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506242089.1 <br /> <br /> -23- <br /> <br />provisions to permit the exchange or registration or transfer of Bonds at its principal corporate <br />trust office. The Registrar may be removed at any time at the option of the Designated <br />Representative upon prior notice to the Registrar and a successor Registrar appointed by the <br />Designated Representative. No resignation or removal of the Registrar shall be effective until a <br />successor shall have been appointed and until the successor Registrar shall have accepted the <br />duties of the Registrar hereunder. The Registrar is authorized, on behalf of the City, to <br />authenticate and deliver Bonds transferred or exchanged in accordance with the provisions of <br />such Bonds and this ordinance and to carry out all of the Registrar’s powers and duties under this <br />ordinance. The Registrar shall be responsible for its representations contained in the Certificate <br />of Authentication of the Bonds. <br /> (b) Registered Ownership. The City and the Registrar, each in its discretion, may <br />deem and treat the Registered Owner of each Bond as the absolute owner thereof for all purposes <br />(except as provided in Section 17 of this ordinance), and neither the City nor the Registrar shall <br />be affected by any notice to the contrary. Payment of any such Bond shall be made only as <br />described in Section 4(h) hereof, but such Bond may be transferred as herein provided. All such <br />payments made as described in Section 4(h) shall be valid and shall satisfy and discharge the <br />liability of the City upon such Bond to the extent of the amount or amounts so paid. <br /> (c) DTC Acceptance/Letters of Representations. The Bonds initially shall be held in <br />fully immobilized form by DTC acting as depository. To induce DTC to accept the Bonds as <br />eligible for deposit at DTC, the City has executed and delivered to DTC a Blanket Issuer Letter <br />of Representations. Neither the City nor the Registrar will have any responsibility or obligation <br />to DTC participants or the persons for whom they act as nominees (or any successor depository) <br />with respect to the Bonds in respect of the accuracy of any records maintained by DTC (or any