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Registrar appointed by the Chief Financial Officer. No resignation or removal of the Bond <br />Registrar shall be effective until a successor shall have been appointed and until the successor <br />Bond Registrar shall have accepted the duties of the Bond Registrar hereunder. The Bond <br />Registrar is authorized, on behalf of the City, to authenticate and deliver Bonds transferred or <br />exchanged in accordance with the provisions of such Bonds and this ordinance and to carry out <br />all of the Bond Registrar's powers and duties under this ordinance. The Bond Registrar shall be <br />responsible for its representations contained in the Certificate of Authentication of the Bonds. <br />(b) Registered Ownership. The City and the Bond Registrar, each in its <br />discretion, may deem and treat the Registered Owner of each Bond as the absolute owner thereof <br />for all purposes (except as provided in Section 18 of this ordinance), and neither the City nor the <br />Bond Registrar shall be affected by any notice to the contrary. Payment of any such Bond shall <br />be made only as described in Section 4(h) hereof, but such Bond may be transferred as herein <br />provided. All such payments made as described in Section 4(h) shall be valid and shall satisfy <br />and discharge the liability of the City upon such Bond to the extent of the amount or amounts so <br />paid. <br />(c) DTC Acceptance/Letters of Representations. The Bonds initially shall be <br />held in fully immobilized form by DTC acting as depository. To induce DTC to accept the <br />Bonds as eligible for deposit at DTC, the City has executed and delivered to DTC a Blanket <br />Issuer Letter of Representations. Neither the City nor the Bond Registrar will have any <br />responsibility or obligation to DTC participants or the persons for whom they act as nominees <br />(or any successor depository) with respect to the Bonds in respect of the accuracy of any records <br />maintained by DTC (or any successor depository) or any DTC participant, the payment by DTC <br />(or any successor depository) or any DTC participant of any amount in respect of the principal of <br />-15- P:\CMW\CMW6WH 09/06/05 <br />