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-5- accomplished by book entries made by DTC and, in turn, by the DTC participants 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 participants or persons acting through such participants or for transmitting payments to, commnnicating with, notifying, or otherwise dealing with any beneficial owner of the Bonds. So long as the Bonds are in book-entry only form, the Director of Finance of the City w/Il serve as Registrar and Paying Agent for the Bonds. The City reserves the right 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, r_ 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 while the Bonds. or any of them, are 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 the City, ad valorem taxes, without limitation of rate or amount, sufficient ro provide for the payment of the principal of and interest on the Bonds as the same become due. 4. The City covenants and agrees to comply with the provisions of Sections 103 and 141-150 of the Internal Revenue Code of 1986 and the Treasury Regulations promulgated thereunder throughout the term of the Bonds. 5. The Bonds shall be sold in conjunction with the sale of the Public Utility Refunding Bonds, Ser/es 1992, and the Port Improvement Refunding Bonds, Series 1992, of the City, authorized for sale by the Council at the meeting at which this resolution is being adopted. 6. The Bonds shall be executed, for and on behalf of the City, by the facsimile signatures of the Mayor and the Director of Finance of the City, and a facsimile of the corporate seal of the City shall be imprinted on the Bonds and attested by the facsimile signature of the City Clerk of the City. The Director of Finance of the City, as the Registrar for the Bonds, shall authenticate such Bonds and no such Bond shall be valid or obligatory, for any purpose unless and until the certificate of authentication endorsed on each Bond shall have been manually executed by or on behalf of the Registrar. Upon the authentication of any Bonds the Registrar shall insert in the certificate of authentication the date as of which such. Bonds are authenticated as follows: (i) if the Bond is authenticated prior to the first interest