03-25-13 Agenda & Packet - Laserfiche WebLink

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officer whose signature or facsimile signature appears thereon shall cease to be such officer before the delivery of the 2013A Bonds, such signature shall nevertheless be valid and sufficient for all purposes as if such officer had remained in office until such delivery. The 2013A Bonds shall also be authenticated by the manual signature of the Registrar, and no 2013A Bond shall be valid or become obligatory for any purpose until the certificate of authentication thereon has been so executed. The 2013A Bonds shall have all of the qualities and incidents of negotiable instruments under the laws of the State of Indiana, subject to the provisions for registration herein. SECTION 8. Authorization for Book-Entry System. The 2013A Bonds may, in compliance with all applicable laws, initially be issued and held in book-entry form on the books of the central depository system, The Depository Trust Company, its successors, or any successor central depository system appointed by the City from time to time (the "Clearing Agency"), without physical distribution of bonds to the purchasers. The following provisions of this Section apply in such event. One definitive 2013A Bond of each maturity shall be delivered to the Clearing Agency (or its agent) and held in its custody. The City and Registrar may, in connection herewith, do or perform or cause to be done or performed any acts or things not adverse to the rights of the holders of the 2013A Bonds as are necessary or appropriate to accomplish or recognize such book-entry form 2013A Bonds. During any time that the 2013A Bonds are held in book-entry form on the books of a Clearing Agency, (1) any such 2013A Bond may be registered upon Registration Record in the name of such Clearing Agency, or any nominee thereof, including Cede & Co.; (2) the Clearing Agency in whose name such 2013A Bond is so registered shall be, and the City and the Registrar and Paying Agent may deem and treat such Clearing Agency as, the absolute owner and holder of such 2013A Bond for all purposes of this Ordinance, including, without limitation, the receiving of payment of the principal of and interest and premium, if any, on such 2013A Bond, the receiving of notice and the giving of consent; (3) neither the City nor the Registrar or Paying Agent shall have any responsibility or obligation hereunder to any direct or indirect participant, within the meaning of Section 17A of the Securities Exchange Act of 1934, as amended, of such Clearing Agency, or any person on behalf of which, or otherwise in respect of which, any such participant holds any interest in any 2013A Bond, including, without limitation, any responsibility or obligation hereunder to maintain accurate records of any interest in any 2013A Bond or any responsibility or obligation hereunder with respect to the receiving of payment of principal of or interest or premium, if any, on any 2013A Bond, the receiving of notice or the giving of consent; and (4)the Clearing Agency is not required to present any 2013A Bond called for partial redemption, if any, prior to receiving payment so long as the Registrar and Paying Agent and the Clearing Agency have agreed to the method for noting such partial redemption. If either the City receives notice from the Clearing Agency which is currently the registered owner of the 2013A Bonds to the effect that such Clearing Agency is unable or unwilling to discharge its responsibility as a Clearing Agency for the 2013A Bonds, or the City elects to discontinue its use of such Clearing Agency as a Clearing Agency for the 2013A Bonds, - 8 -