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• Bonds in a denomination larger than $5,000 may be redeemed in part in any integral <br /> multiple of$5,000. The owner of any Bond redeemed in part shall receive without charge, upon <br /> surrender of such Bond to the Registrar, one or more new Bonds in authorized denominations equal in <br /> principal amount to be unredeemed portion of the Bond so surrendered. <br /> 3.06. Preparation and Delivery. The Bonds shall be prepared under the direction of <br /> the City Manager and shall be executed on behalf of the City by the signatures of the Mayor and the <br /> City Manager; provided that said signatures may be printed, engraved, or lithographed facsimiles <br /> thereof. In case any officer whose signature, or a facsimile of whose signature, shall appear on the <br /> Bonds shall cease to be such officer before the delivery of any Bond, such signature or facsimile shall <br /> nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office <br /> until delivery. Notwithstanding such execution, no Bond shall be valid or obligatory for any purpose or <br /> entitled to any security or benefit under this Resolution unless and until a certificate of authentication on <br /> such Bond has been duly executed by an authorized representative of the Registrar. Certificates of <br /> authentication on different Bonds need not be signed by the same representative. The executed <br /> certificate of authentication on each Bond shall be conclusive evidence that it has been authenticated <br /> and delivered under this Resolution. When the Bonds have been so executed and authenticated, they <br /> shall be delivered by the City Manager to the Purchaser upon payment of the purchase price in <br /> accordance with the contract of sale heretofore made and executed, and the Purchaser shall not be <br /> obligated to see to the application of the purchase price. <br /> • 3.07. Securities Depository. (a) For purposes of this Section the following terms shall <br /> have the following meanings: <br /> `Beneficial Owner" shall mean, whenever used with respect to a Bond, the person in <br /> whose name such Bond is recorded as the beneficial owner of such Bond by a Participant on the <br /> 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 which <br /> DTC holds Bonds as securities depository. <br /> "Representation Letter" shall mean the Representation Letter from the City to DTC <br /> previously executed by the City and on file with DTC. <br /> -12- <br />