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"Participant" shall mean any broker -dealer, bank or other financial institution for which <br />DTC holds bonds as securities depository. <br />(b) The Bonds shall be initially issued as separately authenticated fully registered bonds, <br />and one Bond shall be issued in the principal amount of each stated maturity of the Bonds. Upon <br />initial issuance, the ownefship of such Bonds shall be registered in the Bond Register in the <br />name of Cede & Co., as nominee of DTC. The Registrar and the City may treat DTC (or its <br />nominee) as the sole and exclusive owner of the Bonds registered in its name for the purposes of <br />• <br />f the rinci a i ii __ <br />Mrs• <br />(d) The execution and delivery of the Representation Letter to ITC, if not previously <br />filed with DTC, by the Mayor or City Administrator is hereby authorized and directed. <br />I <br />