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.?? ,.? _. . . ? .?,..? a.?.... ...?.bMa. . <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 (ii) <br />physical Bond certificates in fully registered form are issued by the City only <br />to a Depository or its nominee as registered owner, with the Bonds "immobilized" <br />in the custody of the Depository. The book entry maintained by others than the <br />City is the record that identifies the owners of beneficial interests in those <br />Bonds and that principal and interest. <br />"Depository" means any securities depository <br />under federal law operating and maintaining, with its <br />a book entry system to record ownership of beneficia <br />principal and interest, and to effect transfers of <br />and inciudes and means initially The Depository Trust <br />trust company), New York, New York. <br />that is a clearing agency <br />Participants or otherwise, <br />1 interests in Bonds or the <br />Bonds, in book entry form, <br />Company (a limited purpose <br />"Participant" means any participant contracting with a Depository under <br />a book entry system and includes security brokers and dealers, banks and trust <br />companies, and clearing corporations. <br />The Bonds may be issued to a Depository for use in a book entry system <br />and, if and as long as a book entry system is utilized, (i) the Bonds may be <br />issued in the form of a single, fully registered Bond representing each maturity <br />and registered in the name of the Depository or its nominee, as registered <br />owner, and immobilized in the custody of the Depository; (ii) the beneficial <br />owners in book entry form shall have no right to receive Bonds in the form of <br />physical securities or certificates; (iii) ownership of beneficial interests in <br />book entry form shall be shown by book entry on the system maintained and <br />operated by the Depository and its Participants, and transfers of the ownership <br />of beneficial interests shall be made only by book entry by the Depository and <br />its Participants; (iv) the Bonds as such shall not be transferable or exchange- <br />able, except for transfer to another Depository or to another nominee of a <br />Depository, without further action by the City; and (v) the Director of Finance <br />shall act as Bond Registrar in accordance with Section 4. <br />If any Depository determines not to continue to act as a Depository for <br />the Bonds for use in a book entry system, the Director of Finance may attempt to <br />establish a securities depository/book entry relationship with another qualified <br />Depository. If the Director of Finance does not or is unable to do so, the <br />Director of Finance, after making provision for notification of the beneficial <br />owners by the then Depository and any other arrangements deemed necessary, shall <br />permit withdrawal of the Bonds from the Depository, and authenticate and deliver <br />bond certificates in registered form to the assigns of the Depository or its <br />nominee, all at the cost and expense (including any costs of printing), if the <br />event is not the result of City action or inaction, of those persons requesting <br />such issuance. <br />- 5 - <br />