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DocuSign Envelope ID: D1 D7B029-ODBD-4276-9A2E-BOA56F6E0688 <br />All or any portion of the Bonds may be initially issued to a Depository for use in a book -entry system, <br />and the provisions of this Section shall apply, notwithstanding any other provision of this Ordinance; (i) there <br />shall be a single Bond of each maturity, (ii) those Bonds shall be registered in the name of the Depository or <br />its nominee, as registered owner, and immobilized in the custody of the Depository; (iii) the beneficial owners <br />in book -entry form shall have no right to receive Bonds in the form of physical securities or certificates; (iv) <br />ownership of beneficial interests in any Bonds in book -entry form shall be shown by book -entry on the system <br />maintained and operated by the Depository, and transfers of the ownership of beneficial interests shall be <br />made only by the Depository and by book -entry; and (v) the Bonds as such shall not be transferable or <br />exchangeable, except for transfer to another Depository or to another nominee of a Depository, without further <br />action by the City. Bond service charges on Bonds in book -entry form registered in the name of a Depository <br />or its nominee shall be payable in same day funds delivered to the Depository or its authorized representative <br />(i) in the case of interest, on each Interest Payment Date, and (ii) in all other cases, upon presentation and <br />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 entire <br />unpaid principal amount thereof) at a place and in a manner (including wire transfer of federal funds) other <br />than as provided above in this Ordinance, without prior presentation or surrender of the Bond, upon any <br />conditions which shall be satisfactory to the Bond Registrar and to the City. That payment in any event shall <br />be -made to the person who is the registered owner of that Bond on the date that principal is due, or, with <br />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 />If requested, 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 />issuance of the Bonds to the Depository for use in a book -entry system. <br />The City may decide to discontinue use of the book -entry system through the Depository. In that <br />event, Bond certificates shall be printed and delivered to the Depository. <br />If any Depository determines not to continue to act as a depository for the Bonds for use in a book - <br />entry system, the City and the Bond Registrar may attempt to establish a securities depository/book-entry <br />relationship with another qualified Depository under this Ordinance. If the City and the Bond Registrar do <br />not or are unable to do so, the City and the Bond Registrar, after the Bond Registrar has made provision for <br />notification of the beneficial owners by the then Depository, shall permit withdrawal of the Bonds from the <br />Depository and authenticate and deliver bond certificates in fully registered form to the assigns of the <br />Depository or its nominee, all at the cost and expense (including costs of printing and delivering definitive <br />Bonds), if the event is not the result of action or inaction by the City or the Bond Registrar, of those persons <br />requesting such issuance. <br />Section 9. Debt Service Lew. There shall be and is hereby levied annually on all the taxable <br />property in the City, in addition to all other taxes and inside the ten mill limitation, a direct tax (the "Debt <br />Service Levy") for each year during which any of the Bonds are outstanding, for the purpose of providing, <br />and in an amount which is sufficient to provide, funds to pay interest upon the Bonds as and when the same <br />falls due and to provide a fund for the repayment of the principal of the Bonds at maturity or upon redemption <br />. The Debt Service Levy shall not be less than the interest and sinking fund tax required by Article XII, <br />190017990 <br />