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<br /> I?-O Q <br /> Section 3.10. Book-Entry Only System. <br /> (a) The definitive Bonds shall be initially issued in the <br /> form of a separate single fully registered. Bond for each of the <br /> maturities thereof. Upon initial issuance, the ownership of each <br /> such Bond shall be registered in the name of Cede & Co., as nominee <br /> of DTC, and except as provided in Section 3.11 hereof, all of the <br /> outstanding Bonds shall be registered in the name of Cede & Co., as <br /> nominee of DTC. <br /> (b) With respect to Bonds registered in the name of Cede & <br /> Co., as nominee of DTC, the City and the Paying Agent/Registrar <br /> shall have no responsibility or obligation to any DTC Participant or <br /> to any person on behalf of whom such a DTC Participant holds an <br /> interest in the Bonds, except as provided in this Ordinance. <br /> Wi thout limi ting the immediately preceding sentence, the City and <br /> the Paying Agent/Registrar shall have no responsibility or <br /> obligation with respect to (i) the accuracy of the records of DTC, <br /> Cede & Co. or any DTC Participant with respect to any ownership <br /> interest in the Bonds, (ii) the delivery to any DTC Participant or <br /> any other person, other than an Owner, as shown on the Register, of <br /> any notice with respect to the Bonds, including any notice of <br /> redemption, or (iii) the payment to any DTC Participant or any other <br /> person, other than an Owner, as shown in the Regi~ter of any amount <br /> wi th respect to principal of, premium, if any, or interest on the <br /> Bonds. Notwithstanding any other provision of this Ordinance to the <br /> contrary, the City and the Paying Agent/Registrar shall be entitled <br /> to treat and consider the person in whose name each Bond is <br /> registered in the Register as the absolute Owner of such Bond for <br /> the purpose of payment of principal of, premium, if any, and <br /> interest on the Bonds, for the purpose of giving notices of <br /> redemption and other matters with respect to such Bond, for the <br /> purpose of registering transfer with respect to such Bond, and for <br /> all other purposes whatsoever. The Paying Agent/Registrar shall pay <br /> all principal of, premium, if any, and interest on the Bonds only to <br /> or upon the order of the respective Öwners, as shown in the Register <br /> as provided in this Ordinance, or their respective attorneys duly <br /> authorized in writing, and all such payments shall be valid and <br /> effective to fully satisfy and discharge the City's obligations with <br /> respect to payment of, premium, if any, and interest on the Bonds to <br /> the extent of the sum or sums so paid. No person other than an <br /> Owner, as shown in the register, shall receive a Bond certificate <br /> evidencing the obligation of the City to make payments of amounts <br /> due pursuant to this Ordinance. Upon delivery by DTC to the Paying <br /> Agent/Registrar of written notice to the effect that DTC has <br /> determined to substitute a new nominee in place of Cede & Co., and <br /> subject to the provisions in this Ordinance with respect to interest <br /> checks or drafts being mailed to the registered Owner at the close <br /> of business on the Record Date, the word. "Cede & Co. " in this <br /> Ordinance shall refer to such new nominee of DTC. <br /> 4579f <br /> -13- <br />