securities except as provided in Section 402 below. Section 402. Subject to the immediately succeeding paragraph, the Government Securities (or any portion thereo fl may not be sold, redeemed, invested, substituted or reinvested in any manner or other United States Government Obligations substituted therefor and no money or Government Securities rnay be removed from the Securities Trust Fund or other United States Government Obligations substituted therefor (any such direction to sell, redeem, invest, -6-