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to the extent of the sum or sums so paid. In the event any of <br /> the Bonds are registered in the name of a securities depository <br /> which uses a book entry system, the standing of the registered <br /> owner to enforce any of the covenants herein may be established <br /> through the books and records of such securities depository or a <br /> participant therein. <br /> No service charge shall be made for any transfer or <br /> exchange of Bonds, but the City or the Bond Registrar may require <br /> payment of a sum sufficient to cover any tax or other govern- <br /> mental charge that may be imposed in connection with any transfer <br /> or exchange of Bonds except that no such payment may be required <br /> in the case of the issuance of a Bond or Bonds for the unredeemed <br /> portion of a Bond surrendered for redemption. <br /> (b) Book-Entry Only System. The Bonds shall be <br /> initially issued in the form of a separate single fully regis- <br /> tered Bond for each of the maturities of such Bonds. Upon <br /> initial issuance, the ownership of each such Bond (the "Book- <br /> Entry Bonds" ) shall be registered in the Bond Register in the <br /> name of Kray & Co. , or any successor thereto ( "Kray" ) , as nominee <br /> of Midwest Securities Trust Company, Chicago, Illinois, and its <br /> successors and assigns ( "Midwest") . All of the outstanding Book- <br /> Entry Bonds shall be registered in the Bond Register in the name <br /> of Kray, as nominee of Midwest, except as hereinafter provided. <br /> The Director of Financial Management of the City is authorized to <br /> execute and deliver on behalf of the City such letters to or <br /> -9- <br />