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beneficial owners of the Bonds by DTC participants will be the <br />responsibility of such participants and other nominees of such <br />beneficial owners. Transfers of ownership interests in the <br />Bonds will be accomplished by book entries made by DTC and, in <br />turn, by the DTC participants who act on behalf of the indirect <br />participants of DTC and the beneficial owners of the Bonds. <br /> <br /> (iii) The City will not be responsible or liable <br />for sending transaction statements or for maintaining, <br />supervising or reviewing records maintained by DTC, its <br />participants or persons acting through such participants or for <br />transmitting payments to, communicating with, notifying, or <br />otherwise dealing with any beneficial owner of the Bonds. So <br />long as the Bonds are in book-entry only form, the Deputy City <br />Manager for Finance will serve as Registrar and Paying Agent <br />for the Bonds. The City reserves the right to designate a <br />successor Registrar and Paying Agent for the Bonds if the Bonds <br />at any time cease to be in book-entry only form. <br /> <br /> (iv) So long as the Bonds are in book-entry-only <br />form, any notice of redemption will be given only to DTC or its <br />nominee. The City shall not be responsible for providing any <br />beneficial owner of the Bonds any notice of redemption. <br /> <br /> SECTION 3. Pledge of Full Faith and Credit. (a) <br />The full faith and credit of the City shall be and hereby is <br />irrevocably pledged to the payment of the princ!pal of and <br />premium, if any, and interest on the Series 1997A Bonds and the <br />Series 1997C Bonds as the same become due. In each year while <br />any Series 1997A Bonds or Series 1997C Bonds, as the case may <br />be, are outstanding and unpaid, there shall be assessed, levied <br />and collected, a tax upon all taxable property within the City, <br />over and above all other taxes, authorized or limited by law, <br />and without limitation as to rate or amount, sufficient to pay <br />when due the principal of and premium, if any, and interest on <br />such Series 1997A Bonds or Series 1997C Bonds, as the case may <br />be, to the extent other funds of the City are not lawfully <br />available and appropriated for such purpose. <br /> <br /> (b) The full faith and credit of the City shall be <br />and hereby is irrevocably pledged to the payment of the <br />principal of and premium, if any, and interest on the Series <br />1S97B Bonds, as the same become due. In each year while any <br />such Series 1997B Bonds are outstanding and unpaid, there shall <br />be assessed, levied and collected, a tax upon all taxable <br />property within the City, over and above all other taxes, <br />authorized or limited by law, and without limitation as to rate <br />or amount, sufficient to pay when due the principal of and <br /> <br /> <br />