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� � - <br /> maturity and series authenticated by the Bond Registrar shall not at any one time exceed the <br /> authorized principal amount of Bonds for such maturity and series and less the amount of such <br /> Bonds which have been paid. <br /> The person in whose name any Bond shall be registered shall be deemed and regazded as <br /> the absolute owner thereof for all purposes, and payment of the principal of or interest on any <br /> � Bond shall be made only to or upon the order of the registered owner thereof or his legal <br /> representative. All such payments shall be valid and effectual to satisfy and discharge the <br /> liability upon such Bond to the extent of the sum or sums so paid. <br /> No ser�tice charge shall be made for any transfer or exchange of Bonds, but the City or <br /> the Bond Registrar may require payment of a sum sufficient to cover any tax or other <br /> govemmental charge that may be imposed in connection with any transfer or exchange of Bonds. <br /> (b) Global Book-Entry System. The Bonds shall be initially issued in the form of a <br /> separate single fully registered Bond for ea�h 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 Tn�st 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. Either of the Designated <br /> Officials and the Bond Registrar are each authorized to execute and deliver, on behalf of the <br /> City, such letters to or agreements with DTC as shall be necessary to effectuate such book-entry <br /> system (any such letter or agreement being referred to herein as the "Representation Letter"), <br /> which Representation Letter may provide for the payment of principal of or interest on the Bonds <br /> 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 broker- <br /> -13- <br />