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replacement Certificate from the person to whom it was delivered or any person taking therefrom,
<br />except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity
<br />provided therefor to the extent of any loss, damage, cost or expense incurred by the City or the
<br />Paying Agent/Registrar in connection therewith.
<br /> (d) In the event that any such mutilated, lost, apparently destroyed or wrongfully taken
<br />Certificate has become or is about to become due and payable, the Paying Agent/Registrar, in its
<br />discretion, instead of issuing a replacement Certificate, may pay such Certificate if it has become
<br />due and payable or may pay such Certificate when it becomes due and payable.
<br /> (e) Each replacement Certificate delivered in accordance with this Section shall
<br />constitute an original contractual obligation of the City and shall be entitled to the benefits and
<br />security of this Ordinance to the same extent as the Certificate or Certificates in lieu of which such
<br />replacement Certificate is delivered.
<br /> Section 3.09. Book-Entry-Only System.
<br /> (a) The definitive Certificates shall be initially issued in the form of a separate single
<br />fully registered Certificate for each of the maturities thereof. Upon initial issuance, the ownership
<br />of each such Certificate shall be registered in the name of Cede & Co., as nominee of DTC, and
<br />except as provided in Section 3.11 hereof, all of the outstanding Certificates shall be registered in
<br />the name of Cede & Co., as nominee of DTC.
<br /> (b) With respect to Certificates registered in the name of Cede & Co., as nominee of
<br />DTC, the City and the Paying Agent/Registrar shall have no responsibility or obligation to any DTC
<br />Participant or to any person on behalf of whom such a DTC Participant holds an interest in the
<br />Certificates, except as provided in this Ordinance. Without limiting the immediately preceding
<br />sentence, the City and the Paying Agent/Registrar shall have no responsibility or obligation with
<br />respect to (i) the accuracy of the records of DTC, Cede & Co. or any DTC Participant with respect
<br />to any ownership interest in the Certificates, (ii) the delivery to any DTC Participant or any other
<br />person, other than an Owner, as shown on the Register, of any notice with respect to the
<br />Certificates, including any notice of redemption, or (iii) the payment to any DTC Participant or any
<br />other person, other than an Owner, as shown in the Register of any amount with respect to principal
<br />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
<br />consider the person in whose name each Certificate is registered in the Register as the absolute
<br />Owner of such Certificate for the purpose of payment of principal of, premium, if any, and interest
<br />on the Certificates, for the purpose of giving notices of redemption and other matters with respect to
<br />such Certificate, for the purpose of registering transfer with respect to such Certificate, and for all
<br />other purposes whatsoever. The Paying Agent/Registrar shall pay all principal of, premium, if any,
<br />and interest on the Certificates only to or upon the order of the respective Owners, as shown in the
<br />Register as provided in this Ordinance, or their respective attorneys duly authorized in writing, and
<br />all such payments shall be valid and effective to fully satisfy and discharge the City's obligations
<br />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 obligation of the City to make payments of amounts due pursuant to this Ordinance.
<br />Upon delivery by DTC to the Paying Agent/Registrar of written notice to the effect that DTC has
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<br />San Marcos CTRCO 2021A: Ordinance
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