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?. ..?? ?,?....?_?,?.,.... <br /> <br />- 4 - <br />Notwithstanding any other provisions of this ordinance, if it is <br />determined by the Director of Finance in the Certificate of Award to be <br />advantageous to the City, the Notes may be issued in book entry form in <br />accordance with the provisions of this Section. As used in this Section and <br />this ordinance: <br />"Book entry form" or "book entry system" means a form or system under <br />which (i) the ownership of beneficial interests in Notes and the principal of <br />and interest on the Notes may be transferred only through a book entry, and <br />(ii) physical Note certificates in fully registered form are issued by the <br />City only to a Depository or its nominee as registered owner, with the Notes <br />"immobilized" in the custody of the Depository. The book entry maintained by <br />others than the City is the record that identifies the owners of beneficial <br />interests in those Notes and that principal and interest. <br />"Depository" means any securities depository that is a clearing <br />agency under federal 1aw operating and maintaining, with its Participants or <br />otherwise, a book entry system to record ownership of beneficial interests in <br />Notes or the principal and interest, and to effect transfers of Notes, in book <br />entry form, and includes and means initially TYie Depository Trust Company (a <br />limited purpose trust company), New York, New York. <br />"Participant" means any participant contracting with a Depository <br />under a book entry system and includes security brokers and dealers, banks and <br />trust companies, and clearing corporations. <br />The Notes may be issued to a Depository for use in a book entry <br />system and, if and as long as a book entry system is utilized, (i) the Notes <br />may be issued in the form of a single, fully registered Note registered in the <br />name of the Depository or its nominee, as registered owner, and immobilized in <br />the custody of the Depository; (ii) the beneficial owners in book entry form <br />shall have no right to receive Notes in the form of physical securities or <br />certificates; (iii) ownership of beneficial interests in book entry form shall <br />be shown by book entry on the system maintained and operated by the Depository <br />and its Participants, and transfers of the ownership of beneficial interests <br />shall be made only by book entry by the Depository and its Participants; and <br />(iv) the Notes as such shall not be transferable or exchangeable, except for <br />transfer to another Depository or to another nominee of a Depository, without <br />further action by the City. <br />If any Depository determines not to continue to act as a Depository <br />for the Notes for use in a book entry system, the Director of Finance may <br />attempt to establish a securities depository/book entry relationship with <br />another qualified Depository. If the Director of Finance does not or is <br />unable to do so, the Director of Fi.nance, after making provision for noti- <br />fication of the beneficial owners by the then Depository and any other <br />arrangements deemed necessary, shall permit withdrawal of the Notes from the <br />Depository, and authenticate and deliver note certificates in registered form <br />to the assigns of the Depository or its nominee, all at the cost and expense <br />(including any costs of printing), if the event is not the result of City <br />action or inaction, of those persons requesting such issuance.