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<br />(c) If, after the delivery of such replacement Bond, a bona fide purchaser of the original Bond
<br />in lieu of which such replacement Bond was issued presents for payment such original Bond, the City and
<br />the Paying Agent/Registrar shall be entitled to recover such replacement Bond from the person to whom it
<br />was delivered or any person taking therefrom, except a bona fide purchaser, and shall be entitled to recover
<br />upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred
<br />by the City or the Paying Agent/Registrar in connection therewith.
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<br />(d) In the event that any such mutilated, lost, apparently destroyed or wrongfully taken Bond
<br />has become or is about to become due and payable, the Paying Agent/Registrar, in its discretion, instead of
<br />issuing a replacement Bond, may pay such Bond.
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<br />(e) Each replacement Bond delivered in accordance with this Section shall constitute an original
<br />contractual obligation of the City and shall be entitled to the benefits and security of this Ordinance to the
<br />same extent as the Bond or Bonds in lieu of which such replacement Bond is delivered.
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<br />Section 3.10. Book-Entry Only Svstem.
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<br />(a) The definitive Bonds shall be initially issued in the form of a separate single fully registered
<br />Bond for each of the maturities thereof. Upon initial issuance, the ownership of each such Bond shall be
<br />registered in the name of Cede & Co., as nominee ofDTC, and except as provided in Section 3.11 hereof,
<br />all of the outstanding Bonds shall be registered in the name of Cede & Co., as nominee ofDTC.
<br />
<br />(b) With respect to Bonds registered in the name of Cede & Co., as nominee ofDTC, the City
<br />and the Paying Agent/Registrar shall have no responsibility or obligation to any DTC Participant or to any
<br />person on behalf of whom such a DTC Participant holds an interest in the Bonds, except as provided in this
<br />Ordinance. 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 ofDTC, Cede & Co.
<br />or any DTC Participant with respect to any ownership interest in the Bonds, (ii) the delivery to any DTC
<br />Participant or any other person, other than an Owner, as shown on the Register, of any notice with respect
<br />to the Bonds, including any notice of redemption, or (iii) the payment to any DTC Participant or any other
<br />person, other than an Owner, as shown in the Register of any amount with respect to principal of, premium,
<br />if any, or interest on the Bonds. Notwithstanding any other provision of this Ordinance to the contrary, the
<br />City and the Paying Agent/Registrar shall be entitled to treat and consider the person in whose name each
<br />Bond is registered in the Register as the absolute Owner of such Bond for the purpose of payment of
<br />principal of, premium, if any, and interest on the Bonds, for the purpose of giving notices of redemption and
<br />other matters with respect to such Bond, for the purpose of registering transfer with respect to such Bond,
<br />and for all other purposes whatsoever. The Paying Agent/Registrar shall pay all principal of, premium, if
<br />any, and interest on the Bonds only to or upon the order of the respective Owners, as shown in the Register
<br />as provided in 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 payment of,
<br />premium, if any, and interest on the Bonds to the extent of the sum or sums so paid. No person other than
<br />an Owner, as shown in the register, shall receive a Bond certificate evidencing the obligation of the City to
<br />make payments of amounts due pursuant to this Ordinance. Upon delivery by DTC to the Paying
<br />Agent/Registrar of written notice to the effect that DTC has determined to substitute a new nominee in place
<br />of Cede & Co., and subject to the provisions in this Ordinance with respect to interest checks or drafts being
<br />mailed to the 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.
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<br />R:IS..\SMARlGORL 99\DOCSIORDNCEFN. WPD
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