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<br />(c) If, after the dehvery of such replacement CertIficate, a bona fide purchaser of the ongInal
<br />CertIficate In heu of whIch such replacement Certificate was Issued presents for payment such ongInal
<br />CertIficate, the CIty and the PaYIng Agent/RegIstrar shall be entItled to recover such replacement CertIficate
<br />from the person to whom It was dehvered or any person takIng therefrom, except a bona fide purchaser, and
<br />shall be entItled to recover upon the secunty or Indenuuty provIded therefor to the extent of any loss, damage,
<br />cost or expense Incurred by the CIty or the Paying Agent/RegIstrar In connectIon therewIth.
<br />
<br />(d) In the event that any such mutilated, lost, apparently destroyed or wrongfully taken Certificate
<br />has become or IS about to become due and payable, the PaYIng Agent/RegIstrar, In its discretIon, Instead of
<br />ISSUIng a replacement CertIficate, may pay such CertIficate If It has become due and payable or may pay such
<br />Certificate when It becomes due and payable
<br />
<br />(e) Each replacement CertIficate dehvered in accordance with thIS SectIon shall constItute an
<br />ongInal contractual obhgatIon of the CIty and shall be entItled to the benefits and secunty of thIS OrdInance
<br />to the same extent as the CertIficate or CertIficates In heu of whIch such replacement CertIficate IS dehvered.
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<br />SectIOn 3 09 Book-Entrv-Onlv Svstem.
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<br />(a) The defimtIve CertIficates shall be initIally Issued In the form of a separate SIngle fully
<br />regIstered CertIficate for each of the matuntIes thereof Upon InItIal Issuance, the ownershIp of each such
<br />CertIficate shall be regIstered m the name of Cede & Co, as nomInee of DTC, and except as prOVIded In
<br />SectIOn 3 11 hereof, all of the outstandIng CertIficates shall be regIstered m the name of Cede & Co" as
<br />nomInee of DTC
<br />
<br />(b) With respect to CertIficates regIstered In the name of Cede & Co , as nommee of DTC, the
<br />CIty and the PaYIng Agent/RegIstrar shall have no responsibIhty or obhgatIOn to any DTC PartICIpant or to
<br />any person on behalf of whom such a DTC PartICIpant holds an interest m the CertIficates, except as provIded
<br />m thIS OrdInance WIthout hmItmg the llnmedIately preceding sentence, the CIty and the Paymg
<br />Agent/RegIstrar shall have no responsibihty or obhgatIOn WIth respect to (i) the accuracy of the records of
<br />DTC, Cede & Co or any DTC PartICIpant WIth respect to any ownershIp mterest In the CertIficates, (ii) the
<br />dehvery to any DTC PartICIpant or any other person, other than an Owner, as shown on the RegIster, of any
<br />notIce WIth respect to the CertIficates, IncludIng any notIce of redemptIon, or (ill) the payment to any DTC
<br />PartICIpant or any other person, other than an Owner, as shown m the RegIster of any amount WIth respect to
<br />pnncIpal of, premIUm, If any, or Interest on the CertIficates NotWIthstandIng any other proVISIon of thIS
<br />OrdInance to the contrary, the CIty and the PaYIng Agent/RegIstrar shall be entitled to treat and conSIder the
<br />person in whose name each CertIficate IS registered in the RegIster as the absolute Owner of such CertIficate
<br />for the purpose of payment of pnncIpal of, premIUm, If any, and Interest on the CertIficates, for the purpose
<br />of gIVIng notIces of redemptIOn and other matters WIth respect to such CertIficate, for the purpose of registerIng
<br />transfer WIth respect to such Certificate, and for all other purposes whatsoever The PaYIng Agent/RegIstrar
<br />shall pay all pnncIpal of, premIUm, If any, and mterest on the CertIficates only to or upon the order of the
<br />respectIve Owners, as shown In the RegIster as provIqed m this OrdInance, or theIr respectIve attorneys duly
<br />authonzed In wntIng, and all such payments shall be vahd and effectIve to fully satISfy and dIscharge the CIty'S
<br />obhgatIOns WIth respect to payment of, premIUm, If any, and Interest on the CertIficates to the extent of the sum
<br />or sums so paId. No person other than an Owner, as shown In the regIster, shall receIve a CertIficate
<br />eVIdenCIng the obhgatIOn of the CIty to make payments of amounts due pursuant to thIS OrdInance, Upon
<br />dehvery by DTC to the PaYIng Agent/RegIstrar of wntten notIce to the effect that DTC has determIned to
<br />substitute a new nomInee In place of Cede & Co , and subject to the provlSlons In thIS OrdInance WIth respect
<br />
<br />San Marcos CTRCO 2007 Ordinance
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