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<br />- <br /> <br />Replacement Bonds (the "Replacement Bonds") shall be issued directly to beneficial <br /> <br /> <br />owners of the Bonds rather than to DTC or its nominee but only in the event that: <br /> <br /> <br />(i) DTC determines not to continue to act as securities depository for <br /> <br />the Bonds; or <br /> <br />(ii) The City has determined not to continue to use DTC as the <br />securities depository for the Bonds; or <br /> <br />(iii) The City has determined not to continue the book-entry system of <br /> <br />transfer. <br /> <br />Upon occurrence of the event described in (i) or (ii) above, the City shall attempt to <br />locate another qualified securities depository. If the City fails to locate another qualified <br />securities depository to replace DTC or upon the occurrence of the event described in (iii) above, <br />the City shall execute and deliver Replacement Bonds substantially in the form set forth in <br />Exhibit A attached hereto. Principal of and interest on the Replacement Bonds shall be payable <br />as provided in this Ordinance and in the Bonds and such Replacement Bonds will be transferable <br />in accordance with the provisions of paragraphs 10 and 11 of this Ordinance and the Bonds. <br />7. Appointment of Registrar and Paying Agent. The City Representative IS <br />authorized and directed to appoint a Registrar and Paying Agent for the Bonds, which may be a <br />bank or other financial institution capable of performing such duties, and as long as the Bonds <br /> <br />are in book entry form, such Registrar and Paying Agent may be the Chief 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 />-5- <br />