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which, or otherwise in respect of which, any such participant holds any interest in any 2001 Bond, <br />including, without limitation, any responsibility or obligation hereunder to maintain accurate records <br />of any interest in any 2001 Bond or any responsibility or obligation hereunder with respect to the <br />receiving of payment of principal of or interest or premium, if any, on any 2001 Bond, the receiving <br />of notice or the giving of consent; and (4) the Clearing Agency is not required to present any 2001 <br />Bond called for partial redemption, if any, prior to receiving payment so long as the Registrar and <br />Paying Agent and the Clearing Agency have agreed to the method for noting such partial redemption. <br />If either the City receives notice from the Clearing Agency which is currently the registered <br />owner of the 2001 Bonds to the effect that such Clearing Agency is unable or unwilling to discharge <br />its responsibility as a Clearing Agency for the 2001 Bonds, or the City elects to discontinue its use <br />of such Clearing Agency as a Clearing Agency for the 2001 Bonds, then the City and the Registrar <br />and Paying Agent each shall do or perform or cause to be done or performed all acts or things, not <br />adverse to the rights ofthe holders ofthe 2001 Bonds, as are necessary or appropriate to discontinue <br />use of such Clearing Agency as a Clearing Agency for the 2001 Bonds and to transfer the ownership <br />of each of the 2001 Bonds to such person or persons, including any other Clearing Agency, as the <br />holder of the 2001 Bonds may direct in accordance with this Ordinance. Any expenses of such <br />discontinuance and transfer, including expenses of printing new certif sates to evidence the 2001 <br />Bonds, shall bepaid by the City. <br />During any time that the 2001 Bonds are held in book-entry form on the books of a Clearing <br />Agency, the Registrar shall be entitled to request and rely upon a certificate or other written <br />representation from the Clearing Agency or any participant or indirect participant with respect to the <br />identity of any beneficial owner of the 2001 Bonds as of a record date selected by the Registrar. For <br />purposes of determining whether the consent, advice, direction or demand of a registered owner of <br />a 2001 Bond has been obtained, the Registrar shall be entitled to treat the beneficial owners of the <br />2001 Bonds as the bondholders and any consent, request, direction, approval, objection or other <br />instrument of such beneficial owner maybe obtained in the fashion described in this Ordinance. <br />During any time that the 2001 Bonds are held in book-entry form on the books of a Clearing <br />Agency, the Executive, the Fiscal Officer and/or the Registrar are authorized to execute and deliver <br />a Letter of Representations agreement with the Clearing Agency, or a Blanket Issuer Letter of <br />Representations, and the provisions ofany suchLetter ofRepresentations or any successor agreement <br />shall control on the matters set forth therein. The Registrar, by accepting the duties of Registrar <br />under this Ordinance, agrees that it will (i) undertake the duties of agent required thereby and that <br />those duties to be undertaken by either the agent or the issuer shall be the responsibility of the <br />Registrar, and (ii) comply with all requirements ofthe Clearing Agency, including without limitation <br />same day funds settlement payment procedures. Further, during any time that the 2001 Bonds are <br />held in book-entry form, the provisions of Section 8 of this Ordinance shall control over conflicting <br />provisions in any other section of this Ordinance. <br />SECTION 9. Form of 2001 Bonds. The form and tenor of the 2001 Bonds shall be <br />substantially as follows, all blanks to be filled in properly and all necessary additions and deletions to <br />be made prior to delivery: <br />-8- <br />