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(b) The Bonds shall be initially issued as separate authenticated fully <br />registered bonds, and one Bond shall be issued m the principal amount of each stated maturity <br />of the Bonds Upon initial issuance, the o^^•ne^shIp of such Bonds shall be registered in the <br />bond register of the City kept by the Registrar in the name of Cede & Co , as nominee of <br />DTC The Registrar and the City ma>’ treat DTC (or its nominee) as the sole and exclusive <br />ovw'ner of the Bonds registered in its name for the purposes of pa\’ment of the principal of or <br />interest on the Bonds, selecting the Bonds or portions thereof to be redeemed, giving any <br />notice permitted or required to be given to registered owners of Bonds under this Resolution, <br />registering the transfer of Bonds, and for all other purposes whatsi»ever, and neither the <br />Registrar nor the City shall be affected by any notice to the contrary Neither the Registrar nor <br />the City shall have any responsibility or obligation to any P;uticipant, any person claiming a <br />beneficial ownership interest in the Bonds under or through DTC or any Participant, or any <br />other person which is not shown on the registration books of the Registrar as being a <br />registered owner of any Bonds, with respect to the accuracy of any ■ chords maintained by <br />DTC or any Participant, with respect to the payment by DTC or any Participant of any amount <br />with respect to the principal of or interest on the Bonds, with respect to any notice which is <br />permitted or required to be given to owners of Bonds under this Resolution, w ith respect to <br />the selection by DTC or any Participant of any person to receive payment in the event of a <br />partial redemption of the Bonds, or with respect to any consent given or other action taken by <br />DTC as registered owner of the Bonds The Registrar shall pay all principal of and interest on <br />the Bonds only to Cede & Co in accordance with the Representation Letter, and all such <br />payments shall be valid and effective to fully satisfy and discharge the ('ity's obligations with <br />respect to the principal of and interest on the Bonds to the extent of the sum or sums so paid <br />No person other than DTC shall receive an authenticated Bond for each separate stated <br />maturity evidencing the obligation of the C'lty to make payments of principal and interest <br />Upon dclivciy by DTC to the Registrar of written notice to the effect that DTC has <br />determined to substitute a new nominee in place of Cede & Co , the Bonds will be <br />transferable to such new nominee in accordance with subparagraph (0 hereof <br />(c) In the event the City determines that it is in the best interest of the <br />Beneficial Owners that they be able to obtain Bond certificates, the ('ity may notify DTC and <br />the Registrar, whereupon D'fC shall notify the Participants, of the availability through DfC of <br />Bond certificates In such event, the Bonds will be transferable m accoi dance with <br />subparagraph (f) hereof DTC may determine to discontinue providing its ,scrvices with <br />re.spect to the Bonds at any time by giving notice to the C'lty and the Registrar and discharging <br />its responsibilities with respect thereto under applicable law In such event the Bonds will be <br />transferable in accordance with subparagraph (f) hereof <br />(d) Notwithstanding any other provision of this Resolution apparently to the <br />contrary, so long as any Bond is registered in the name of C'cde & Co , as nominee of DTC, <br />all payments with respect to the principal of and interest on such Bond and all notices with <br />-9- <br />J