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� (b) The Bonds shall be initially issued as separate authenticated fully <br /> registered bonds, and one Bond sha11 be issued in the principal amount of each stated maturity <br /> of the Bonds. Upon initial issuance, the ownership 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 may treat DTC (or its nominee) as the sole and exclusive <br /> owner of the Bonds registered in its name for the purposes of payment 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 whatsoever; 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 Participant, 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 records 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,with 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 a11 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 City'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 City to make payments of principal and interest. <br /> Upon delivery 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��ill be <br /> transferable to such new nominee in accordance with subparagraph (fl 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 City may notify DTC and <br /> the Registrar, whereupon DTC shall notify the Participants, of the availability throu�h DTC of <br /> Bond certificates. In such event, the Bonds will be transferable in accordance with <br /> subparagraph (� hereof. DTC may determine to discontinue providing its services with <br /> respect to the Bonds at any time by giving notice to the City and the Registrar and dischar�ing <br /> its responsibilities with respect thereto under applicable law. In such event the Bonds will be <br /> transferable in accordance with subparagraph (fl 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 Cede & Co., as nominee of DTC, <br /> all payments with respect to the principal of and interest on such Bond and all notices with <br /> . <br /> -9- <br />