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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 date
<br /> fixed for the redemption of such Bond; provided,however, such limitation of transfer shall not be
<br /> 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 all
<br /> purposes of this First Supplement, whether or not such Bond shall be overdue, and, to the extent
<br /> permitted by law, the City and the Paying Agent/Registrar shall not be affected by any notice to
<br /> the contrary; and payment of, or on account of, the principal of, premium, if any, and interest on
<br /> any such Bond shall be made only to such Owner. All such payments shall be valid and effectual
<br /> to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid.
<br /> (c) Book-Entry-Only sue. 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 DTC,
<br /> and except as provided in this subsection (c) all of the Outstanding Bonds shall be registered in
<br /> 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 City
<br /> and the Paying Agent/Registrar shall have no responsibility or obligation to any DTC Participant
<br /> or to any person on behalf of whom such a DTC Participant holds an interest in the Bonds.
<br /> Without limiting the immediately preceding sentence, the City and the Paying Agent/Registrar
<br /> shall have no responsibility or obligation with respect to (i) the accuracy of the records of DTC,
<br /> Cede & Co. or any DTC Participant with respect to any ownership interest in the Bonds, (ii) the
<br /> delivery to any DTC Participant or any other person, other than a Owner as shown on the Security
<br /> Register, of any notice with respect to the Bonds, including any notice of redemption, or (iii) the
<br /> payment to any DTC Participant or any other person, other than a Owner as shown on the Security
<br /> Register, of any amount with respect to principal of, premium, if any, or interest on the Bonds.
<br /> Notwithstanding any other provision of this First Supplement to the contrary but to the extent
<br /> permitted by law, the City and the Paying Agent/Registrar shall be entitled to treat and consider
<br /> the person in whose name each Bond is registered in the Security Register as the absolute owner
<br /> of such Bond for the purpose of payment of principal, premium, if any, and interest, with respect
<br /> to such Bond, for the purpose of registering transfers with respect to such Bond, and for all other
<br /> purposes whatsoever. The Paying Agent/Registrar shall pay all principal of,premium,if any, and
<br /> interest on the Bonds only to or upon the order of the Owners, as shown in the Security Register
<br /> as provided in this First Supplement, 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 principal of, premium, if any, and interest on the Bonds to the extent
<br /> of the sum or sums so paid. No person other than a Owner, as shown in the Security Register,
<br /> shall receive a Bond certificate evidencing the obligation of the City to make payments of
<br /> principal,premium, if any, and interest pursuant to this First Supplement. Upon delivery by DTC
<br /> to the Paying Agent/Registrar of written notice to the effect that DTC has determined to substitute
<br /> a new nominee in place of Cede& Co., and subject to the provisions in this First Supplement with
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<br /> San Marcos I WWSRB 2025 1 151 Supplemental Ordinance
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