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Interest') shall cease to be payable to the person who is the Holder as of the Regular Record <br />Date and shall be payable to the person who is the Holder at the close of business on a special <br />record date for the payment of such defaulted interest. Such Special Record Date (the "Special <br />Record Date") shall be fixed by the Council of the City whenever moneys become available for <br />payment of the Defaulted Interest, and the Registrar shall cause notice of the proposed payment <br />of such Defaulted Interest'and the Special Record Date therefor to be mailed} first class postage <br />prepaid, not less than ten (10) days prior thereto to each Holder at his address as it appears on the <br />registration books of the City maintained by the Registrar. The principal and interest on the <br />Bonds is payable in lawful money of the United States of America without deduction for the <br />services of the Registrar. <br /> <br /> No Bond shall be valid or become obligatory for any purpose unless and until an <br />authentication certificate appearing on the Bond shall have been duly endorsed by the Registrar. <br /> <br /> Any Bond, upon surrender thereof at the principal corporate trust office of the <br />Registrar, together with an assignment duly executed by the 'Holder or his duly authorized <br />attorney in such form as shall be satisfactory to the Registrar, at the option of the Holder thereof, <br />may be exchanged for Bonds of any authorized denomination or denominations in an aggregate <br />principal amount not exceeding the principal amount of the Bond so exchanged, and bearing <br />interest at the same rate and maturing on the same date. <br /> <br /> Any Bond may be transferred only upon the books kept for the registration and <br />transfer of Bonds upon surrender thereof at the principal corporate trust office of the Registrar <br />together with an assignment duly executed by the Holder or his duly authorized attorney in such <br />form as shall be satisfactory to the Registrar. Upon the transfer of any SUch Bond and on request <br />of the Registrar, the City shall execute in the name of the transferee, and the Registrar shall <br />authenticate and deliver, a new Bond, of any authorized denomination, in aggregate principal <br />amount equal to the principal amount of such Bond, and bearing interest at the same rate and <br />maturing on the same date. <br /> <br /> In all cases in which Bonds shall be exchanged or transferred, the City shall <br />execute and the Registrar shall authenticate and deliver Bonds in accordance with the provisions <br />of this ordinance. The City and Registrar may make a charge for every such exchange or transfer <br />oi~ Bonds sufficient to reimburse them for any tax or other governmental charge required to be <br />paid with respect to such exchange or transfer, and the Registrar may require that such charge or <br />charges shall be paid before any such new Bond shall be delivered. <br /> <br /> The Bonds, pursuant to the terms set forth below, may also be issued to a <br />Depository (as hereinafter defined) for use in a book-entry system (as hereinafter defined). The <br />Fiscal Officer is hereby authorized and directed, to the extent necessary or required, to enter into <br />any agreements determined necessary in connection with the-registration, authentication, <br />immobilization, and transfer of Bonds, including arrangements for the payment of principal and <br />interest by wire transfer, after determining that the execution thereof will not endanger the funds <br />or securities of the City, which determination shall be conclusively evidenced by the signing of <br />any such agreement. <br /> <br /> If and as long as a book-entry system is utilized, (i) the Bonds shall be issued in <br />the form of one fully registered Bond registered in the name of the Depository or its nominee, as <br />registered owner, and immobilized in the custody of the Depository; (ii) the beneficial owners in <br />book-entry form shall have no right to receive Bonds in the form of physical securities or <br />certificates; (iii) ownership of beneficial interests in book-entry form shall be shown by a book <br />entry on the system maintained and operated by the DepOsitory and its Participants (as <br />hereinafter defined), and transfers of the ownership of beneficial interests shall be made only by <br />book entry by the Depository and its Participants; and (iv)the Bonds as such shall not be <br />transferable or exchangeable, except for transfer to another Depository or to another nominee of <br />a Depository, without further action by the Council of the City. <br /> <br /> If any Depository determines not to continue to act as a Depository for the Bonds <br />for use in a book-entry system, the FiScal Officer may attempt to have established a securities <br />depository/book-entry relationship with another qualified Depository. If the Fiscal Officer does <br />not or is unable to do so, the Fiscal Officer, after making provision for notification of the <br />beneficial owners by the then Depository and any other arrangements she deems necessary, shall <br /> <br />{KLF0963.DOC;1 } H:kFENIX~14252'uKLF0963.DOC <br /> <br /> <br />