How are Arlington County bonds issued?
• Arlington County fixed-rate bonds are generally issued in $5,000 denominations as fully registered book-entry bonds, without physical certificates or coupons. Bond transactions are recorded in electronic computerized book entry form by the Depository Trust Company (“DTC”), a New York limited purpose trust company and member of the Federal Reserve System. DTC is a registered clearing agency under the Securities Exchange Act of 1934, and holds securities for participants, such as securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. These firms are in turn responsible for keeping accurate records of their individual clients’ holdings and issuing written transaction confirmations and periodic account statements to the individual clients. Under this system, individual bondholders do not receive physical certificates representing their ownership of the bonds, but should receive account statements of their holdings from their securi
