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3 <br /> (b) Registered Ownership. The City and the Registrar, each in its discretion, may <br /> deem and treat the Registered Owner of each Bond as the absolute owner thereof for all purposes <br /> (except as provided in Section 19 of this ordinance), and neither the City nor the Registrar shall <br /> be affected by any notice to the contrary. Payment of any such Bond shall be made only as <br /> described in Section 5(h) hereof, but such Bond may be transferred as herein provided. All such <br /> payments made as described in Section 5(h) shall be valid and shall satisfy and discharge the <br /> liability of the City upon such Bond to the extent of the amount or amounts so paid. <br /> (c) DTC Acceptance/Letters of Representations. The Bonds initially shall be held in <br /> fully immobilized form by DTC acting as depository. To induce DTC to accept the Bonds as <br /> eligible for deposit at DTC, the City has executed and delivered to DTC a Blanket Issuer Letter <br /> of Representations. Neither the City nor the Registrar will have any responsibility or obligation <br /> to DTC participants or the persons for whom they act as nominees (or any successor depository) <br /> with respect to the Bonds in respect of the accuracy of any records maintained by DTC (or any <br /> successor depository) or any DTC participant, the payment by DTC (or any successor <br /> depository) or any DTC participant of any amount in respect of the principal of or interest on <br /> Bonds, any notice which is permitted or required to be given to Registered Owners under this <br /> ordinance (except such notices as shall be required to be given by the City to the Registrar or to <br /> DTC (or any successor depository)), or any consent given or other action taken by DTC (or any <br /> successor depository) as the Registered Owner. For so long as any Bonds are held in <br /> fully-immobilized form hereunder, DTC or its successor depository shall be deemed to be the <br /> Registered Owner for all purposes hereunder, and all references herein to the Registered Owners <br /> shall mean DTC (or any successor depository) or its nominee and shall not mean the owners of <br /> any beneficial interest in such Bonds. <br /> 6 3 <br /> -26- P.\20287_CMVN20287_880 03/25/09 <br />