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• paid. No person other than DTC shall receive an authenticated Bond for each separate stated <br /> maturity evidencing the obligation of the City to make payments of principal and interest. Upon <br /> delivery by DTC to the Registrar of written notice to the effect that DTC has determined to <br /> substitute a new nominee in place of Cede& Co., the Bonds will be transferable to such new <br /> nominee in accordance with paragraph(d) hereof. <br /> (c) In the event the City determines that it is in the best interest of the Beneficial Owners <br /> that they be able to obtain Bonds in the form of bond certificates, the City may notify DTC and <br /> the Registrar, whereupon DTC shall notify the Participants of the availability through DTC of <br /> Bonds in the form of certificates. In such event, the Bonds will be transferable in accordance <br /> with paragraph(d) hereof. DTC may determine to discontinue providing its services with <br /> respect to the Bonds at any time by giving notice to the City and the Registrar and discharging its <br /> responsibilities with respect thereto under applicable law. In such event the Bonds will be <br /> transferable in accordance with paragraph (d)hereof. <br /> (d) In the event that any transfer or exchange of Bonds is permitted under paragraph (b) <br /> or(c) hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar of <br /> the Bonds to be transferred or exchanged and appropriate instruments of transfer to the permitted <br /> transferee in accordance with the provisions of this resolution. In the event Bonds in the form of <br /> certificates are issued to owners other than Cede & Co., its successor as nominee for DTC as <br /> owner of all the Bonds, or another securities depository as owner of all the Bonds, the provisions <br /> of this resolution shall also apply to all matters relating thereto, including, without limitation, the <br /> • printing of such Bonds in the form of bond certificates and the method of payment of principal of <br /> and interest on such Bonds in the form of bond certificates. <br /> Section 4. Security Provisions. <br /> 4.01. 2007A Improvement Construction Fund. There is hereby created a special <br /> bookkeeping fund to be designated as the "2007A Improvement Construction Fund" (the <br /> "Construction Fund"), to be held and administered by the Finance Director separate and apart <br /> from all other funds of the City. The City appropriates to the Construction Fund(a) <br /> $ of the proceeds of the sale of the Bonds, and (b) all collections of special <br /> assessments levied for the Improvements until completion and payment of all costs of the <br /> Improvements. The Construction Fund shall be used solely to defray expenses of the <br /> Improvements, including but not limited to the transfer to the Bond Fund, created in Section 4.02 <br /> hereof, of amounts sufficient for the payment of interest and principal, if any, due upon the <br /> Bonds prior to the completion and payment of all costs of the Improvements and the payment of <br /> the expenses incurred by the City in connection with the issuance of the Bonds. Upon <br /> completion and payment of all costs of the Improvements, any balance of the proceeds of Bonds <br /> remaining in the Construction Fund may be used to pay the cost, in whole or in part, of any other <br /> improvements instituted pursuant to the Act, as directed by the City Council, but any balance of <br /> such proceeds not so used shall be credited and paid to the Bond Fund. <br /> 4.02. 2007A Improvement Bond Fund. So long as any of the Bonds are outstanding and <br /> • any principal of or interest thereon unpaid, the Finance Director shall maintain a separate and <br /> special bookkeeping fund designated "2007A Improvement Bond Fund" (the"Bond Fund")to be <br /> -12- <br />