Ord 1996-032 - Laserfiche WebLink

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'Off Section 3.10, Book-Entry Onlv Svstem. - (a) The definitive Bonds shall be initially issued in the form of a separate single fully registered Bond for each of the maturities thereof Upon initial issuance, the ownership of each such Bond shall be registered in the name of Cede & Co., as nominee ofDTC, and except as provided in Section 3.11 hereof, all of the outstanding Bonds shall be registered in the name of Cede & Co., as nominee ofDTC. (b) 'With respect to Bonds registered in the name of Cede & Co., as nominee ofDTC, the City and the Paying AgentlRegistrar shall have no responsibility or obligation to any DTC Participant or to any person on behalf of whom such a DTC Participant holds an interest in the Bonds, except' as provided in this Ordinance. Without limiting the immediately preceding sentence, the City and the Paying AgentlRegistrar shall have no responsibility or obligation with respect to (i) the accuracy of the records ofDTC, Cede & Co, or any DTC Participant with respect to any ownership interest in the Bonds, (ii) the delivery to any DTC Participant or any other person, other than an Owner, as shown on the Register, of any notice with respect to the Bonds, including any notice of redemption, or (iii) the payment to any DTC Participant or any other person, other than an Owner, as shown in the Register of any amount with respect to principal of, premium, if any, or interest on the Bonds. Notwithstanding any other provision of this Ordinance to the contrary, the City and the Paying AgentlRegistrar shall be entitled to treat and consider the person in whose name each Bond is registered in the Register as the absolute O\\tner of such Bond for the purpose of payment of principal of, premium, if any. and interest on the Bonds, for the purpose of giving notices of redemption and other matters \\tith respect to such Bond, for the purpose of registering transfer with respect to such Bond, and for all other purposes whatsoever. The Paying AgentlRegistrar shall pay all principal of, premium, if any, and interest on the Bonds only to or upon the order of the respective Owners, as shown in the Register as provided in this Ordinance, or their respective attorneys duly authorized in writing, and all such payments shall be valid and effective to fully satisfy and discharge the City's obligations '\-vith respect to payment of, premium, if any, and interest on the Bonds to the extent of the sum or sums so paid. No person other than an Owner, as shown in the register, shall receive a Bond certificate evidencing the obligation of the City to make payments of amounts due pursuant to 1 this Ordinance. Upon delivery by DTC to the Paying AgentlRegistrar of written notice to the effect ¡ that DTC has determined to substitute a new nominee in place of Cede & Co" and subject to the ! provisions in this Ordinance with respect to interest checks or drafts being mailed to the registered ¡~ O\'mer at the close of business on the Record Date, the word "Cede & Co." in this Ordinance shall refer to such new nominee of DTc. (c) The previous execution and delivery of the Blanket Letter of Representations with respect to obligations of the City is hereby ratified and confirmed; and the provisions thereof shall be fully applicable to the Certificates. Section 3.11. - Successor Securities Depositorv: Transfer Outside Book-Entrv Only System. In the event that the City or the Paying AgentlRegistrar determines that DTC is incapable of discharging its responsibilities described herein and in the Representation Letter, and that it is in the ",.......'lMAll.W'WSS 7<",DOCS\OIU>"'C&FN 12