Laserfiche WebLink
? .?..F?....?,??. .......,. ......1 . ._... ..,Ta.?..._ ., , <br />??. <br /> <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 Bonds 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 Bonds and the principal of <br />and interest on the Bonds may be transferred only through a book entry, and <br />(ii) physical Bond certificates in fully registered form are issued by the <br />City only to a Depository or its nominee as registered owner, with the Bonds <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 Bonds and that principal and interest. <br />"Depository" means any securities depository that is a clearing <br />agency under federal law operating and maintaining, with its Participants or <br />otherwise, a book entry system to record ownership of beneficial interests in <br />Bonds or the principal and interest, and to effect transfers of Bonds, in book <br />entry form, and includes and means initially The 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 Bonds 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 Bonds <br />may be issued in the form of a single, fully registered Bond representing each <br />maturity and registered in the name of the Depository or its nominee, as <br />registered owner, and immobilized in the custody of the Depository; (ii) the <br />beneficial owners in book entry form shall have no right to receive Bonds in <br />the form of physical securities or certificates; (iii) ownership of beneficial <br />interests in book entry form shall be shown by book entry on tkie system <br />maintained and operated by the Depository and its Participants, and transfers <br />of the ownership of beneficial interests shall be made only by book entry by <br />the Depository and its Participants; (iv) the Bonds as such shall not be <br />transferable or exchangeable, except for transfer to another Depository or to <br />another nominee of a Depository, without further action by the City; and (v) <br />the Director of Finance shall act as Bond Registrar in accordance with Section <br />4. <br />If any Depository determines not to continue to act as a Depository <br />for the Bonds 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 Finance, after making provision for <br />notification of the beneficial owners by the then Depository and any other <br />arrangements deemed necessary, shall permit withdrawal of the Bonds from the <br />Depository, and authenticate and deliver bond 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. <br />- 8 - <br />. e..s.:. , _... ...... ,?,.....EF .......... . ....... , ....,. ?. ...... . ... .. .... .... ....:,. .,.... . .,?. t. i..... .. ..... .,.... . ......,....,...?-w..?.?.wem..>:.