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<br />for the Notes (as defmed below), or to the original purchaser if the Director of Finance is the <br />Payìng Agent In addition, the Notes shall be issued in the numbers and denominations <br />requested by the original purchaser, shall be payable as to both principal and interest at the office <br />of the Director of Finance or at a bank or trust company designated by the Director of Finance <br />(herein individually or collectively the "Payìng Agent"), without deduction for exchange, <br />collection or service charge; and shall be payable in Federal Reserve funds of the United States <br />of America if reque.sted by the original purchaser. <br /> <br />Section 4. Pursuant to Section 133 JO(B) of the Ohio Revised Code, the Director <br />of Finance may combine the Notes with other notes into a single consolidated issue of notes for <br />purposes of their sale as a single issue, to be designated "Various Purpose General Obligation <br />Bond Anticipation Notes, Series 2006" Such notes shall contain a summary statement of <br />purposes encompassing the purpose for which the Notes are issued, shall be issued in the <br />numbers and denominations requested by the original purchaser, and shall be executed by the <br />Mayor and the Director of Finance of the City, provided that one of such signatures may be a <br />facsimile signature <br /> <br />The Notes, pursuant to the tenns 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 />Director of Finance is hereby authorized and directed, to the extent necessary or required, to <br />enter into any agreements determined necessary in connection with the authentication, <br />itnmobilization, and transfer of No.tes, including arrangements for th,e payment of principal and <br />interest by wire transfer, after detennining-that the execution thereof will not endanger the funds <br />or securities of the City, which detennination 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 Notes shall be issued in <br />the fonn of one note in the name of the Depository or its nominee, as owner, and immobilized in <br />the custody of the Depository; (ii) the'beneficial owners in book-entry fonn shall have no right to <br />receive Notes in the form of physical securities or certificates; (iii) ownership of beneficial <br />interests in book-entry fonn shall be shown by a book entry on the system maintained and <br />operated by the Depository and its Participants (as hereinafter defined), and transfers of the <br />ownership of beneficial interests shall be made only by book entry by the Depository and its <br />Participants; and (iv) the Notes as such shall not be transferable or exchangeable, except for <br />transfer to another Depository aria another nominee of a Depository, without further action by <br />the Council of the City <br /> <br />If any Depository determines not to continue to act as a Depository for the Notes <br />for use in a book,-entry system, the Director of Finance may attempt to have established a <br />securities depositorylbook-entry relationship with another qualified Depository. If the Director <br />of Finance does not or is unable to do so, the Director of Finance, after making provision for <br />notification of the beneficial owners by the then Depository and any other arrangements he <br />deems necessary, shall permit withdrawal of the Notes from the Depository, and authenticate and <br />deliver note certificates in bearer or registered fonn, as he determines, to the assigns of the <br />Depository or its nominee, all at the cost and expense (including any costs of printing), if the <br />event is not the result of Council action or inaction, of those persons requesting such issuance <br /> <br />As used in this Section and this Ordinance: <br /> <br />"Book-entry fonn" or '"book-entry system" means a form or system under which <br />(i) the beneficial right to principal and interest may be transferred only through a book entry and <br />(ii)physical notes are issued only to a Depository or its nominee as owner, with the notes <br />"immobilized" to the custody of the Depository, and the book entry is the record that identifies <br />the owners of beneficial interests in that principal and interest. <br /> <br />"Depository" means any securities depository that is a clearing agency under <br />federal law operating and maintaining a book-entry system to record beneficial ownership of the <br />right to principal and interest, and to effect transfers of notes, in book-entry fonn, and includes <br />and means initially The Depository Trust Company (a limited purpose trust company), New <br />York, New York <br /> <br />{l006 BANS.DOC;l} <br /> <br />2 <br />