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time as securities depository (each such broker-dealer, bank or other financial institution being <br /> referred to herein as a "DTC Participant') or to any person on behalf of whom such a DTC <br /> Participant holds an interest in the Bonds. Without limiting the immediately preceding sentence, <br /> the City and the Bond Registrar shall have no responsibility or obligation with respect to (i) the <br /> accuracy of the records of DTC, Cede or any DTC Participant with respect to any ownership <br /> interest in the Bonds, (ii) the delivery to any DTC Participant or any other person, other than a <br /> registered owner of a Bond as shown in the Bond Register, of any notice with respect to the <br /> Bonds, including any notice of redemption, or (iii) the payment to any DTC Participant or any <br /> other person, other than a registered owner of a Bond as shown in the Bond Register, of any <br /> amount with respect to principal of or interest on the Bonds. The City and the Bond Registrar <br /> may treat and consider the person in whose name each Bond is registered in the Bond Register as <br /> the holder and absolute owner of such Bond for the purpose of payment of principal and interest <br /> with respect to such Bond, for the purpose of giving notices of redemption and other matters with <br /> respect to such Bond, for the purpose of registering transfers with respect to such Bond, and for <br /> all other purposes whatsoever. The Bond Registrar shall pay all principal of and interest on the <br /> Bonds only to or upon the order of the respective registered owners of the Bonds, as shown in the <br /> Bond Register, or their respective attorneys duly authorized in writing, and all such payments <br /> shall be valid and effective to fully satisfy and discharge the City's obligations with respect to <br /> payment of principal of and interest on the Bonds to the extent of the sum or sums so paid. No <br /> person other than a registered owner of a Bond as shown in the Bond Register, shall receive a <br /> Bond certificate evidencing the obligation of the City to make payments of principal and interest <br /> with respect to any Bond. Upon delivery by DTC to the Bond Registrar of written notice to the <br /> effect that DTC has determined to substitute a new nominee in place of Cede, the name "Cede" <br /> in this Ordinance shall refer to such new nominee of DTC. <br /> -9- <br /> 24 <br />