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except in the case of the issuance of a Bond or Bonds for the unredeemed portion of a Bond <br /> surrendered for redemption. <br /> (b) Global Book-Entry System. The Bonds shall be initially issued in the form of a <br /> separate single fully registered Bond for each of the maturities of the Bonds determined as <br /> described in Section 4 hereof. Upon initial issuance, the ownership of each such Bond shall be <br /> registered in the Bond Register in the name of Cede & Co., or any successor thereto ("Cede"), as <br /> nominee of The Depository Trust Company, New York, New York, and its successors and <br /> assigns ("DTC"). All of the outstanding Bonds shall be registered in the Bond Register in the <br /> name of Cede, as nominee of DTC, except as hereinafter provided. The Mayor, City Clerk and <br /> Treasurer of the City and the Bond Registrar are each authorized to execute and deliver, on <br /> behalf of the City, such letters to or agreements with DTC as shall be necessary to effectuate <br /> such book-entry system (any such letter or agreement being referred to herein as the <br /> "Representation Letter"), which Representation Letter may provide for the payment of principal <br /> of or interest on the Bonds by wire transfer. <br /> With respect to Bonds registered in the Bond Register in the name of Cede, as nominee <br /> of DTC, the City and the Bond Registrar shall have no responsibility or obligation to any <br /> broker-dealer, bank or other financial institution for which DTC holds Bonds from time to time <br /> 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 /> -21- <br />