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DTC participant, the payment by DTC (or any successor depository) or any DTC <br />participant of any amount in respect of the principal of or interest on Bonds, any notice <br />which is permitted or required to be given to Registered Owners under this ordinance <br />(except such notices as shall be required to be given by the City to the Bond Registrar <br />or to DTC (or any successor depository)), or any consent given or other action taken by <br />DTC (or any successor depository) as the Registered Owner. For so long as any <br />Bonds are held by a depository, DTC or its successor depository or its nominee shall be <br />deemed to be the Registered Owner for all purposes hereunder, and all references <br />herein to the Registered Owners shall mean DTC (or any successor depository) or its <br />nominee and shall not mean the owners of any beneficial interest in such Bonds. <br />(d) Use of Depository. <br />(1) The Bonds shall be registered initially in the name of "Cede & Co.", as <br />nominee of DTC, with one Bond maturing on each of the maturity dates for the Bonds <br />in a denomination corresponding to the total principal therein designated to mature on <br />such date. Registered ownership of such Bonds, or any portions thereof, may not <br />thereafter be transferred except: (A) to any successor of DTC or its nominee, provided <br />that any such successor shall be qualified under any applicable laws to provide the <br />service proposed to be provided by it; (B) to any substitute depository appointed by the <br />Finance Director pursuant to subsection (2) below or such substitute depository's <br />successor; or (C) to any person as provided in subsection (4) below. <br />(2) Upon the resignation of DTC or its successor (or any substitute depository <br />or its successor) from its functions as depository or a determination by the Finance <br />Director to discontinue the system of book entry transfers through DTC or its successor <br />(or any substitute depository or its successor), the Finance Director may hereafter <br />appoint a substitute depository. Any such substitute depository shall be qualified under <br />any applicable laws to provide the services proposed to be provided by it. <br />(3) In the case of any transfer pursuant to clause (A) or (B) of subsection (1) <br />above, the Bond Registrar shall, upon receipt of all outstanding Bonds together with a <br />written request on behalf of the Finance Director, issue a single new Bond for each <br />maturity of that series then outstanding, registered in the name of such successor or <br />such substitute depository, or their nominees, as the case may be, all as specified in <br />such written request of the Finance Director. <br />(4) In the event that: (A) DTC or its successor (or substitute depository or its <br />successor) resigns from its functions as depository, and no substitute depository can be <br />obtained; or (B) the Finance Director determines that it is in the best interest of the <br />beneficial owners of the Bonds that such owners be able to obtain physical Bond <br />certificates, the ownership of such Bonds may then be transferred to any person or <br />entity as herein provided, and shall no longer be held by a depository. The Finance <br />Director shall deliver a written request to the Bond Registrar, together with a supply of <br />physical Bonds, to issue Bonds as herein provided in any authorized denomination. <br />Upon receipt by the Bond Registrar of all then outstanding Bonds together with a written <br />request on behalf of the Finance Director to the Bond Registrar, new Bonds of such <br />W: Word Processing\Ordinances\LTGO Bonds-Street improvements 5-31-17 <br />PM:bjs Page 6 of 16 <br />16 <br />