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<br />as ,~ppropriate. PrincipaL premium, if any, and interest payments on the Bonds and the Notes <br /> <br />shall be made to OTC or its nominee as registered owner of the Bonds or the Notes, as <br /> <br />appropriate. on the applicable payment date. <br /> <br />Transfer ot' ownership interest in the Bonds or the Notes shall be made by OTC and its <br /> <br />participants (the "Participants"), acting as nominees of the beneficial owners of the Bonds and <br /> <br />the Noles in accordance with rules specified by OTC and its Participants. The City shall notify <br /> <br />OTe of any notice required to be given pursuant to this Ordinance or the Bonds or the Notes not <br /> <br />less than fifteen (15) calendar days prior to the date upon which such notice is required to be <br /> <br />L(lven Thc City shall also comply with the agreements set forth in the City's Letter of <br /> <br />Representations to OTe. <br /> <br />Replacement Bonds or Notes (the "Replacement Bonds") shall be issued directly to <br /> <br />bmdicial owners of the Bonds or Notes rather than to OTC or its nominee but only in the event <br /> <br />that: <br /> <br />(i) OTC determines not to continue to act as securities depository for <br /> <br />the Bonds or 1\otes; or <br /> <br />(ii) The City has determined not to continue to use OTC as the <br /> <br />securities depository for the Bonds or Notes; or <br /> <br />(iii) The City has determined not to continue the book-entry system of <br /> <br />transt~r. <br /> <br />Upon occurrence of the event described in (i) or (ii) above. the City shall attempt to <br /> <br />locate anotl1L'r qualitied securities depository. If the City fails to locate another qualitied <br /> <br />securities depository to replace OTC or upon the occurrence of the event described in (iii) above. <br /> <br />-7- <br />