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<br />made or caused to be made in accordance with the terms thereof (including the giving of any required notice of
<br />redemption) or (ii) shall have been provided for on or before such due date by irrevocably depositing with or making
<br />available to the Paying Agent/Registrar for such payment (A) lawful money of the United States of America
<br />sufficient to make such payment or (B) Government Obligations (hereinafter defined) which mature as to principal
<br />and interest in such amounts and at such times as will insure the availability, without reinvestment, of sufficient
<br />money to provide for such payment, and when proper arrangements have been made by the City with the Paying
<br />Agent/Registrar for the payment of its services until all Defeased Bonds shall have become due and payable. At
<br />such time as a Bond shall be deemed to be a Defeased Bond hereunder, as aforesaid, such Bond and the interest
<br />thereon shall no longer be secured by, payable from, or entitled to the benefits of, the ad valorem taxes herein levied
<br />and pledged as provided in this Ordinance, and such principal and interest shall be payable solely from such money
<br />or Government Obligations.
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<br />(b) Any money so deposited with the Paying Agent/Registrar may at the written direction of the City also
<br />be invested in Government Obligations, maturing in the amounts and times as hereinbefore set forth, and all income
<br />from such Government Obligations received by the Paying Agent/Registrar which is not required for the payment of
<br />the Bonds and interest thereon, with respect to which such money has been so deposited, shall be turned over to the
<br />City, or deposited as directed in writing by the City.
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<br />(c) The term "Government Obligations" as used in this Section, shall mean direct obligations of the United
<br />States of America, including obligations the principal of and interest on which are unconditionally guaranteed by the
<br />United States of America, which may be United States Treasury obligations such as its State and Local Government
<br />Series, which may be in book-entry form.
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<br />(d) Until all Defeased Bonds shall have become due and payable, the Paying Agent/Registrar shall perform
<br />the services of Paying Agent/Registrar for such Defeased Bonds the same as if they had not been defeased, and the
<br />City shall make proper arrangements to provide and pay for such services as required by this Ordinance.
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<br />Section 9. BOOK-ENTRY ONLY SYSTEM. It is intended that the Bonds initially be registered so as to
<br />participate in a securities depository system (the "DTC System") with The Depository Trust Company, New York,
<br />New York, or any successor entity thereto ("DTC"), as set forth herein. The definitive Bonds shall be issued in the
<br />form of a separate single definitive Bond for each maturity. Upon issuance, the ownership of each such Bond shall
<br />be registered in the name of Cede & Co., as the nominee of DTC, and all of the outstanding Bonds shall be
<br />registered in the name of Cede & Co., as the nominee of DTC. The City and the Paying Agent/Registrar are
<br />authorized to execute, deliver, and take the actions set forth in such letters to or agreements with DTC as shall be
<br />necessary to effectuate the DTC System, including a "Letter of Representation" (the "Representation Letter").
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<br />With respect to the Bonds registered in the name of Cede & Co., as nominee of DTC, the City and the
<br />Paying Agent/Registrar shall have no responsibility or obligation to any broker-dealer, bank, or other fmancial
<br />institution for which DTC holds the Bonds from time to time as securities depository (a "Depository Participant") or
<br />to any person on behalf of whom such a Depository Participant holds an interest in the Bonds (an "Indirect
<br />Participant"). Without limiting the immediately preceding sentence, the City and the Paying Agent/Registrar shall
<br />have no responsibility or obligation with respect to (i) the accuracy of the records of DTC, Cede & Co., or any
<br />Depository Participant with respect to any ownership interest in the Bonds, or (ii) the delivery to any Depository
<br />Participant or any Indirect Participant or any other Person, other than a registered owner of a Bond, of any amount
<br />with respect to principal of, premium, if any, or interest on the Bonds. While in the DTC System, no person other
<br />than Cede & Co., or any successor thereto, as nominee for DTC, shall receive a Bond evidencing the obligation of
<br />the City to make payments of principal, premium, if any, and interest pursuant to this Ordinance. Upon delivery by
<br />DTC to the Paying Agent/Registrar of written notice to the effect that DTC has determined to substitute a new
<br />nominee in place of Cede & Co., and subject to the provisions in this Ordinance with respect to interest checks or
<br />drafts being mailed to the holder, the word "Cede & Co." in this Ordinance shall refer to such new nominee ofDTC.
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<br />In the event that (a) the City determines that DTC is incapable of discharging its responsibilities described
<br />herein and in the Representation Letter, (b) the Representation Letter shall be terminated for any reason, or (c) DTC
<br />or the City determines that it is in the best interest of the beneficial owners of the Bonds that they be able to obtain
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