Laserfiche WebLink
"Cede & Co." shall mean Cede & Co., the nominee of DTC, and any <br />• successor nominee of DTC with respect to the Bonds. <br />New York. <br />"DTC" shall mean The Depository Trust Company of New York, <br />"Participant" shall mean any broker-dealer, bank or other financial <br />institution for which DTC holds Bonds as securities depository. <br />"Representation Letter" shall mean the Representation Letter from the <br />City and the Registrar to DTC with respect to the Bonds, substantially in the form <br />attached to this resolution as Exhibit A. <br />(b) The Bonds shall be initially issued as sepazately authenticated fully <br />registered bonds, and one Bond shall be issued in the principal amount of each <br />stated maturity of the Bonds. Upon initial issuance, the ownership of such Bonds <br />shall be registered in the bond register in the name of Cede & Co., as nominee of <br />DTC. The Registrar and the City may treat DTC (or its nominee) as the sole and <br />exclusive owner of the Bonds registered in its name for the purposes of payment of <br />the principal of or interest on the Bonds, selecting the Bonds or portions thereof to <br />be redeemed, if any, giving any notice permitted or required to be given to registered <br />owners of Bonds under this resolution, registering the transfer of Bonds, and for all <br />other purposes whatsoever; and neither the Registraz nor the City shall be affected <br />• by any notice to the contrary. Neither the Registrar nor the City shall have any <br />responsibility or obligation to any Participant, any person claiming a beneficial <br />ownership interest in the Bonds under or through DTC or any Participant, or any <br />other person which is not shown on the bond register as being a registered owner of <br />any Bonds, with respect to the accuracy of any records maintained by DTC or any <br />Participant, with respect to the payment by DTC or any Participant of any amount <br />with respect to the principal of or interest on the Bonds, with respect to any notice <br />which is permitted or required to be given to owners of Bonds under this <br />resolution, with respect to the selection by DTC or any Pazticipant of any person to <br />receive payment in the event of a paztial redemption of the Bonds, or with respect <br />to any consent given or other action taken by DTC as registered owner of the Bonds. <br />So long as any Bond is registered in the name of Cede & Co., as nominee of DTC, the <br />Registrar shall pay all principal of and interest on such Bond, and shall give all <br />notices with respect to such Bond, only to Cede & Co. in accordance with the <br />Representation Letter, and all such payments shall be valid and effective to fully <br />satisfy and dischazge the City's obligations with respect to the principal of and <br />interest on the Bonds to the extent of the sum or sums so paid. No person other <br />than DTC shall receive an authenticated Bond for each sepazate stated maturity <br />evidencing the obligation of the City to make payments of principal and interest. <br />Upon delivery by DTC to the Registrar of written notice to the effect that DTC has <br />• -12- <br />