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<br />m~de for calling the Notes for redemption upon ten (10) days' written notice to the Paying Agent <br />for the Notes (as defined below), or to the original purchaser if the Director of Finance is the <br />Paying Agent. In addition, the Notes shall be issued in the numbers and denominations <br />requested by the original purchaser, sha11 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 individua11y or co11ectively the "Paying 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 requested by the original purchaser <br /> <br />Section 4. Pursuant to Section 133.30(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 "V ariOllS Purpos~ Genéral Obligation <br />Bond Anticipatio.n Notes, Series 2006". Such notes shall contain a summary statement of <br />purposes encorilpassingthe purpose for which the Notes are issued, shall be issued in the <br />TIumbersand 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 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 />Director of Finance is hereby authorized and directed, to the extent necessary or required, to <br />enter intQany agreements detennined necessary in connection with the authentication, <br />immobilization, and transfer of Notes, 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 determinatio~ 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 form of one note in the name of the Depository or its nominee, as owner, and imm~bilized in <br />the custody of the Depository; (ii) the beneficial owners in book-entry form sha11 have no right to <br />receive Notes in the form of physical securities or certificates; (iii) ownership of beneficial <br />interests in book-entry form 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 or to 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 llllable 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 form, as he determines, to the assigns of the <br />Depository or its nominee, an 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 form" or "book-entry system" means a form or system llllder which <br />(i) the beneficial right to princîpal 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 boök entry is the record that identifies <br />the owners ofbeheficial 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 />tight to principal and interest, and to effect transfers of notes, in book-entry form, and includes <br />and means inItially The Depository Trust Company (a limîted purpose trust company), New <br />York, New York. <br /> <br />{2006 BANS.DOC;l} <br /> <br />2 <br />