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Replacement Bonds (the "Replacement Bonds'') shall be issued directly to beneficial <br /> <br />owners of the Bonds rather than to DTC or its nominee but only in the event that: <br /> <br /> (i) DTC determines not to continue to act as securities depository for the <br /> <br />Bonds; or <br /> <br /> (ii) The City has determined not to continue to use DTC as the securities <br /> <br />depository for the Bonds; or <br /> <br /> (iii) The City has determined not to continue the book-entry system of transfer. <br /> <br />Upon occurrence of the event described in (i) or (ii) above, the City shall attempt to <br /> <br />locate another qualified securities depository. If the City fails to locate another qualified <br /> <br />securities depository to replace DTC or upon the occurrence of the event described in (iii) above, <br /> <br />the City shall execute and deliver Replacement Bonds substantially in the form set forth in <br /> <br />Exhibit A attached hereto. Principal of, premium, if any, and interest on the Replacement Bonds <br /> <br />shall be payable as provided in this Resolution and in the Bonds and such Replacemem Bonds <br /> <br />will be transferable in accordance with the provisions of Sections 9 and 1t3 of this Resolution and <br /> <br />the Bonds. <br /> <br /> 6. Appointment of Bond Registrar and Paying Agent. The Chief Financial Officer is <br /> <br />authorized and directed to appoint a Bond Registrar and Paying Agent for the Bonds and as long <br /> <br />as the Bonds are in book-entry form such Bond Registrar and Paying Agent may be the Chief <br /> <br />Financial Officer. <br /> <br /> The City Council may appoint a subsequent registrar and/or one or more paying agents <br /> <br />for the Bonds by subsequent resolution and upon giving written notice to the owners of the <br /> <br />Bonds specifying the name and location of the principal office of any such registrar or paying <br /> <br />agent. <br /> <br /> <br />