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With respect to Certificates 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 securities
<br /> brokers and dealers, banks, trust companies, clearing corporations and certain other organizations
<br /> on whose behalf DTC was created to hold securities to facilitate the clearance and settlement of
<br /> securities transactions among DTC participants(the "DTC Participant")or to any person on behalf
<br /> of whom such a DTC Participant holds an interest in the Certificates. Without limiting the
<br /> 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, if any, on the Certificates. Notwithstanding any other provision of this
<br /> Ordinance to the contrary, but to the extent permitted by law, the City and the Paying
<br /> Agent/Registrar shall be entitled to treat and consider the person in whose name each Certificate
<br /> is registered in the Registration Books as the absolute owner of such Certificate for the purpose of
<br /> payment of principal,premium, if any, and interest, if any, with respect to such Certificate, for the
<br /> purposes of registering transfers with respect to such Certificates, and for all other purposes of
<br /> registering transfers with respect to such Certificates, and for all other purposes whatsoever. The
<br /> Paying Agent/Registrar shall pay all principal of, premium, if any, and interest, if any, on the
<br /> Certificates only to or upon the order of the respective Registered Owners, as shown in the
<br /> Registration Books as provided in the Ordinance, or their respective attorneys duly authorized in
<br /> writing, and all such payments shall be valid and effective to fully satisfy and discharge the City's
<br /> obligations with respect to payment of principal of, premium, if any, and interest, if any, on the
<br /> Certificates to the extent of the sum or sums so paid. No person other than a Registered Owner,
<br /> as shown in the Registration Books, shall receive a certificate evidencing the obligation of the City
<br /> to make payments of principal, premium, if any, and interest, if any, pursuant to the Ordinance.
<br /> Upon delivery by DTC to the Paying Agent/Registrar of written notice to the effect that DTC has
<br /> determined to substitute a new nominee in place of Cede & Co., and subject to the provisions in
<br /> this Ordinance with respect to any interest checks being mailed to the registered owner at the close
<br /> of business on the Record Date the word "Cede & Co." in this Ordinance shall refer to such new
<br /> nominee of DTC.
<br /> (t) 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,
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<br /> SAN MARCOS(TWD13)CIRCO 2023&2023A:Ordinance($1,120,000)
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