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If any Bond shall be duly presented for payment and funds have not been duly provided <br /> by the City on such applicable date, then interest shall continue to accrue thereafter on the unpaid <br /> principal thereof at the rate stated on such Bond until it is paid. <br /> (d) Use of Depository. <br /> (i) The Bonds shall be registered initially in the name of "Cede & <br /> Co.", as nominee of DTC, with one Bond maturing on each of the maturity dates for the Bonds in <br /> a denomination corresponding to the total principal therein designated to mature on such date. <br /> Registered ownership of such immobilized Bonds, or any portions thereof, may not thereafter be <br /> transferred except (A) to any successor of DTC or its nominee, provided that any such successor <br /> shall be qualified under any applicable laws to provide the service proposed to be provided by it; <br /> (B) to any substitute depository appointed by the Finance Director pursuant to subsection (ii) <br /> below or such substitute depository's successor; or (C) to any person as provided in <br /> subsection (iv)below. <br /> (ii) Upon the resignation of DTC or its successor (or any substitute <br /> depository or its successor) from its functions as depository or a determination by the Council to <br /> discontinue the system of book entry transfers through DTC or its successor (or any substitute <br /> depository or its successor), the Council may hereafter appoint a substitute depository. Any such <br /> substitute depository shall be qualified under any applicable laws to provide the services <br /> proposed to be provided by it. <br /> (iii) In the case of any transfer pursuant to clause (A) or (B) of <br /> subsection (i) above, the Bond Registrar shall, upon receipt of all outstanding Bonds, together <br /> with a written request on behalf of the Council, issue a single new Bond for each maturity then <br /> -12- P:\CMW\CMW5IL 12/06/02 <br />