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Certificates of authentication on different Bonds need not be signed by the same representative. <br />The executed certificate of authentication on each Bond shall be conclusive evidence that it has <br />been authenticated and delivered under this Resolution. When the Bonds have been prepared, <br />executed and authenticated, the City Administrator shall deliver them to the Purchaser upon <br />payment of the purchase price in accordance with the contract of sale heretofore executed, and <br />the Purchaser shall not be obligated to see to the application of the purchase price. <br />2.08, Securities Depository. (a) For purposes of this section the following terms <br />shall have the following meanings: <br />"Beneficial Owner" shall mean, whenever used with respect to a Bond, the person <br />in whose name such Bond is recorded as the beneficial owner of such Bond by a Participant on <br />the records of such Participant, or such person's subrogee. <br />"Cede & Co." shall mean Cede & Co., the nominee of DTC, and any successor <br />nominee of DTC with respect to the Bonds. <br />"DTC" shall mean The Depository Trust Company of New York, New York. <br />"Participant" shall mean any broker-dealer, bank or other financial institution for <br />which DTC holds Bonds as securities depository, <br />"Representation Letter" shall mean the Representation Letter pursuant to which <br />the sender agrees to comply with DTC's Operational Arrangements. <br />(b) The Bonds shall be initially issued as separately authenticated fully registered <br />bonds, and one Bond shall be issued in the principal amount of each stated maturity of the <br />Bonds. Upon initial issuance, the ownership of such Bonds shall be registered in the bond <br />register in the name of Cede & Co., as nominee of DTC. The Registrar and the Issuer may treat <br />DTC (or its nominee) as the sole and exclusive owner of the Bonds registered in its name for the <br />purposes of payment of the principal of or interest on the Bonds, selecting the Bonds or portions <br />thereof to 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 other <br />purposes whatsoever, and neither the Registrar nor the Issuer shall be affected by any notice to <br />the contrary. Neither the Registrar nor the Issuer shall have any responsibility or obligation to <br />any Participant, any person claiming a beneficial ownership interest in the Bonds under or <br />through DTC or any Participant, or any other person which is not shown on the bond register as <br />being a registered owner of any Bonds, with respect to the accuracy of any records maintained <br />by DTC or any Participant, with respect to the payment by DTC or any Participant of any <br />amount with respect to the principal of or interest on the Bonds, with respect to any notice which <br />is permitted or required to be given to owners of Bonds under this resolution, with respect to the <br />selection by DTC or any Participant of any person to receive payment in the event of a partial <br />redemption of the Bonds, or with respect to any consent given or other action taken by DTC as <br />registered owner of the Bonds. So long as any Bond is registered in the name of Cede & Co., as <br />nominee of DTC, the Registrar shall pay all principal of and interest on such Bond, and shall <br />give all notices with respect to such Bond, only to Cede & Co. in accordance with DTC's <br />Operational Arrangements, and all such payments shall be valid and effective to fully satisfy and <br />M <br />