Ordinance 2557-01 - Laserfiche WebLink

(e) Use of DTC/Book-Entry System. (1) Bonds Registered in the Name Designated by DTC. The Bonds shall be registered initially in the name of"CEDE & Co.," as nominee of DTC, with one Bond maturing on the Maturity Date in a denomination corresponding to the total principal therein designated to mature on such date. Registered ownership of such immobilized Bonds, or any portions thereof, may not thereafter be transferred except (i)to any successor of DTC or its nominee, provided that any such successor shall be qualified under any applicable laws to provide the service proposed to be provided by it; (ii) to any substitute Securities Depository appointed by the Council pursuant to subsection(2) below or such substitute Securities Depository's successor; or(iii) to any person as provided in paragraph(4) below. (2) Substitute Depository. Upon the resignation of DTC or its successor (or any substitute Securities Depository or its successor) from its functions as Securities Depository or a determination by the Council that it is no longer in the best interest of Beneficial Owners to continue the system of book entry transfers through DTC or its successor (or any substitute Securities Depository or its successor), the Council may hereafter appoint a substitute Securities Depository. Any such substitute Securities Depository shall be qualified under any applicable laws to provide the services proposed to be provided by it. (3) Issuance of New Bonds to Successor/Substitute Depository. In the case of any transfer pursuant to clause (i) or (ii) of paragraph(e)(1) above, the Registrar shall, upon receipt of all outstanding Bonds, together with a written request on behalf of the Council, issue a single new Bond for each maturity of such Bonds then Outstanding, registered in the name of such successor or such substitute Securities Depository, or their nominees, as the case may be, all as specified in such written request of the Council. -19- P•\CMW\CMW4ZL 11/20/01