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(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 physical 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 (e) 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 (e) hereof. <br />(d) The execution and delivery of the Representation Letter to DTC, if not previously <br />filed with DTC, by the Mayor or City Clerk is hereby authorized and directed. <br />(e) In the event that any transfer or exchange of Bonds is permitted under paragraph <br />(b) or (c) hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar <br />of the Bonds to be transferred or exchanged and appropriate instruments of transfer to the <br />permitted transferee in accordance with the provisions of this resolution. In the event Bonds in <br />the form of certificates are issued to owners other than Cede & Co., its successor as nominee for <br />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 physical certificates and the method of <br />payment of principal of and interest on such Bonds in the form of physical certificates. <br />2.09. Form of Bonds. The Bonds shall be prepared in substantially the form found at <br />EXHIBIT B attached hereto. <br />Section 3. USE OF PROCEEDS; PROJECT FUND. <br />There is hereby created a special bookkeeping fund to be designated as the "General <br />Obligation Improvement Bonds, Series 2022A Project Fund" (the "Project Fund"), to be held <br />and administered by the City Manager separate and apart from all other funds of the City. The <br />Project Fund shall be credited with (i) $2,271,287.11 from the proceeds of the Bonds; and (ii) all <br />special assessments collected with respect to the Project (other than prepaid assessments), until <br />all costs of the Project have been fully paid. The City Manager shall maintain the Project Fund <br />until payment of all costs and expenses incurred in connection with the construction of the <br />Project and all costs of issuance of the Bonds have been paid. <br />The City may deposit funds, including prepaid assessments and funds from other <br />available sources, into the Project Fund. From the Project Fund there shall be paid all costs and <br />expenses related to the construction and acquisition of the Project. In addition, costs of issuance <br />in the amount of $47,930.00 are expected to be paid from proceeds of the Bonds in the Project <br />Fund and are included in the respective accounts above. After payment of all such costs and <br />expenses, the Project Fund shall be terminated. All funds on hand in the Project Fund when <br />terminated shall be credited to the Bond Fund described in Section 4 hereof, unless and except as <br />such proceeds may be transferred to some other fund or account as to which the City has <br />received from bond counsel an opinion that such other transfer is permitted by applicable laws <br />and does not impair the exemption of interest on the Bonds from federal income taxes. In no <br />4876-8449-2315\4 <br />