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required to be paid with respect to the exchange or transfer. The City or the Bond Registrar may require <br />that those charges, if any, be paid before it begins the procedure for the exchange or transfer of the Bonds. <br />All Bonds issued upon any transfer or exchange shall be the valid obligations of the City, evidencing the <br />same debt, and entitled to the same benefits under this Ordinance, as the Bonds surrendered upon that <br />transfer or exchange. <br />Section 8. Book- entrySystem. For purposes of this Ordinance, the following terms shall have <br />the following meanings: <br />"Book -entry form" or "book -entry system" means a form or system under which (i) the beneficial <br />right to payment of principal of and interest on the Bonds may be transferred only through a book -entry and <br />(ii) physical Bonds in fully registered form are issued only to the Depository or its nominee as registered <br />owner, with the Bonds "immobilized" to the custody of the Depository, and the book -entry is the record that <br />identifies the owners of beneficial interests in those Bonds. <br />"Depository" means any securities depository that is a clearing agency under federal law operating <br />and maintaining, together with its participants, a book -entry system to record beneficial ownership of Bonds <br />and to effect transfers of Bonds, in book -entry form, and includes The Depository Trust Company (a limited <br />purpose trust company), New York, New York. <br />All or any portion of the Bonds may be initially issued to a Depository for use in a book -entry <br />system, and the provisions of this Section shall apply, notwithstanding any other provision of this <br />Ordinance; (i) there shall be a single Bond of each maturity, (ii) those Bonds shall be registered in the name <br />of the Depository or its nominee, as registered owner, and immobilized in the custody of the Depository; <br />(iii) the beneficial owners in book -entry form shall have no right to receive Bonds in the form of physical <br />securities or certificates; (iv) ownership of beneficial interests in any Bonds in book-entry form shall be <br />shown by book -entry on the system maintained and operated by the Depository, and transfers of the <br />ownership of beneficial interests shall be made only by the Depository and by book - entry; and (v) the Bonds <br />as such shall not be transferable or exchangeable, except for transfer to another Depository or to another <br />nominee of a Depository, without further action by the City. Bond service charges on Bonds in book -entry <br />form registered in the name of a Depository or its nominee shall be payable in next day funds delivered to <br />the Depository or its authorized representative (i) in the case of interest, on each Interest Payment Date, and <br />(ii) in all other cases, upon presentation and surrender of Bonds as provided in this Ordinance. <br />The Bond Registrar may, with the approval of the City, enter into an agreement with the beneficial <br />owner or registered owner of any Bond in the custody of a Depository providing for making all payments to <br />that owner of principal and interest on that Bond or any portion thereof (other than any payment of the <br />entire unpaid principal amount thereof) at a place and in a manner (including wire transfer of federal funds) <br />other than as provided above in this Ordinance, without prior presentation or surrender of the Bond, upon <br />any conditions which shall be satisfactory to the Bond Registrar and to the City. That payment in any event <br />shall be made to the person who is the registered owner of that Bond on the date that principal is due, or, <br />with respect to the payment of interest, as of the applicable date agreed upon as the case may be. The Bond <br />Registrar shall furnish a copy of each of those agreements, certified to be correct by the Bond Registrar, to <br />other paying agents for Bonds and to the City. Any payment of principal or interest pursuant to such an <br />agreement shall constitute payment thereof pursuant to, and for all purposes of, this Ordinance. <br />The Director of Finance and the Mayor of the City are authorized and directed to execute, <br />acknowledge and deliver, in the name of and on behalf of the City, the letter agreement among the City, the <br />Bond Registrar and The Depository Trust Company, as depository, to be delivered in connection with the <br />133548910 7 <br />