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<br />and approved by the Director of Finance on behalf of the City. The same person need not sign
<br />the certificate of authentication on all of the Bonds.
<br />Section 5. Registration; Transfer and Exchange• Book Entry S sY tem.
<br />(a) Bond Re i?strar. So long as any of the Bonds remain outstanding, the City will
<br />cause the Bond Registrar to maintain and keep the Bond Register at its principal corporate trust
<br />office. Subject to the provisions of subsection (d) of Section 3 and subsection (c) of Section 6,
<br />the person m whose name a Bond is registered on the Bond Register shall be regarded as the
<br />absolute owner of that Bond for all purposes of the Bond proceedings. Payment of or on
<br />account of the debt charges on any Bond shall be made only to or upon the order of that person;
<br />neither the City nor the Bond Registrar shall be affected by any notice to the contrary, but the
<br />registration may be changed as provided in this Section. All such payments shall be valid and
<br />effectual to satisfy and discharge the City's liability upon the Bond, including interest, to the
<br />extent of the amount or amounts so paid.
<br />(b) Transfer and Exchange. Subject to any inhibitions of book entry form during
<br />any period in which the Bonds are in book entry form, any Bond may be (i) exchanged for
<br />Bonds of any Authorized Denomination upon presentation and sunender at the principal
<br />corporate trust office of the Bond Registrar, together with a request for exchange signed by the
<br />registered owner or by a person legally empowered to do so in a form satisfactory to the Bond
<br />Registrar, and (ii) transferred only on the Bond Register upon presentation and surrender of the
<br />Bond at the principal corporate trust office of the Bond Registrar together with an assignment
<br />signed by the registered owner or by a person legally empowered to do so in a form satisfactory
<br />to the Bond Registrar. Upon exchange or transfer the Bond Registrar shall complete,
<br />authenticate and deliver a new Bond or Bonds of any Authorized Denomination or
<br />Denominations requested by the owner equal in the aggregate to the unmatured principal amount
<br />of the Bond surrendered and bearing interest at the same rate and maturing on the same date.
<br />If manual signatures on behalf of the City are required, the Bond Registrar shall
<br />undertake the exchange or transfer of Bonds only after the new Bonds are signed by the
<br />authorized officers of the City. In all cases of Bonds exchanged or transferred, the City shall
<br />sign and the Bond Registrar shall authenticate and deliver Bonds in accordance with the
<br />provisions of the Bond proceedings. The exchange or transfer shall be without charge to the
<br />owner, except that the City and Bond Registrar may make a charge sufficient to reimburse them
<br />for any tax or other govemmental charge required to be paid with respect to the exchange or
<br />transfer. The City or the Bond Registrar may require that those charges, if any, be paid before
<br />the procedure is begun for the exchange or transfer. All Bonds issued and authenticated upon
<br />any exchange or transfer shall be valid obligations of the City, evidencing the same debt, and
<br />entitled to the same security and benefit under the Bond proceedings as the Bonds sunendered
<br />upon that exchange or transfer.
<br />(c) Book Enta System. Notwithstanding any other provisions of this ordinance,
<br />if the Mayor and the Director of Finance determine in the Certificate of Award that it is in the
<br />best interest of and financially advantageous to the City, the Bonds may be issued in book entry
<br />form in accordance with the following provisions of this Section.
<br />The Bonds may be issued to a Depository for use in a book entry system and, if and
<br />so long as a book entry system is utilized, (i) the Bonds may be issued in the form of a single,
<br />fully registered Bond representing each maturity and registered in the name of the Depository
<br />or its nominee, as registered owner, and immobilized in the custody of the Depository; (ii) the
<br />owners of book entry interests in Bonds shall not have any right to receive Bonds in the form
<br />of physical securities or certificates; (iii) ownership of book entry interests in Bonds shall be
<br />-7-
<br />D03:[00523.DOCS.NOR05228]BOND_ORDINANCE_NM TELECOM_EQUIP_$105.
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