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the Registration Books, of any notice with respect to the Certificates, or (iii) the payment to any <br /> DTC Participant or any person, other than a Registered Owner, as shown on the Registration <br /> Books of any amount with respect to principal of or interest on the Certificates. Notwithstanding <br /> any other provision of this Ordinance to the contrary, but to the extent permitted by law, the City <br /> and the Paying Agent/Registrar shall be entitled to treat and consider the person in whose name <br /> each Certificate is registered in the Registration Books as the absolute owner of such Certificate <br /> for the purpose of payment of principal of and interest, with respect to such Certificate, for the <br /> purposes of registering transfers with respect to such Certificate, 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 and interest on the Certificates only to or upon <br /> the order of the respective Registered Owners, as shown in the Registration Books as provided in <br /> this Ordinance, or their respective attorneys duly authorized in writing, and all such payments <br /> shall be valid and effective to fully satisfy and discharge the City's obligations with respect to <br /> payment of principal of and interest on the Certificates to the extent of the sum or sums so paid. <br /> No person other than a Registered Owner, as shown in the Registration Books, shall receive a <br /> Certificate evidencing the obligation of the City to make payments of principal, and interest <br /> pursuant to this Ordinance. Upon delivery by DTC to the Paying Agent/Registrar of written <br /> notice to the effect that DTC has determined to substitute a new nominee in place of Cede & Co., <br /> and subject to the provisions in this Ordinance with respect to interest checks being mailed to the <br /> registered owner at the close of business on the Record Date the word "Cede & Co." in this <br /> Ordinance shall refer to such new nominee of DTC. <br /> (f) Successor Securities Depository; Transfer Outside Book-Entry-Only Syste . 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 Certificate, 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 <br /> Participants of the appointment of such successor securities depository and transfer one or more <br /> separate Certificates to such successor securities depository or (ii) notify DTC and DTC <br /> Participants of the availability through DTC of Certificates and transfer one or more separate <br /> Certificates to DTC Participants having Certificates credited to their DTC accounts. In such <br /> event, the Certificates shall no longer be restricted to being registered in the Registration Books <br /> in the name of Cede & Co., as nominee of DTC, but may be registered in the name of the <br /> successor securities depository, or its nominee, or in whatever name or names the Registered <br /> Owner transferring or exchanging Certificate shall designate, in accordance with the provisions <br /> of this Ordinance. <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 <br /> DTC, all payments with respect to principal of, and interest on such Certificate and all notices <br /> with respect to such Certificate shall be made and given, respectively, in the manner provided in <br /> the Letter of Representations of the City to DTC. <br /> (h) DTC Blanket Letter of Representations. The City confirms execution of a Blanket <br /> Issuer Letter of Representations with DTC establishing the Book-Entry-Only System which will <br /> be utilized with respect to the Certificates. <br /> 6 <br /> Sao Marcos I CTRCO 2025 1 Ordinance <br />