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• 3.07. 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 from the City to <br /> DTC with respect to the procedures of DTC presently on file with DTC. <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 Bonds. <br /> Upon initial issuance, the ownership of such Bonds shall be registered in the bond register in the <br /> name of Cede&Co., as nominee of DTC. The Registrar and the City may treat DTC (or its <br /> • nominee) as the sole and exclusive owner of the Bonds registered in its name for the purposes of <br /> payment of the principal of or interest on the Bonds, selecting the Bonds or portions thereof to be <br /> redeemed, if any, giving any notice permitted or required to be given to registered owners of <br /> Bonds under this resolution, registering the transfer of Bonds, and for all other purposes <br /> whatsoever; and neither the Registrar nor the City shall be affected by any notice to the contrary. <br /> Neither the Registrar nor the City shall have any responsibility or obligation to any Participant, <br /> any person claiming a beneficial ownership interest in the Bonds under or through DTC or any <br /> Participant, or any other person which is not shown on the bond register as being a registered <br /> owner of any Bonds, with respect to the accuracy of any records maintained by DTC or any <br /> Participant,with respect to the payment by DTC or any Participant of any amount with respect to <br /> the principal of or interest on the Bonds,with respect to any notice which is permitted or required <br /> to be given to owners of Bonds under this resolution,with respect to the selection by DTC or any <br /> Participant of any person to receive payment in the event of a partial redemption of the Bonds, or <br /> with respect to any consent given or other action taken by DTC as registered owner of the Bonds. <br /> So long as any Bond is registered in the name of Cede& Co., as nominee of DTC, the Registrar <br /> shall pay all principal of and interest on such Bond, and shall give all notices with respect to such <br /> Bond,only to Cede&Co. in accordance with the Representation Letter, and all such payments <br /> shall be valid and effective to fully satisfy and discharge the City's obligations with respect to the <br /> principal of and interest on the Bonds to the extent of the sum or sums so paid. No person other <br /> than DTC shall receive an authenticated Bond for each separate stated maturity evidencing the <br /> • -14- <br />