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determined to substitute a new nominee in place of Cede & Co., the Bonds will be • transferable to such new nominee in accordance with paragraph (e) hereof. (c) In the event the City determines that it is in the best interest of the Beneficial Owners that they be able to obtain Bonds in the form of bond certificates, the City may notify DTC and the Registrar, whereupon DTC shall notify the Participants of the availability through DTC of Bonds in the form of certificates. In such event, the Bonds will be transferable in accordance with paragraph (e) hereof. DTC may determine to discontinue providing its services with respect to the Bonds at any time by giving notice to the City and the Registrar and discharging its responsibilities with respect thereto under applicable law. In such event the Bonds will be transferable in accordance with paragraph (e) hereof. (d) The execution and delivery of the Representation Letter to DTC by the Mayor and City Clerk in the form attached hereto as Exhibit A with such changes, omissions, insertions and revisions as the Mayor and City Clerk shall deem advisable, is hereby authorized, and execution of the Representation Letter by the Mayor and City Clerk shall be conclusive evidence of such approval. The Representation Letter shall set forth certain matters with respect to, among other things, notices, consents and approvals by registered owners of the Bonds and Beneficial Owners and payments on the Bonds. The Registrar shall have the same rights with respect to its actions thereunder as it has with respect to its actions under this resolution. • (e) In the event that an transfer or exchan a of Bonds is ermi Y g p tted under paragraph (b) or (c) hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar of the Bonds to be transferred or exchanged and appropriate instruments of transfer to the permitted transferee in accordance with the provisions of this resolution. In the event Bonds in the form of certificates are issued to owners other than Cede & Co., its successor as nominee for DTC as owner of all the Bonds, or another securities depository as owner of all the Bonds, the provisions of this resolution shall also apply to all matters relating thereto, including, without limitation, the printing of such Bonds in the form of bond certificates and the method of payment of principal of and interest on such Bonds in the form of bond certificates. Section 4. Security Provisions. 4.01. 1993 Improvement Construction Fund. There is hereby created a special bookkeeping fund to be designated as the "1993 Improvement Construction Fund" (hereinafter referred to as the Construction Fund), to be held and administered by the City Clerk separate and apart from all other funds of the City. The City appropriates to the Construction Fund (a) the proceeds of the sale of the Bonds, and (b) all collections of special assessments levied for the Improvement • -13-