Resolution No. 4624 - Laserfiche WebLink

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(C) If the City discontinues maintaining the Bonds in book-entry only form, the City shall cause the Registrar to authenticate and deliver replacement Bonds in fully registered form in authorized denominations in the names of the beneficial Owners or their nominees; thereafter the provisions set forth in 12.3 below, regarding registration, transfer and exchange of Bonds shall apply. (D) While the Bonds are in BEO form, the City and the Registrar shall have no responsibility or obligation to any participant or correspondent ofDTC or to any beneficial Owner on behalf of which such participants or correspondents act as agent for the beneficial Owner with respect to: (1) the accuracy of the records ofDTC, the nominee or any participant or correspondent with respect to any beneficial Owner's interest in the Bonds; (2) the delivery to any participant or correspondent or any other person of any notice with respect to the Bonds, including any notice of prepayment; (3) the selection by DTC of the beneficial interest in Bonds to be redeemed prior to maturity; or (4) the payment to any participant, correspondent, or any other person other than the registered Owner of the Bonds as shown in the registration books maintained by the Registrar, of any amount with respect to principal or interest on the Bonds. (E) The City shall payor cause to be paid all principal and interest on the Bonds only to or upon the order of the Owner, as shown in the registration books maintained by the Registrar, or their respective attorneys duly authorized in writing, and all such payments shall be valid and effective to fully satisfy and discharge the City's obligation with respect to payment thereof to the extent of the sum or sums so paid. (F) Upon delivery by DTC to the City and to the Owner of written notice to the effect that DTC has determined to substitute a new nominee in place of the nominee, then the word "nominee" in this order shall refer to such new nominee of DTC, and upon receipt of such notice, the City shall promptly deliver a copy thereof to the Registrar. DTC shall tender the Bonds it holds to the Registrar for reregistration. (G) The provisions of this Section 12.1 may be modified without the consent of the beneficial Owners in order to conform this Section to the standard practices ofDTC for Bonds issued in book-entry only form. 12.2 Redemption of Bonds. (A) The Bonds shall be subject to redemption on the terms established by the City Official. The City reserves the right to purchase Bonds in the open market. (B) If any Bonds are subject to mandatory redemption, the City may credit against the mandatory redemption requirement any Bonds of the same maturity which the City has Page 21 - Resolution March 23, 2000