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ection 7. Book-Entrv System: Limited Obligation of City. printed initial . the Re York, of the .01. The Bonds will be initially issued in the form of a separate single typewritten or lly registered Bond for each of the maturities set forth in Section 1.03 hereof. Upon uance, the ownership of each Bond will be registered in the registration books kept by strar in the name of Cede & Co., as nominee for The Depository Trust Company, New w York, and its successors and assigns ("DTC"). Except as provided in this section, all tstanding Bonds will be registered in the registration books kept by the Registrar in the Cede & Co., as nominee ofDTC. .02. With respect to Bonds registered in the registration books kept by the Registrar in the n of Cede & Co., as nominee of DTC, the City, the Registrar and the Paying Agent will have n responsibility or obligation to any broker dealers, banks and other financial institutions from ti e to time for which DTC holds Bonds as securities depository (the "Participants") or to any 0 r person on behalf of which a Participant holds an interest in the Bonds, including but not Ii . ed to any responsibility or obligation with respect to (i) the accuracy of the records of DTC, de & Co. or any Participant with respect to any ownership interest in the Bonds, (ii) the delive to any Participant or any other person (other than a registered owner of Bonds, as shown by the egistration books kept by the Registrar,) of any notice with respect to the Bonds, includ' g any notice of redemption, or (iii) the payment to any Participant or any other person, other a registered owner of Bonds, of any amount with respect to principal of, premium, if any, 0 interest on the Bonds. The City, the Registrar and the Paying Agent may treat and consid the person in whose name each Bond is registered in the registration books kept by the Regis as the holder and absolute owner of such Bond for the purpose of payment of principal, premi and interest with respect to such Bond, for the purpose of registering transfers with respec 0 such Bonds, and for all other purposes. The Paying Agent will pay all principal of, premi , if any, and interest on the Bonds only to or on the order of the respective registered owner as shown in the registration books kept by the Registrar, and all such payments will be valid d effectual to fully satisfy and discharge the City's obligations with respect to payment of pri ipal of, premium, if any, or interest on the Bonds to the extent of the sum or sums so paid. 0 person other than a registered owner of Bonds, as shown in the registration books kept by the egistrar, will receive a certificated Bond evidencing the obligation of this resolution. Upon elivery by DTC to the City Manager of a written notice to the effect that DTC has dete . ed to substitute a new nominee in place of Cede & Co" the words "Cede & Co.," will refer t such new nominee of DTC; and upon receipt of such a notice, the City Manager will prom y deliver a copy of the same to the Registrar and Paying Agent. Blank paym theB the B Repre compl .03. Representation Letter. The City has heretofore executed and delivered to DTC a Issuer Letter of Representations (the "Representation Letter") which shall govern t of principal of, premium, if any, and interest on the Bonds and notices with respect to ds. Any Paying Agent or Registrar subsequently appointed by the City with respect to ds will agree to take all action necessary for all representations of the City in the ntation letter with respect to the Registrar and Paying Agent, respectively, to be d with at all times. 14 I I