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? <br />If manual signatures on behalf of the City are required, the Bond <br />Registrar shall undertake the exchange or transfer of Bonds only after the new <br />Bonds are signed by the authorized officers of the City. In all cases of <br />Bonds exchanged or transferred, the City shall sign and the Bond Registrar <br />shall authenticate and deliver Bonds in accordance with the provisions of this <br />ordinance. The exchange or transfer shall be without charge to the owner, <br />except that the City and Bond Registrar may make a charge sufficient to reim- <br />burse them for any tax or other governmental charge required to be paid with <br />respect to the exchange or transfer. The City or the Bond Registrar may re- <br />quire that those charges, if any, be paid before the procedure is begun for <br />the exchange or transfer. All Bonds issued and authenticated upon any ex- <br />change or transfer shall be valid obligations of the City, evidencing the same <br />debt, and entitled to the same security and benefit under this ordinance, as <br />the Bonds surrendered upon that exchange or transfer. <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 the 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 />- 8 - <br />_. ? . ?.._ _.... , , .