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<br />13 <br />NG-U9ZQVMF2/4912-7822-6452v4/200676-0008 <br />any successor Securities Depository; (ii) to any substitute Securities Depository appointed by the <br />City; or (iii) to any person if the Bond is no longer to be held in book-entry only form. Upon the <br />resignation of the Securities Depository, or upon a termination of the services of the Securities <br />Depository by the City, the City may appoint a substitute Securities Depository. If (i) the Securities <br />Depository resigns and the City does not appoint a substitute Securities Depository, or (ii) the City <br />terminates the services of the Securities Depository, the Bonds no longer shall be held in book-entry <br />only form and the registered ownership of each Bond may be transferred to any person as provided in <br />this ordinance. Neither the City nor the Bond Registrar shall have any obligation to participants of <br />any Securities Depository or the persons for whom they act as nominees regarding accuracy of any <br />records maintained by the Securities Depository or its participants. Neither the City nor the Bond <br />Registrar shall be responsible for any notice that is permitted or required to be given to a Registered <br />Owner except such notice as is required to be given by the Bond Registrar to the Securities <br />Depository. <br />Section 6. Form and Execution of Bonds. <br />(a) Form of Bond; Signatures and Seal. Each Bond shall be prepared in a form consistent <br />with the provisions of this ordinance and State law. Each Bond shall be signed by the Mayor and the <br />City Clerk, either or both of whose signatures may be manual or in facsimile, and the seal of the City <br />or a facsimile reproduction thereof shall be impressed or printed thereon. If any officer whose <br />manual or facsimile signature appears on a Bond ceases to be an officer of the City authorized to sign <br />bonds before the Bond bearing such officer’s manual or facsimile signature is authenticated by the <br />Bond Registrar, or issued or delivered by the City, that Bond nevertheless may be authenticated, <br />issued and delivered and, when authenticated, issued and delivered, shall be as binding on the City as <br />though that person had continued to be an officer of the City authorized to sign bonds. Any Bond <br />also may be signed on behalf of the City by any person who, on the actual date of signing of the <br />Bond, is an officer of the City authorized to sign bonds, although he or she did not hold the required <br />office on its Issue Date. <br />(b) Authentication. Only a Bond bearing a Certificate of Authentication in substantially <br />the following form, manually signed by the Bond Registrar, shall it be valid or obligatory for any <br />purpose or entitled to the benefits of this ordinance: “Certificate of Authentication. This Bond is one <br />of the fully registered City of Everett, Washington, Water & Sewer Revenue Bonds, 2025 [Series <br />_].” The authorized signing of a Certificate of Authentication shall be conclusive evidence that the <br />Bond so authenticated has been duly executed, authenticated and delivered and is entitled to the <br />benefits of this ordinance. <br />Section 7. Payment of the Bonds. Principal of and interest on each Bond shall be <br />payable in lawful money of the United States of America. Principal of and interest on each Bond <br />registered in the name of the Securities Depository is payable in the manner set forth in the Letter of <br />Representations. Interest on each Bond not registered in the name of the Securities Depository is <br />payable by electronic transfer on the interest payment date, or by check or draft of the Bond Registrar <br />mailed on the interest payment date to the Registered Owner at the address appearing on the Bond <br />Register on the Record Date. However, the City is not required to make electronic transfers except <br />pursuant to a request by a Registered Owner in writing received on or prior to the Record Date and at <br />the sole expense of the Registered Owner. Principal of each Bond not registered in the name of the <br />Securities Depository is payable upon presentation and surrender of the Bond by the Registered <br />Owner to the Bond Registrar. The Bonds are not subject to acceleration under any circumstances.