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??.;.. <br />(or the consolidated issue into which it is combined with one or more other note issues of the City in <br />accordance with Section 6), if it is detetmined by the Director of Finance that issuance of fully <br />registered securities in that form will facilita.te the sale and delivery of the Notes. The Notes sha11 <br />not have coupons attached, sha11 be numbered as determined by the Director of Finance and sha11 <br />express upon their faces the purpose, in summary terms, for which they are issued and that they are <br />issued pursuant to this ordinance. <br />As used in this Section and this ordinance: <br />"Book entry form" or "book entry system" means a form or system under which (i) the <br />ownership of beneficial interests in the Notes and the principal of, and interest on, the Notes (book <br />ernry irnerests) may be transferred only through a book errtry, and (ii) a single physical Note <br />certificate is issued by the City and payable only to a Depository or its nominee, with such Notes <br />deposrted with and retained in the custody of the Depository or its agern for that purpose. The book <br />entry maintained by others than the City is the record that idernifies the owners of book entry <br />interests in the Notes and that principal and irrterest. <br />"Depository" means any security depository that is a clearing agency under federal law <br />operating and maiirtaining, with its Participarns or otherwise, a book eYrtry system to record <br />ownership of book entry interests in the Notes or the principal of and interest on, the Notes and to <br />effect transfers of the Notes, in book entry form, and includes and means initially The Depository <br />Trust Company (a limited pwpose trust company), New York, New York. <br />"ParticiparrY" means any participant corrtracting with a Depository under a book entry <br />system and includes security brokers and dealers, banks and trust companies, and clearing <br />corporations. <br />The Notes may be issued to a Depository for use in a book eritry system and, if and as long <br />as a book entry system is utilized, (i) the Notes may be issued in the form of a single Note made <br />payable to the Depository or its nominee and deposited with and retained in the custody of the <br />Depository or its agent for that pwpose; (ii) the owners of book ernry itrterests sha11 have no right to <br />receive the Notes in the form of physical securities or certificates; (iii) ownership of book ernry <br />irrterests sha11 be shown by book errtry on the system maintained and operated by the Depository <br />and its Participants, and transfers of the ownership of book entry irrterests shall be made only by <br />book entry by the Depository and its Participazrts; and (iv) the Notes as such sha11 not be <br />transferable or exchangeable, except for transfer to another Depository or to another nominee of a <br />Deposrtory, without further action by the City. <br />If any Depository determines not to continue to act as a Depository for the Notes for use in a <br />book entry system, the Director of Finance may attempt to establish a securities depository/book <br />emry relationship with another qualified Depository. If the Director of Finance does not or is <br />unable to do so, the Director of Finance, after making provision for notification of the book entry <br />irrterest owners by the then Depository and any other arrangemerrts deemed necessary, sha11 permit <br />withdrawal of the Notes from the Depository, and shall cause the Notes in bearer or payable form to <br />be signed by the officers authorized to sign the Notes and delivered to the assigns of the Depository <br />-3- <br />.???.