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such payments shall be valid and effective to fully satisfy and discharge the City's obligations <br /> with respect to the principal of and interest on the Bonds to the extent of the sum or sums so <br /> 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 <br /> Owners that they be able to obtain Bonds in the form of bond certificates, the City may notify <br /> DTC and the Registrar, whereupon DTC shall notify the Participants of the availability through <br /> DTC of Bonds in the form of certificates. In such event,the Bonds will be transferable in <br /> accordance with paragraph(d)hereof. DTC may determine to discontinue providing its services <br /> with respect to the Bonds at any time by giving notice to the City and the Registrar and <br /> discharging its responsibilities with respect thereto under applicable law. In such event the <br /> Bonds will be transferable in accordance with paragraph(d) hereof. <br /> (d) In the event that any transfer or exchange of Bonds is permitted under <br /> paragraph(b) or(c) hereof, such transfer or exchange shall be accomplished upon receipt by the <br /> Registrar of the Bonds to be transferred or exchanged and appropriate instruments of transfer to <br /> the permitted transferee in accordance with the provisions of this resolution. In the event Bonds <br /> in the form of certificates are issued to owners other than Cede & Co., its successor as nominee <br /> for DTC as owner of all the Bonds, or another securities depository as owner of all the Bonds, <br /> • the provisions of this resolution shall also apply to all matters relating thereto, including, without <br /> limitation, the printing of such Bonds in the form of bond certificates and the method of payment <br /> of principal of and interest on such Bonds in the form of bond certificates. <br /> Section 4. Redemption of Prior Bonds. Proceeds of the Bonds are irrevocably <br /> appropriated to pay and redeem the Prior Bonds on February 1, 2010. <br /> Section 5. Security Provisions. <br /> 5.01. 2009B Improvement Bond Fund. So long as any of the Improvement Bonds are <br /> outstanding and any principal of or interest thereon unpaid, the Finance Director shall maintain a <br /> separate and special bookkeeping fund designated "2009B Improvement Bond Fund" (the <br /> "Improvement Bond Fund")to be used for no purpose other than the payment of the principal of <br /> and interest on the Improvement Bonds and on such other improvement bonds of the City as <br /> have been or may be directed to be paid therefrom. If the balance in the Improvement Bond <br /> Fund is at any time insufficient to pay all interest and principal then due on all bonds payable <br /> therefrom, the payment shall be made from any fund of the City which is available for that <br /> purpose, subject to reimbursement from the Improvement Bond Fund when the balance therein is <br /> sufficient, and the Council covenants and agrees that it will each year levy a sufficient amount to <br /> take care of any accumulated or anticipated deficiency, which levy is not subject to any <br /> constitutional or statutory tax limitation. <br /> 5.02. 2009B Tax Abatement Bond Fund. So long as any of the Tax Abatement Bonds <br /> are outstanding and any principal of or interest thereon unpaid, the Finance Director shall <br /> -11- <br />