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The 2000 Bonds shall have all ofthe qualities and incidents ofnegotiable instruments <br />under the laws of the State of Indiana, subject to the provisions for registration herein. <br />SECTION 8. Authorization for Book-Entry System. The 2000 Bonds may, in <br />compliance with all applicable laws, initially be issued and held inbook-entry form on the books of <br />the central depository system, The Depository Trust Company, its successors, or any successor <br />central depository system appointed by the City from time to time (the "Clearing Agency"),without <br />physical distribution of bonds to the purchasers. The following provisions of this Section apply in <br />such event. <br />One definitive 2000 Bond of each maturity shall be delivered to the Clearing Agency <br />(or its agent) and held in its custody. The City and Registrar may, in connection herewith, do or <br />perform or cause to be done or performed any acts or things not adverse to the rights of the holders <br />ofthe 2000 Bonds as are necessary or appropriate to accomplish or recognize such book-entry form <br />2000 Bonds. <br />During any time that the 2000 Bonds are held inbook-entry form on the books of a <br />Clearing Agency, (1) any such 2000 Bond may be registered upon Registration Record in the name <br />of such Clearing Agency, or any nominee thereof, including Cede & Co.; (2) the Clearing Agency <br />in whose name such 2000 Bond is so registered shall be, and the City and the Registrar and Paying <br />Agent may deem and treat such Clearing Agency as, the absolute owner and holder of such 2000 <br />Bond for all purposes of this Amended Ordinance, including, without limitation, the receiving of <br />payment of the principal of and interest and premium, if any, on such 2000 Bond, the receiving of <br />notice and the giving of consent; (3) neither the City nor the Registrar or Paying Agent shall have <br />any responsibility or obligation hereunder to any direct or indirect participant, within the meaning <br />of Section 17A of the Securities Exchange Act of 1934, as amended, of such Clearing Agency, or <br />any person on behalf of which, or otherwise in respect of which, any such participant holds any <br />interest in any 2000 Bond, including, without limitation, any responsibility or obligation hereunder <br />to maintain accurate records of any interest in any 2000 Bond or any responsibility or obligation <br />hereunder with respect to the receiving of payment of principal of or interest or premium, if any, on <br />any 2000 Bond, the receiving of notice or the giving of consent; and (4) the Clearing Agency is not <br />required to present any 2000 Bond called for partial redemption, if any, prior to receiving payment <br />so long as the Registrar and Paying Agent and the Clearing Agency have agreed to the method for <br />noting such partial redemption. <br />If either the City receives notice from the Clearing Agency which is currently the <br />registered owner of the 2000 Bonds to the effect that such Clearing Agency is unable or unwilling <br />to discharge its responsibility as a Clearing Agency for the 2000 Bonds, or the City elects to <br />discontinue its use of such Clearing Agency as a Clearing Agency for the 2000 Bonds, then the City <br />and the Registrar and Paying Agent each shall do or perform or cause to be done or performed all <br />acts or things, not adverse to the rights of the holders of the 2000 Bonds, as are necessary or <br />appropriate to discontinue use of such Clearing Agency as a Clearing Agency for the 2000 Bonds <br />and to transfer the ownership of each of the 2000 Bonds to such person or persons, including any <br />other Clearing Agency, as the holder of the 2000 Bonds may direct in accordance with this Amended <br />-8- <br />