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<br />""'<\,"'1lI~',-~ <br /> <br />(i) DTC determines not to continue to act as securities depository for <br />the Refunding Bonds; or <br /> <br />(ii) The City has determined not to continue to use DTC as the <br />securities depository for the Refunding 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 /> <br /> <br />locate another qualified securities depository. If the City fails to locate another qualified <br /> <br /> <br />securities depository to replace DTC or upon the occurrence of the event described in (iii) above, <br /> <br /> <br />the City shall execute and deliver Replacement Bonds substantially in the form presented at this <br /> <br /> <br />meeting. Principal of and interest on the Replacement Bonds shall be payable as provided in this <br /> <br />Ordinance and in the Refunding Bonds and such Replacement Bonds will be transferable in <br /> <br />accordance with the provisions of paragraphs 10 and 11 of this Ordinance and the Refunding <br /> <br />Bonds. <br /> <br />7. Appointment of Registrar and. Paving Agent. The City Representative is <br /> <br /> <br />authorized and directed to appoint a Registrar and Paying Agent for the Refunding Bonds, which <br /> <br /> <br />may be a bank or other financial institution capable of performing such duties, and as long as the <br /> <br /> <br />Refunding Bonds are in book entry form, such Registrar and Paying Agent may be the Chief <br />Financial Officer. <br /> <br /> <br />The City Council may appoint a subsequent Registrar and/or one or more Paying Agents <br /> <br /> <br />for the Refunding Bonds by subsequent resolution and upon giving written notice to the owners <br /> <br />-5- <br />