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other governmental charge required to be paid with respect to such <br />exchange or transfer, and the City and the Registrar may charge a sum <br />sufficient to reimburse them for all other costs and expenses incurred <br />in connection with such exchange, and such charge or charges shall be <br />paid before any such new Bond shall be delivered. <br /> <br /> Section 4. The Bonds, pursuant to the terms set forth below, <br />may also be issued to a Depository (as hereinafter defined) for use in a <br />book-entry system. The Director of Finance is also hereby authorized <br />and directed, to the extent necessary or required, to enter into any <br />agreements determined necessary in connection with the registration, <br />authentication, immobilization, and transfer of'Bonds, including <br />arrangements for the payment of principal and interest by wire transfer, <br />after determining that the execution thereof will not endanger the funds <br />or securities of the City. <br /> <br /> The Bonds may be issued to a Depository (as hereinafter <br />defined) for use in a book-entry system (as hereinafter defined) and, if <br />and as long as a book-entry system is utilized, (i) the Bonds shall be <br />issued in the form of one fully registered Bond registered in the name <br />of the Depository or its nominee, as registered owner, and immobilized <br />in the custody of the Depository; (ii) the beneficial owners in book- <br />entry form shall have no right to receive Bonds in the form of physical <br />securities or certificates; (iii) ownership of beneficial interests in <br />book-entry form shall be shown by a book entry on the system maintained <br />and operated by the Depository and its Participants (as hereinafter <br />defined), and transfers of the ownership of beneficial interests shall <br />be made only by book entry by the Depository and its Participants; and <br />(iv) the Bonds as such shall not be transferable or.exchangeable, except <br />for transfer to another Depository or to another nominee of a <br />Depository, without further action by the Council of the City. <br /> <br /> If any Depository determines not to continue to act as a <br />Depository for the Bonds for use in a book-entry system, the Director of <br />Finance may attempt to have established a securities depository/book- <br />entry relationship with another qualified Depository. If the Director <br />of Finance does not or is unable to do so, the Director of Finance, <br />after making provision for notification of the beneficial owners by the <br />then Depository and any other arrangements he deems necessary, shall <br />permit withdrawal of the Bonds from the Depository, and authenticate and <br />deliver bond certificates in bearer or registered form, as she deter- <br />mines, to the assigns of the Depository or its nominee, all at the cost <br />and expense (including any costs of printing), if the event is not the <br />result of Council action or inaction, of those persons requesting such <br />issuance. Bond certificates authenticated and delivered pursuant to <br />this paragraph shall be in the denomination of $5,000 each or any inte- <br />gral multiple thereof. <br /> <br />As used in this Section and this Ordinance: <br /> <br /> "Book-entry form" or "book-entry system" means a form or <br />system under which (i) the beneficial right to principal and interest <br />may be transferred only through a book entry and (ii) physical bonds in ' <br />registered form are issued only to a Depository or its nominee as regis- <br />tered owner, with the bonds "immobilized" to the custody of the <br />Depository, and the book entry is the record ~hat identifies the owners <br />of beneficial interests in that principal and interest. <br /> <br /> "Depository" means any securities depository that is a clear- <br />ing agency under federal law operating and maintaining a book-entry <br /> <br />-3- <br /> <br /> <br />