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<br />3.3.2. the City determines that DTC shall no longer so act; then the City <br />will discontinue maintaining the Bonds in the book-entry only form with DTC. <br /> <br />3.4. Notwithstanding the provisions regarding exchange and transfer of Bonds set <br />forth in this resolution, while the Bonds are in book-entry only form they may not be transferred <br />or exchanged on the registration books maintained by the Paying Agent except: <br /> <br />below; <br /> <br />3.4. 1. to any successor depository designated by the City as provided <br /> <br />3.4.2. to any successor nominee designated by a depository; or <br /> <br />3.4.3. if the City elects to discontinue maintaining the Bonds in book-entry <br />only form, the City shall cause the Paying Agent to authenticate and deliver replacement <br />physical Bonds in fully registered form in authorized denominations in the names of the <br />beneficial owners or their nominees; thereafter the provisions set forth in Section 5, below, <br />regarding registration, transfer and exchange of Bonds shall apply. <br /> <br />3.5. Upon the resignation of any institution acting as depository hereunder, or if <br />the City determines that continuation of any institution in the role of depository is not in the best <br />interests of the beneficial owners, the City shall attempt to identify another institution qualified to <br />act as depository hereunder or shall discontinue maintaining the Bonds in book-entry only form by <br />resolution or ordinance. If the City is unable to identify such successor depository prior to the <br />effective date of the resignation, the City shall discontinue maintaining the Bonds in book-entry <br />only form as provided above. <br /> <br />3.6. With respect to Bonds registered in the registration books maintained by the <br />Paying Agent in the name of the nominee ofDTC, the City and the Paying Agent shall have no <br />responsibility or obligation to any participant or correspondent of DTC or to any beneficial owner <br />on behalf of which such participants or correspondents act as agent for the beneficial owner with <br />respect to: <br /> <br />3.6. 1. the accuracy of the records of DTC, the nominee or any participant <br />or correspondent with respect to any beneficial owner's interest in the Bonds; <br /> <br />3.6.2. the delivery to any participant or correspondent or any other person <br />of any notice with respect to the Bonds, including any notice of prepayment; <br /> <br />3.6.3. the selection by DTC of the beneficial interest in Bonds to be <br />redeemed prior to maturity; or <br /> <br />3.6.4. the payment to any participant, correspondent, or any other person <br />other than the registered owner of the Bonds as shown in the registration books <br /> <br />Page 3 - Resolution <br /> <br />J :\HWR \CITIES\EUGENE\G096\G096RES.DOC <br />