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Bonds canceled by reason of an exchange or transfer pursuant to the provisions hereof are <br />hereby defined to be "Predecessor Bonds," evidencing all or a portion, as the case may be, of the <br />same debt evidenced by the new Bond or Bonds registered and delivered in the exchange or <br />transfer therefor. Additionally, the term "Predecessor Bonds" shall include any mutilated Bond <br />that is surrendered to the Paying Agent/Registrar or any Bond for which satisfactory evidence of <br />the loss of which has been received by the City and the Paying Agent/Registrar and, in either <br />case, in lieu of which a Bond or Bonds have been registered and delivered pursuant to Section <br />3.05 hereof. <br />Neither the City nor the Registrar shall be required to issue or transfer to an assignee of a <br />Owner any Bond called for redemption, in whole or in part, within forty-five (45) days of the <br />date fixed for the redemption of such Bond; provided, however, such limitation of transfer shall <br />not be applicable to an exchange by the Owner of the unredeemed balance of a Bond called for <br />redemption in part. <br />(b) Ownership of Bonds. The entity in whose name any Bond shall be registered in <br />the Security Register at any time shall be deemed and treated as the absolute Owner thereof for <br />all purposes of this Second Supplement, whether or not such Bond shall be overdue, and, to the <br />extent permitted by law, the City and the Paying Agent/Registrar shall not be affected by any <br />notice to the contrary; and payment of, or on account of, the principal of, premium, if any, and <br />interest on any such Bond shall be made only to such Owner. All such payments shall be valid <br />and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or <br />sums so paid. <br />(c) Book -Entry -Only System. The Bonds issued in exchange for the Initial Bond for <br />issued as provided in Section 2.06 shall be issued in the form of a separate single fully -registered <br />Bond for each of the maturities thereof registered in the name of Cede & Co., as nominee of <br />DTC, and except as provided in this subsection (c) all of the Outstanding Bonds shall be <br />registered in the name of Cede & Co., as nominee of DTC. <br />With respect to Bonds registered in the name of Cede & Co., as nominee of DTC, the <br />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 />Bonds. Without limiting the immediately preceding sentence, the City and the Paying <br />Agent/Registrar shall have no responsibility or obligation with respect to (i) the accuracy of the <br />records of DTC, Cede & Co. or any DTC Participant with respect to any ownership interest in <br />the Bonds, (ii) the delivery to any DTC Participant or any other person, other than a Owner as <br />shown on the Security Register, of any notice with respect to the Bonds, including any notice of <br />redemption, or (iii) the payment to any DTC Participant or any other person, other than a Owner <br />as shown on the Security Register, of any amount with respect to principal of, premium, if any, <br />or interest on the Bonds. Notwithstanding any other provision of this Second Supplement to the <br />contrary but to the extent permitted by law, the City and the Paying Agent/Registrar shall be <br />entitled to treat and consider the person in whose name each Bond is registered in the Security <br />Register as the absolute owner of such Bond for the purpose of payment of principal, premium, if <br />11 <br />SanMARCOS\EtectricUlitSysRevBonds\2021: 21idtSuppOrdimice <br />