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Section 3. Purpose and Authorization of the Bonds . For the purpose of (a) paying or <br />reimbursing the costs of all or a portion of the costs of carrying out the Projects, (b) providing for <br />meeting the debt service Reserve Requirement, if necessary, and (c) paying the costs of issuance of <br />the Bonds, the City is authorized to issue Water & Sewer Revenue Bonds in one or more series in an <br />aggregate principal amount not to exceed $181,000,000. The proceeds of the Bonds shall be <br />deposited as set forth in Section 8 of this ordinance and shall be allocated to paying the respective <br />costs of the Projects in such order of time as the City determines is advisable and practicable. <br />Section 4. Description of Bonds; Appointment of Designated Representative; Parity <br />Certificate. The Finance Director is appointed to act as the Designated Representative of the City and <br />is authorized and directed to conduct the sale of the Bonds in one or more Series, in the manner and <br />upon the terms deemed most advantageous to the City, and to approve the Bond Sale Terms of each <br />Series of the Bonds, with such additional terms and covenants as the Designated Representative <br />deems advisable, within the parameters set forth in Exhibit C, which is attached to this ordinance and <br />incorporated by this reference. As a condition to delivery of the Bonds as Parity Bonds, the <br />Designated Representative shall find, to such official's satisfaction, that the Parity Conditions as set <br />forth in Ordinance Nos. 331343, 351846, and 3946-23 have been met or complied with. <br />Section 5. Bond Registrar; Registration and Transfer of Bonds. <br />(a) Registration of Bonds. Each Bond shall be issued only in registered form as to both <br />principal and interest and the ownership of each Bond shall be recorded on the Bond Register. <br />(b) Bond Registrar; Duties. The Fiscal Agent is appointed as initial Bond Registrar. The <br />Bond Registrar shall keep, or cause to be kept, sufficient books for the registration and transfer of the <br />Bonds, which shall be open to inspection by the City at all times. The Bond Registrar is authorized, <br />on behalf of the City, to authenticate and deliver Bonds transferred or exchanged in accordance with <br />the provisions of the Bonds and this ordinance, to serve as the City's paying agent for the Bonds and <br />to carry out all of the Bond Registrar's powers and duties under this ordinance and the System of <br />Registration. The Bond Registrar shall be responsible for its representations contained in the Bond <br />Registrar's Certificate of Authentication on each Bond. The Bond Registrar may become an Owner <br />with the same rights it would have if it were not the Bond Registrar and, to the extent permitted by <br />law, may act as depository for and permit any of its officers or directors to act as members of, or in <br />any other capacity with respect to, any committee formed to protect the rights of Owners. <br />(c) Bond Register; Transfer and Exchange. The Bond Register shall contain the name <br />and mailing address of each Registered Owner and the principal amount and number of each Bond <br />held by each Registered Owner. A Bond surrendered to the Bond Registrar may be exchanged for a <br />Bond or Bonds in any Authorized Denomination of an equal aggregate principal amount and of the <br />same Series, interest rate and maturity. A Bond may be transferred only if endorsed in the manner <br />provided thereon and surrendered to the Bond Registrar. Any exchange or transfer shall be without <br />cost to the Owner or transferee. The Bond Registrar shall not be obligated to exchange any Bond or <br />transfer registered ownership during the period between the applicable Record Date and the next <br />upcoming interest payment or redemption date. <br />(d) Securities Depository; Book -Entry Only Form. If a Bond is to be issued in book -entry <br />form, DTC shall be appointed as initial Securities Depository and each such Bond initially shall be <br />registered in the name of Cede & Co., as the nominee of DTC. Each Bond registered in the name of <br />the Securities Depository shall be held fully immobilized in book -entry only form by the Securities <br />Depository in accordance with the provisions of the Letter of Representations. Registered ownership <br />of any Bond registered in the name of the Securities Depository may not be transferred except: (1) to <br />12 <br />