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(d) In the event that any such mutilated, lost, apparently destroyed or wrongfully taken
<br />Certificate has become or is about to become due and payable, the Paying Agent/Registrar, in its
<br />discretion, instead of issuing a replacement Certificate, may pay such Certificate if it has become due
<br />and payable or may pay such Certificate when it becomes due and payable.
<br />(e) Each replacement Certificate delivered in accordance with this Section shall constitute
<br />an original contractual obligation of the City and shall be entitled to the benefits and security of this
<br />Ordinance to the same extent as the Certificate or Certificates in lieu of which such replacement
<br />Certificate is delivered.
<br />Section 3.09. Book - Entry -Onl S sue.
<br />(a) The definitive Certificates shall be initially issued in the form of a separate single fully
<br />registered Certificate for each of the maturities thereof. Upon initial issuance, the ownership of each
<br />such Certificate shall be registered in the name of Cede & Co., as nominee of DTC, and except as
<br />provided in Section 3.11 hereof, all of the outstanding Certificates shall be registered in the name of
<br />Cede & Co., as nominee of DTC.
<br />(b) With respect to Certificates registered in the name of Cede & Co., as nominee of
<br />DTC, the City and the Paying Agent/Registrar shall have no responsibility or obligation to any DTC
<br />Participant or to any person on behalf of whom such a DTC Participant holds an interest in the
<br />Certificates, except as provided in this Ordinance. Without limiting the immediately preceding
<br />sentence, the City and the Paying Agent/Registrar shall have no responsibility or obligation with
<br />respect to (i) the accuracy of the records of DTC, Cede & Co. or any DTC Participant with respect
<br />to any ownership interest in the Certificates, (ii) the delivery to any DTC Participant or any other
<br />person, other than an Owner, as shown on the Register, of any notice with respect to the Certificates,
<br />including any notice of redemption, or (iii) the payment to any DTC Participant or any other person,
<br />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 Certificates. Notwithstanding any other provision of this Ordinance to the
<br />contrary, the City and the Paying Agent/Registrar shall be entitled to treat and consider the person
<br />in whose name each Certificate is registered in the Register as the absolute Owner of such Certificate
<br />for the purpose of payment of principal of, premium, if any, and interest on the Certificates, for the
<br />purpose of giving notices of redemption and other matters with respect to such Certificate, for the
<br />purpose of registering transfer with respect to such Certificate, and for all other purposes whatsoever.
<br />The Paying Agent/Registrar shall pay all principal of, premium, if any, and interest on the Certificates
<br />only to or upon the order of the respective Owners, as shown in the Register as provided in this
<br />Ordinance, or their respective attorneys duly authorized in writing, and all such payments shall be
<br />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 Certificates to the extent of the sum or sums so paid. No person
<br />other than an Owner, as shown in the register, shall receive a Certificate evidencing the obligation of
<br />the City to make payments of amounts due pursuant to this Ordinance. Upon delivery by DTC to the
<br />Paying Agent/Registrar of written notice to the effect that DTC has determined to substitute a new
<br />nominee in place of Cede & Co., and subject to the provisions in this Ordinance with respect to
<br />interest checks or drafts being mailed to the registered Owner at the close of business on the Record
<br />Date, the word "Cede & Co." in this Ordinance shall refer to such new nominee of DTC.
<br />San Marcos CTRCO 2011: Ordinance 12
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