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obligation of the City to make payments of principal and interest. Upon delivery by DTC to the <br /> Registrar of written notice to the effect that DTC has determined to substitute a new nominee in <br /> place of Cede&Co., the Bonds will be transferable to such new nominee in accordance with <br /> 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, the <br /> 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. Security Provisions. <br /> 4.01. 1999 Improvement Construction Fund. There is hereby created a special <br /> bookkeeping fund to be designated as the"1999 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) $419,900 of <br /> the proceeds of the sale of the Bonds, and (b) all collections of special assessments levied for the <br /> Improvements until completion and payment of all costs of the Improvements. The Construction <br /> Fund shall be used solely to defray expenses of the Improvements, including but not limited to <br /> the transfer to the Bond Fund,created in Section 4.02 hereof, of amounts sufficient for the <br /> payment of interest and principal, if any,due upon the Bonds prior to the completion and <br /> payment of all costs of the Improvements and the payment of the expenses incurred by the City <br /> in connection with the issuance of the Bonds. Upon completion and payment of all costs of the <br /> Improvements, any balance of the proceeds of Bonds remaining in the Construction Fund may be <br /> used to pay the cost, in whole or in part, of any other improvements instituted pursuant to the <br /> Act, as directed by the City Council, but any balance of such proceeds not so used shall be <br /> credited and paid to the Bond Fund. <br /> • -15- <br />