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(b) Transfer and Exchanize. Subject to any inhibitions of book entry form during <br />any period in which the Bonds are in book entry form, any Bond may be (i) exchanged for Bonds of <br />any Authorized Denomination upon presentation and surrender at the principal corporate trust office <br />of the Bond Registrar, together vvith a request for exchange signed by the registered owner or by a <br />person legally empowered to do so in a form satisfactory to the Bond Registrar, and (ii) transferred <br />only on the Bond Register upon presentation and surrender of the Bond at the principal corporate trust <br />office of the Bond Registrar together with an assignment signed by the registered owner or by a <br />person legally empowered to do so in a form satisfactory to the Bond Registrar. Upon exchange or <br />transfer the Bond Registrar shall complete, authenticate and deliver a new Bond or Bonds of any <br />Authorized Denomination or Denominations requested by the owner equal in the aggregate to the <br />unmatured principal amount of the Bond surrendered and bearing interest at the same rate and <br />maturing on the same date. <br />If manual signatures on behalf of the City aze required, the Bond Registrar sha11 <br />undertake the exchange or transfer of Bonds only after the new Bonds are signed by the authorized <br />officers of the City. In all cases of Bonds exchanged or transferred, the City shall sign and the Bond <br />Registrar shall authenticate and deliver Bonds m accordance with the provisions of the Bond <br />proceedings. The exchange or transfer shall be without charge to the owner, except that the City and <br />Bond Registrar may make a charge sufficient to reimburse them for any tax or other governmental <br />chazge required to be paid with respect to the exchange or transfer. The City or the Bond Registrar <br />may require that those charges, if any, be paid before the procedure is begun for the exchange or <br />transfer. All Bonds issued and authenticated upon any exchange or transfer shall be valid obligations <br />of the City, evidencing the same debt, and entitled to the same security and benefit under the Bond <br />proceedings as the Bonds surrendered upon that exchange or transfer. Neither the City nor the Bond <br />Registraz shall be required to make any exchange or transfer of (i) Bonds then subject to ca11 for <br />redemption between the 15th day preceding the mailing of notice of Bonds to be redeemed and the <br />date of that mailing, or (ii) any Bond selected for redemption, in whole or in part. <br />(c) Book Entrv Svstem. Notwithstanding any other provisions of this ordinance, if <br />the Mayor and the Director of Finance determine in the Certificate of Award that it is in the best <br />interest of and financially advantageous to the City, the Bonds may be issued in book entry form in <br />accordance with the following provisions of this Section. <br />The Bonds may be issued to a Depository for use in a book entry system and, if and so <br />long as a book entry system is utilized, (i) the Bonds may be issued in the form of a single, fully <br />registered Bond representing each matunty and registered in the name of the Depository or its <br />nominee, as registered owner, and deposited with and retained in the custody of the Depository or its <br />agent; (ii) the owners of book entry interests in Bonds sha11 not have any right to receive Bonds in the <br />form of physical securities or cerhficates; (iii) ownership of book entry mterests in Bonds shall be <br />shown by book entry on the system maintained and operated by the Depository and its Participants, <br />and transfers of the ownership of book entry interests shall be made only by book entry by the <br />Depository and its Participants; and (iv) the Bonds as such sha11 not be transferable or exchangeable, <br />except for transfer to another Deposrtory or to another nominee of a Depository, without further <br />action by the City. <br />If any Depository determines not to continue to act as a Depository for the Bonds for <br />use in a book entry system, the Director of Finance may attempt to establish a securities <br />depository/book entry relationship with another qualified Depository. If the Director of Finance does <br />not or is unable to do so, the Director of Finance, after making provision for notification of the book <br />entry interest owners by the then Depository and any other arrangements deemed necessary, shall <br />permit withdrawal of the Bonds from the Depository, and shall cause Bond certificates in registered <br />form to be authenticated by the Bond Registrar and delivered to the assigns of the Depository or its <br />nominee, a11 at the cost and expense (including any costs of printing), if the event is not the result of <br />City action or inaction, of those persons requesting such issuance. <br />-11- <br />, ,._ <br />??nUp,?