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Notes, and ending at the close of business on the day of such mailing, or (ii) any Notes selected for <br />redemption, in whole or in part, following the date of such mailing. <br />In all cases in which Notes are exchanged or transferred hereunder, the City shall cause to be <br />executed, and the Note Registrar shall authenticate and deliver, the Notes in accordance with the provisions <br />of this Ordinance. The exchange or transfer shall be without charge to the owner; except that the Council <br />and Note Registrar may make a charge sufficient to reimburse them for any tax or other governmental <br />charge required to be paid with respect to the exchange or transfer. The Council or the Note Registrar may <br />require that those charges, if any, be paid before it begins the procedure for the exchange or transfer of the <br />Notes. All Notes issued upon any transfer or exchange shall be the valid obligations of the City, evidencing <br />the same debt, and entitled to the same benefits under this Ordinance, as the Notes surrendered upon that <br />transfer or exchange. <br />Section 10. Book -entry System. For purposes of this Ordinance, the following terms shall <br />have 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 Notes may be transferred only through a book -entry <br />system and (ii) physical Notes in fully registered form are issued only to a Depository or its nominee as <br />registered owner, with the Notes "immobilized" to the custody of the Depository, and the book -entry is <br />the record that identifies the owners of beneficial interests in those Notes. <br />"Depository" means any securities depository that is a clearing agency under federal law <br />operating and maintaining, together with its participants, a book -entry system to record beneficial <br />ownership of notes and to effect transfers of notes, in book -entry form, and includes The Depository Trust <br />Company (a limited purpose trust company), New York, New York. <br />The Notes may initially be issued to a Depository for use in a book -entry system, and the <br />provisions of this Section shall apply, notwithstanding any other provision of this Ordinance: (i) there <br />shall be a single Note of each maturity, (ii) those Notes shall be registered in the name of the Depository <br />or its nominee, as registered owner, and immobilized in the custody of the Depository; (iii) the beneficial <br />owners in book -entry form shall have no right to receive Notes in the form of physical securities or <br />certificates; (iv) ownership of beneficial interests in any Notes in book -entry form shall be shown by <br />book -entry on the system maintained and operated by the Depository, and transfers of the ownership of <br />beneficial interests shall be made only by the Depository and by book -entry; and (v) the Notes as such <br />shall not be transferable or exchangeable, except for transfer to another Depository or to another nominee <br />of a Depository, without further action by the City. Debt service charges on Notes in book -entry form <br />registered in the name of a Depository or its nominee shall be payable in same day funds delivered to the <br />Depository or its authorized representative upon presentation and surrender of Notes as provided in this <br />Ordinance. <br />The Note Registrar may, with the approval of the City, enter into an agreement with the beneficial <br />owner or registered owner of any Note in the custody of a Depository providing for making all payments <br />to that owner of principal and interest on that Note 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 <br />funds) other than as provided in this Ordinance, without prior presentation or surrender of the Note, upon <br />any conditions which shall be satisfactory to the Note Registrar and to the City. That payment in any <br />event shall be made to the person who is the registered owner of that Note on the date that principal is <br />due, or, with respect to the payment of interest, as of the applicable date agreed upon as the case may be. <br />The Note Registrar will furnish a copy of each of those agreements, certified to be correct by the Note <br />5 <br />