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system of book -entry transfers through the Depository is not in the best interests of the <br />City or the Beneficial Owners. <br />(ii) Upon termination of the services of the Depository as provided in the <br />preceding paragraph, and if no substitute securities depository is willing to undertake the <br />functions of the Depository hereunder can be found which, in the opinion of the City, is <br />willing and able to assume such functions upon reasonable or customary terns, or if the <br />City determines that it is in the best interests of the City or the Beneficial Owners of the <br />Bond that the Beneficial Owners be able to obtain certificates for the Bonds, the Bonds <br />shall no longer be registered as being registered in the bond register in the name of the <br />Nominee, but may be registered in whatever name or names the Holder of the Bonds shall <br />designate at that time, in accordance with paragraph 11 hereof. To the extent that the <br />Beneficial Owners are designated as the transferee by the. Holders, in accordance with <br />paragraph 10 hereof, the Bonds will be delivered to the Beneficial Owners. <br />(iii) Nothing in this subparagraph (c) shall limit or restrict the provisions of <br />paragraph 10 hereof. <br />(d) Letter of Representations. The provisions in the Letter of Representations <br />are incorporated herein by referenced and made a part of the resolution, and if and to the extent <br />any such provisions are inconsistent with the other provisions of this resolution, the provisions in <br />the Letter of Representations shall control. <br />3. RuMse. The Bonds shall provide funds to pay the 1998B Bonds. Work <br />on the Improvements originally financed by the 1998B Bonds shall proceed with due diligence to <br />completion. The City covenants that it shall do all things and perform all acts required of it to <br />assure that work on the Improvements originally financed by the 19988 Bonds proceeds. with <br />due diligence to completion. <br />4. IIS. The Bonds shall all bear interest payable semiannually on <br />February 1 and August 1 of eack year (each, an "Interest Payment Date"), commencing August 1, <br />2001, calculated on die -basis of a 360 -day year of twelve 30 -day months, at the 'rate .of four and <br />fifty-five one hundredths percent (4.551%) per annum. <br />5. Redemption., All Bonds shall be subject to redemption and prepayment at <br />theoption of the City on Febmary 1,.2002, and on any date thereafter at a price -of par plus <br />accrued interest. -Redemption maybe in whole or in part: If redemption is in part, the specific <br />Bonds to be prepaid shall be chosen -by lot by the Bond Registrar. Bonds or portions thereof <br />called for redemption shall be due and payable on the redemption date, and interest thereon shall* <br />cease to accrue from and after the redemption date. Notice of redemption shall be given by. <br />registered or certified mail at least thirty (30) days prior to the date fixed for redemption to the <br />paying agent and to each affected registered holder of the Bonds at the address shown on the <br />registration books. <br />1222136.1 5 <br />