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• office of the Registrar. Official notice of redemption having been given as aforesaid, <br /> the Bonds or portions thereof so to be redeemed shall, on the redemption date, <br /> become due and payable at the redemption price therein specified and from and <br /> after such date (unless the City shall default in the payment of the redemption price) <br /> such Bonds or portions thereof shall cease to bear interest. <br /> Bonds in a denomination larger than $5,000 may be redeemed in part <br /> in any integral multiple of $5,000. The owner of any Bond redeemed in part shall <br /> receive without charge, upon surrender of such Bond to the Registrar, one or more <br /> new Bonds in authorized denominations equal in principal amount to be <br /> unredeemed portion of the Bond so surrendered. <br /> 3.06. Preparation and Delivery. The Bonds shall be prepared under the <br /> direction of the City Manager and shall be executed on behalf of the City by the <br /> signatures of the Mayor and the City Manager; provided that said signatures may be <br /> printed, engraved, or lithographed facsimiles thereof. In case any officer whose <br /> signature, or a facsimile of whose signature, shall appear on the Bonds shall cease to <br /> 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 <br /> remained in office until delivery. Notwithstanding such execution, no Bond shall <br /> be valid or obligatory for any purpose or entitled to any security or benefit under this <br /> Resolution unless and until a certificate of authentication on such Bond has been <br /> • duly executed by the manual signature of an authorized representative of the <br /> Registrar. Certificates of authentication on different Bonds need not be signed by the <br /> same representative. The executed certificate of authentication on each Bond shall <br /> be conclusive evidence that it has been authenticated and delivered under this <br /> Resolution. When the Bonds have been so executed and authenticated, they shall <br /> be delivered by the City Manager to the Purchaser upon payment of the purchase <br /> price in accordance with the contract of sale heretofore made and executed, and the <br /> Purchaser shall not be obligated to see to the application of the purchase price. <br /> 3.07. Securities Depository. (a) For purposes of this Section the <br /> following terms shall have the following meanings: <br /> "Beneficial Owner" shall mean, whenever used with respect to a Bond, <br /> the person in whose name such Bond is recorded as the beneficial owner of such <br /> Bond by a Participant on the records of such Participant, or such person's subrogee. <br /> "Cede & Co." shall mean Cede & Co., the nominee of DTC, and any <br /> successor nominee of DTC with respect to the Bonds. <br /> "DTC" shall mean The Depository Trust Company of New York, <br /> New York. <br /> • -12- <br />