Ordinance 3700-19 - Laserfiche WebLink

Registered ownership of such immobilized Bonds, or any portions thereof, may not thereafter be transferred except (A) to any successor of DTC or its nominee, provided that any such successor shall be qualified under any applicable laws to provide the service proposed to be provided by it; (B)to any substitute depository appointed by the Chief Financial Officer pursuant to subsection (2) below or such substitute depository's successor; or (C) to any person as provided in subsection(4) below. (2) Upon the resignation of DTC or its successor (or any substitute depository or its successor) from its functions as depository or a determination by the Chief Financial Officer to discontinue the system of book entry transfers through DTC or its successor (or any substitute depository or its successor), the Chief Financial Officer may hereafter appoint a substitute depository. Any such substitute depository shall be qualified under any applicable laws to provide the services proposed to be provided by it. (3) In the case of any transfer pursuant to clause (A) or (B) of subsection(1) above, the Bond Registrar shall, upon receipt of all outstanding Bonds, together with a written request on behalf of the Chief Financial Officer, issue a single new Bond for each maturity then outstanding, registered in the name of such successor or such substitute depository, or their nominees, as the case may be, all as specified in such written request of the Chief Financial Officer. (4) In the event that (A) DTC or its successor (or substitute depository or its successor) resigns from its functions as depository, and no substitute depository can be obtained, or (B) the Chief Financial Officer determines that it is in the best interest of the beneficial owners of the Bonds that such owners be able to obtain such bonds in the form of Bond certificates, the ownership of such Bonds may then be transferred to any person or entity as -9- 502395238 v2