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(d) In the event that any such mutilated, lost, apparently destroyed or wrongfully taken Bond has
<br />become or is about to become due and payable, the Paying Agent/Registrar, m its discretion, instead of issuing
<br />a replacement Bond, may pay such Bond if rt has become due and payable or may pay such Bond when it
<br />becomes due and payable
<br />(e) Each replacement Bond dehvered m 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 same
<br />extent as the Bond or Bonds m lieu of which such replacement Bond is dehvered.
<br />Section 3 09 Book-Entry-Only System.
<br />(a) The definitive Bonds shall be initially issued m 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 m the name of Cede & Co , as nominee of DTC, and except as provided m Section 3 11 hereof, all
<br />of the outstanding Bonds shall be registered m the name of Cede & Co , as nominee of DTC
<br />(b) With respect to Bonds registered m the name of Cede & Co , as nominee of DTC, the Crty and
<br />the Paying Agent/Registrar shall have no responsibility or obligation to any DTC Participant or to any person
<br />on behalf of whom such a DTC Participant holds an interest m the Bonds, except as provided m this Ordinance
<br />Without limiting the immediately preceding sentence, the Crty and the Paying Agent/Registrar shall have no
<br />responsibility or obligation with respect to (i) the accuracy of the records of DTC, Cede & Co or any DTC
<br />Participant with respect to any ownership interest m the Bonds, (u) the delivery to any DTC Participant or any
<br />other person, other than an Owner, as shown on the Register, of any notice with respect to the Bonds, including
<br />any notice of redemption, or (iii) the payment to any DTC Participant or any other person, other than an
<br />Owner, as shown m the Register of any amount with respect to principal of, premium, if any, or interest on the
<br />Bonds Notwithstanding any other provision of this Ordinance to the contrary, the City and the Paying
<br />Agent/Registrar shall be entitled to treat and consider the person m whose name each Bond is registered m the
<br />Register as the absolute Owner of such Bond for the purpose of payment of principal of, premium, if any, and
<br />interest on the Bonds, for the purpose of giving notices of redemption and other matters with respect to such
<br />Bond, for the purpose of registering transfer with respect to such Bond, and for all other purposes whatsoever
<br />The Paying Agent/Registrar shall pay all principal of, premium, if any, and interest on the Bonds only to or
<br />upon the order of the respective Owners, as shown m the Register as provided m this Ordinance, or their
<br />respective attorneys duly authorized m writing, and all such payments shall be valid and effective to fully
<br />satisfy and discharge the City's obligations with respect to payment of, premium, if any, and interest on the
<br />Bonds to the extent of the sum or sums so paid. No person other than an Owner, as shown m the register, shall
<br />receive a Bond evidencing the obligation of the City to make payments of amounts due pursuant to this
<br />Ordinance Upon delrvery by DTC to the Paying Agent/Registrar of written notice to the effect that DTC has
<br />determined to substitute a new nominee m place of Cede & Co , and subject to the provisions m this Ordinance
<br />with respect to interest checks or drafts being mailed to the registered Owner at the close of business on the
<br />Record Date, the word "Cede & Co " m this Ordinance shall refer to such new nominee of DTC
<br />(c) The execution and delivery of the Representation Letter is hereby ratified and confirmed, and
<br />the provisions thereof shall be fully applicable to the Bonds
<br />San Marcos GO 2007 Ordinance 1 1
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