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City and the Paying Agent/Registrar shall have no responsibility or obligation with respect to (i) the <br />accuracy of the records of DTC, Cede&Co. Or any DTC Participant ith respect to any ownership <br />interest in the Bonds, (ii) the delivery to any DTC Participant her person, other than a <br />Registered Owner, as shown on the Registration Books, of any notice with respect to the Bonds, or <br />(iii) the payment to any DTC Participant or any person, other thn a Registered Owner, as shown in <br />the Registration Books of any amount with respect to principal onterest on the Bonds. <br />Notwithstanding any other provision of this Ordinance to the contrary, but to the extent permitted <br />by law, the City and the Paying Agent/Registrar shall be entitled to treat and consider the person <br />whose name each Bond is registered in the registration Books as the absolute owner of such Bond <br />for the purpose of payment of principal of and interest, with reh Bond, for the purposes <br />of registering transfers with respect to such Bond, and for all other purposes of registering transfers <br />with respect to such Bonds, and for all other purposes whatsoever. The Paying Agent/Registrar shall <br />pay all principal of and interest on the Bonds only to or upon t respective Registered <br />Owners, as shown in the Registration Books as provided in this Once, or their respective <br />attorneys duly authorized in writing, and all such payments shall be valid and effective to fully satisfy <br />and discharge the City’s obligations with respect to payment of cipal of and interest on the Bonds <br />to the extent of the sum or sums so paid. No person other than a Registered Owner, as shown in the <br />Registration Books, shall receive a Bond evidencing the obligation of the City to make payments of <br />principal, and interest pursuant to this Ordinance. Upon delive DTC to the Paying <br />Agent/Registrar of written notice to the effect that DTC has deted to substitute a new nominee <br />in place of Cede & Co., and subject to the provisions in this Orance with respect to interest checks <br />being mailed to the registered owner at the close of business on the Record Date the word "Cede & <br />Co." in this Ordinance shall refer to such new nominee of DTC. <br />(f) Successor Securities Depository; Transfer Outside Book-Entry-Only System. In the event <br />that the City determines to discontinue the book-entry system through DTC or a successor or DTC <br />determines to discontinue providing its services with respect to the Bonds, the City shall either (i) <br />appoint a successor securities depository, qualified to act as such under Section 17(a) of the <br />Securities and Exchange Act of 1934, as amended, notify DTC and articipants of the <br />availability through DTC of Bonds and transfer one or more separ Bonds to DTC Participants <br />having Bonds credited to their DTC accounts. In such event, theBonds shall no longer be restricted <br />to being registered in the Registration Books in the name of Ced Co., as nominee of DTC, but <br />shall be registered in the name of the successor securities depory, or its nominee, or in whatever <br />name or names the Registered Owner transferring or exchanging Boll designate, in accordance <br />with the provisions of this Ordinance. <br />(g) Payments to Cede & Co. Notwithstanding any other provision Ordinance to the <br />contrary, so long as any Bond is registered in the name of Cede & Co., as nominee of DTC, all <br />payments with respect to principal of, and interest on such Bond and all notices with respect to such <br />Bond shall be made and given, respectively, in the manner providtter of Representations <br />of the City to DTC. <br />8 <br />San Marcos GORB 2012 - Delegated: Ordinance <br /> <br />