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-6- Ali transfers or exchanges of Bonds shall be made without expense to the registered owners of such Bonds, except as otherwise herein provided, and except that the Registrar shall require the payment by the registered owner of a Bond requesting such transfer or exchange of any tax or other governmental charges required to be pa/d with respect to such transfer or exchange. All Bonds surrendered for transfer or exchange shall be cancelled. The Bonds shall be issued only in fully registered form without coupons. One Bond representing each maturity of each issue of the Bonds will be issued to and registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ("DTC"), as registered owner of the Bonds and each such Bond shall be immobilized in the custody of DTC. DTC will act as securities depository for the Bonds. Individual purchases will be made in book-entry form only, in the principal amount of $5,000 or any integral multiple thereof. Purchasers will not receive physical delivery of cextificates representing their interest in the Bonds purchased. Principal, premium, if any, and interest payments on the Bonds will be made by the Director of Finance of the City, as Registrar and Paying Agent for the Bonds, to DTC or its nominee, Cede & Co., as registered owner of the Bonds, which will in mtn remit such payments to the DTC participants for subsequent disbursai to the beneficial owners of the Bonds. Transfers of principal, premium, if any, and interest payments to DTC participants wffi be the responsibility of DTC. Transfers of such payments to beneficial owners of the Bonds by DTC participants will be the respons~ility of such participants and other nominees of such beneficial owners. Transfers' of ownership interests in the Bonds will be accomplished by book entries made by DTC and, in mm, by the DTC paxticipants who act on behalf of the indirect participants of DTC and the beneficial owners of the Bonds. The City will not be responsible or liable for sending transaction statements or for maintaining, supervising or reviewing records maintained by DTC, its paxticipants or persons acting through such paxticipants or for transmitting payments to, communicating with, notifying, or otherwise dealing with any beneficial owner of the Bonds. So long as the Bonds axe in book- entry only form, the Director of Finance of the City wffi serve as Registrar and Paying Agent for the Bonds. The City reserves the fight to designate a successor Registrar and Paying Agent for the Bonds if the Bonds at any time cease to be in book-entry only form. So long as the Bonds are in book-entry only form, any notice of redemption will be given only to DTC or its nominee. The City shall not be responsible for providing any beneficial owner of the Bonds any notice of redemption. 3. The full faith and credit of the City shall be and hereby is irrevocably pledged to the payment of the principal of and interest on the Bonds as the same become due. In each year wttile the Bonds, or any of them, axe outstanding and unpaid, there shall be assessed, levied and collected, at the same time and in the same manner as other taxes in the City are assessed, levied and collected, upon all property within the City subject to taxation by