Ordinance 2557-01 - Laserfiche WebLink

(c) City and Registrar Not Responsible for DTC. Neither the City nor the Registrar will have any responsibility or obligation to DTC Participants or the persons for whom they act as nominees with respect to the Bonds in respect of the accuracy of any records maintained by DTC or any DTC Participant, the payment by DTC or any DTC Participant of any amount in respect of the principal or redemption price of or interest on the Bonds, any notice which is permitted or required to be given to Registered Owners under this ordinance (except such notices as shall be required to be given by the City to the Registrar or to DTC), the selection by DTC or any DTC Participant of any person to receive payment in the event of a partial redemption of the Bonds or any consent given or other action taken by DTC as the Registered Owner. (d) DTC as Registered Owner. Except as provided in Sections 5.03 and 7.08, the City and the Registrar, each in its discretion, may deem and treat the Registered Owner as the absolute owner thereof for all purposes, and neither the City nor the Registrar shall be affected by any notice to the contrary. Payment of any such Bond shall be made only as described in this section, but the transfer of such ownership may be registered as herein provided. All such payments made as described in this section shall be valid and shall satisfy and discharge the liability of the City upon such Bond to the extent of the amount or amounts so paid. Except as provided in Sections 5.03 and 7.08, the City and the Registrar shall be entitled to treat DTC as the absolute owner of all Bonds for all purposes of this ordinance and any applicable laws, notwithstanding any notice to the contrary received by the Registrar or the City. Neither the City nor the Registrar will have any responsibility or obligation, legal or otherwise, to any other party including DTC or its successor (or substitute depository or its successor), except to the Registered Owners. -18- P.\CMW\CMW4ZL 11/20/01