|
limiting the immediately preceding sentence, the City and the Paying Agent/Registrar shall have
<br />no responsibility or obligation with respect to (a) the accuracy of the records of DTC, Cede &
<br />Co. or any DTC Participant with respect to any ownership interest in the Bonds, (b) the delivery
<br />to any DTC Participant or any other person, other than a Bondholder, as shown on the Register,
<br />of any notice with respect to the Bonds, including any notice of redemption or (c) the payment to
<br />any DTC Participant or any other person, other than a Bondholder as shown in the Register, of
<br />any amount with respect to principal of Bonds, premium, if any, or interest on the Bonds.
<br />Except as provided in Section 3.10 of this Ordinance, the City and the Paying Agent/Registrar
<br />shall be entitled to treat and consider the person in whose name each Bond is registered in the
<br />Register as the absolute owner of such Bond for the purpose of payment of principal of,
<br />premium, if any, and interest on Bonds, for the purpose of giving notices of redemption and
<br />other matters with respect to such Bond, for the purpose of registering transfer with respect to
<br />such Bond, and for all other purposes whatsoever. The Paying Agent/Registrar shall pay all
<br />principal of Bonds, premium, if any, and interest on the Bonds only to or upon the order of the
<br />respective owners, as shown in the Register as provided in this Ordinance, or their respective
<br />attorneys duly authorized in writing, and all such payments shall be valid and effective to fully
<br />satisfy and discharge the City's obligations with respect to payment of principal of, premium, if
<br />any, and interest on the Bonds to the extent of the sum or sums so paid. No person other than an
<br />owner shall receive a Bond evidencing the obligation of the City to make payments of amounts
<br />due pursuant to this Ordinance.
<br />Section 3.12.: Payments and Notices to Cede & Co. Notwithstanding any other provision of this
<br />Ordinance to the contrary, as long as any Bonds are registered in the name of Cede & Co., as
<br />nominee of DTC, all payments with respect to principal of, premium, if any, and interest on the
<br />Bonds, and all notices with respect to such Bonds shall be made and given, respectively, in the
<br />manner provided in the representation letter of the City to DTC.
<br />Section 3.13.: Successor Securities Depository; Transfer Outside Book -Entry Only System. In
<br />the event that the City or the Paying Agent/Registrar determines that DTC is incapable of
<br />discharging its responsibilities described herein and in the representation letter of the City to
<br />DTC, and that it is in the best interest of the beneficial owners of the Bonds that they be able to
<br />obtain certificated Bonds, the City or the Paying Agent/Registrar shall (a) appoint a successor
<br />securities depository, qualified to act as such under Section 17(a) of the Securities and Exchange
<br />Act of 1934, as amended, notify DTC of the appointment of such successor securities depository
<br />and transfer one or more separate Bonds to such successor securities depository or (b) notify
<br />DTC of the availability through DTC of Bonds and transfer one or more separate Bonds to DTC
<br />Participants having Bonds credited to their DTC accounts. In such event, the Bonds shall no
<br />longer be restricted to being registered in the Register in the name of Cede & Co., as nominee of
<br />DTC, but may be registered in the name of the successor securities depository, or its nominee, or
<br />in whatever name or names Bondholders transferring or exchanging Bonds shall designate, in
<br />accordance with the provisions of this Ordinance.
<br />Section 3.14.: Replacement Bonds. Upon the presentation and surrender to the Paying
<br />Agent/Registrar of a damaged or mutilated Bond, the Paying Agent/Registrar shall authenticate
<br />and deliver in exchange therefor a replacement Bond, of the same maturity, interest rate and
<br />
|