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City nor the Bond Registrar shall be affected by any notice to the contrary. Payment of any such <br /> Bond shall be made only as described in Section 4(h) hereof, but such registration may be <br /> transferred as herein provided. All such payments made as described in Section 4(h) shall be <br /> valid and shall satisfy the liability of the City upon such Bond to the extent of the amount so <br /> paid. <br /> (c) DTC Acceptance/Letter of Representations. The Bonds shall initially be <br /> held in fully immobilized form by DTC acting as depository. To induce DTC to accept the <br /> Bonds as eligible for deposit at DTC,the City shall execute and deliver to DTC a Blanket Issuer <br /> Letter of Representations(the"Letter of Representations"). <br /> Neither the City nor the Bond Registrar will have any responsibility or obligation to DTC <br /> participants or the persons for whom they act as nominees with respect to the Bonds for the <br /> accuracy of any records maintained by DTC or any DTC participant,the payment by DTC or any <br /> DTC participant of any amount in respect of the principal of or interest on Bonds, any notice that <br /> is permitted or required to be given to Registered Owners under this ordinance (except such <br /> notices as shall be required to be given by the City to the Bond Registrar or to DTC), the <br /> selection by DTC or any DTC participant of any person to receive payment in the event of a <br /> partial redemption of the Bonds, or any consent given or other action taken by DTC as the <br /> Registered Owner. For so long as any Bonds are held in fully immobilized form hereunder, DTC <br /> or its successor depository shall be deemed to be the Registered Owner for all purposes, and all <br /> references in this ordinance to the Registered Owners shall mean DTC or its nominee and shall <br /> not mean the owners of any beneficial interest in any Bonds. <br /> -6- SCO1B DOC <br />