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<br />made 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 áball be issued in the numbers and denoininations <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 conectively the "Paying Agenf'), without dednction for exchange, <br />collection or service charge; and shall be payáble in Federal Reserve funds of the United States <br />of America if requested by the original purchaser. <br /> <br />Section 4. Pursuant to Section 13330(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 2006B". Such notes shall contain a sununary statement of <br />purposes encompassing the purpose for which the Notes are issued, shall be issued in the <br />nunibers 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 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 'into any agreements determined necessary incOImection with the authentication, <br />immobilization, and transfer of Notes, including arrangements for the payment of prfucipal and <br />interest by wire transfer, after detennining that the execution thereofwill not endanger the funds <br />or securities of the City, which detennination shall be conclusively evidenced by the signíng of <br />any such agreement <br /> <br />If and as long as a book-entry system is utilized, (i) the Notes sbaU be issued in <br />the fonn of one note in the n¡µne of the Depository or its nOnllnee,as owner, and immobílized in <br />the cnstody of the Depository; (ii) the benefIcial owners in book-entry form shall have no rightto <br />receive Notes in the fonn of physical securities or certificates; (iií) ownersmp 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 Parlicipants (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 detennines not to continue to act as a Deposítory for the Notes <br />for use in a book-entry system, the Director of Finance may attempt to have) established a <br />securities deposjtorylbook-entry relationship with another qualified Depository. ¡fthe Director <br />of Finance does not or is unable to do so, the Dírector 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 ITom 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 fhis Section and fhis Ordinance: <br /> <br />"Book-entry fonn" or "book-entry system" means a fonn or system under wmch <br />(i) the beneficial right to principal and interest mây be transferred only through a book entry and <br />(ií) physical notes are issued only to a Depository or its nominee as owner, with the notes <br />"immobílized" 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 form, and includes <br />and means initially The Depository Trust Company (a limited purpose trust company), New <br />York, New York <br /> <br />{KLF3685.DOC;1} <br />