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functions, provided that any substitute depository must be <br />qualified to act as such, as provided in clause (ii) of this <br />subparagraph, or <br />(iv) To those persons to whom transfer is requested <br />in written transfer instructions in the event that: <br />(a) the Depository shall resign or discontinue <br />its services for the Bonds and the City is unable to <br />locate a substitute depository within two (2) months <br />following the resignation or determination of non - <br />eligibility, or <br />(b) upon a determination by the City in its sole <br />discretion that (1) the continuation of the book -entry <br />system described herein, which precludes the issuance <br />of certificates (other than Global Certificates) to any <br />Holder other than the Depository (or its nominee), <br />might adversely affect the interest of the beneficial <br />owners of the Bonds, or (2) that it is in the best <br />interest of the beneficial owners of the Bonds that <br />they be able to obtain certificated bonds, <br />in either of which events the City shall notify Holders of <br />its determination and of the availability of certificates <br />(the "Replacement Bonds") to Holders requesting the same and <br />the registration, transfer and exchange of such Bonds will <br />be conducted as provided in paragraphs 9B and 12 hereof. <br />In the event of a succession of the Depository as may <br />be authorized by this paragraph, the Bond Registrar upon <br />presentation of Global Certificates shall register their transfer <br />to the substitute or successor depository, and the substitute or <br />successor depository shall be treated as the Depository for all <br />purposes and functions under this resolution. The Letter of <br />Representations shall not apply to a substitute or successor <br />depository unless the City and the substitute or successor <br />depository so agree, and a similar agreement may be entered into. <br />7. Red=Rtion. All Bonds maturing in the years 1999 <br />to 2007, both inclusive, shall be subject to redemption and <br />prepayment at the option of the City on February 1, 1998, and on <br />any Interest Payment Date thereafter at a price of par plus <br />accrued interest. Redemption may be in whole or in part of the <br />Bonds subject to prepayment. If redemption is in part, those <br />Bonds remaining unpaid which have the latest maturity date shall <br />be prepaid first; and if only part of the Bonds having a common <br />maturity date are called for prepayment, the Global Certificates <br />may be prepaid in $5,000 increments of principal and, if <br />11676 <br />7 <br />