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immediately preceding sentence, the City and the Paying Agent/Registrar shall have no
<br /> responsibility or obligation with respect to (i)the accuracy of the records of DTC, Cede & Co. or
<br /> any DTC Participant with respect to any ownership interest in the Certificates, (ii)the delivery to
<br /> any DTC participant or any other person, other than a Registered Owner, as shown on the
<br /> Registration Books, of any notice with respect to the Certificates, including any notice of
<br /> redemption, or (iii) the payment to any DTC Participant or any person, other than a Registered
<br /> Owner, as shown on the Registration Books of any amount with respect to principal of,premium,
<br /> if any, or interest on the Certificates. Notwithstanding any other provision of this Ordinance to
<br /> the 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 Certificate is registered in the
<br /> Registration Books as the absolute owner of such Certificate for the purpose of payment of
<br /> principal, premium, if any, and interest, with respect to such Certificate, for the purposes of
<br /> registering transfers with respect to such Certificates, and for all other purposes of registering
<br /> transfers with respect to such Certificates, and for all other purposes whatsoever. The Paying
<br /> Agent/Registrar shall pay all principal of,premium, if any, and interest on the Certificates only to
<br /> or upon the order of the respective Registered Owners, as shown in the Registration Books as
<br /> provided in the Ordinance, or their respective attorneys duly authorized in writing, and all such
<br /> payments shall be valid and effective to fully satisfy and discharge the City's obligations with
<br /> respect to payment of principal of, premium, if any, and interest on the Certificates to the extent
<br /> of the sum or sums so paid. No person other than a Registered Owner, as shown in the
<br /> Registration Books, shall receive a certificate evidencing the obligation of the City to make
<br /> payments of principal,premium, if any,and interest pursuant to the Ordinance. Upon delivery by
<br /> DTC to the Paying Agent/Registrar of written notice to the effect that DTC has determined to
<br /> substitute a new nominee in place of Cede & Co., and subject to the provisions in this Ordinance
<br /> with respect to interest checks being mailed to the registered owner at the close of business on the
<br /> Record Date the word "Cede & Co." in this Ordinance shall refer to such new nominee of DTC.
<br /> (f) Successor Securities Depository; Transfer Outside Book-Entry-Only System. In the
<br /> event that the City determines to discontinue the book-entry system through DTC or a successor
<br /> or DTC determines to discontinue providing its services with respect to the Certificates, the City
<br /> shall either (i) appoint a successor securities depository, qualified to act as such under Section
<br /> 17(a) of the Securities and Exchange Act of 1934, as amended, notify DTC and DTC Participants
<br /> of the appointment of such successor securities depository and transfer one or more separate
<br /> Certificates to such successor securities depository or(ii)notify DTC and DTC Participants of the
<br /> availability through DTC of Certificates and transfer one or more separate Certificates to DTC
<br /> Participants having Certificates credited to their DTC accounts. In such event, the Certificates
<br /> shall no longer be restricted to being registered in the Registration Books in the name of Cede &
<br /> Co., as nominee of DTC,but may be registered in the name of the successor securities depository,
<br /> or its nominee, or in whatever name or names Registered Owner transferring or exchanging
<br /> Certificates shall designate, in accordance with the provisions of this Ordinance.
<br /> So long as the Texas Water Development Board is an owner of any outstanding Certificate,
<br /> the City will not discontinue the DTC book-entry system without prior written notice to and
<br /> consent of the Texas Water Development Board.
<br /> (g) Payments to Cede & Co. Notwithstanding any other provision of this Ordinance to
<br /> the contrary, so long as any Certificate is registered in the name of Cede& Co., as nominee of the
<br /> Depository Trust Company,New York,New York("DTC"),all payments with respect to principal
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<br /> SAN MARCOS(TWDB)CIRCO 2022:Ordinance
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