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Discontinuance of DTC Services <br />In the event that (a) DTC determines not to continue to act as securities depository for the Bonds, or (b) <br />the City determines that DTC shall no longer act and delivers a written certificate to the Fiscal Agent to that <br />effect, then the City will discontinue the Book -Entry System with DTC for the Bonds. If the City determines to <br />replace DTC with another qualified securities depository, the City will prepare or direct the preparation of a new <br />single separate, fully- registered Bond for each maturity of the Bonds registered in the name of such successor or <br />substitute securities depository as are not inconsistent with the terms of the Bond Resolution. If the City fails to <br />identify another qualified securities depository to replace the incumbent securities depository for the Bonds, <br />then the Bonds shall no longer be restricted to being registered in the Bond registration books in the name of the <br />incumbent securities depository or its nominee, but shall be registered in whatever name or names the <br />incumbent securities depository or its nominee transferring or exchanging the Bonds shall designate. <br />In the event that the Book -Entry System is discontinued, the following provisions would also apply: (i) <br />the Bonds will be made available in physical form, (ii) principal of, and redemption premiums if any, on the <br />Bonds will be payable upon surrender thereof at the trust office of the Fiscal Agent identified in the Bond <br />Resolution, and (iii) the Bonds will be transferable and exchangeable as provided in the Bond Resolution. <br />The City and the Fiscal Agent do not have any responsibility or obligation to DTC Participants, to the persons <br />for whom they act as nominees, to Beneficial Owners, or to any other person who is not shown on the <br />registration books as being an owner of the Bonds, with respect to (i) the accuracy of any records maintained by <br />DTC or any DTC Participants; (ii) the payment by DTC or any DTC Participant of any amount in respect of the <br />principal of, redemption price of or interest on the Bonds; (iii) the delivery of any notice which is permitted or <br />required to be given to registered owners under the Bond Resolution; (iv) the selection by DTC or any DTC <br />Participant of any person to receive payment in the event of a partial redemption of the Bonds; (v) any consent <br />given or other action taken by DTC as registered owner; or (vi) any other matter arising with respect to the <br />Bonds or the Bond Resolution. The City and the Fiscal Agent cannot and do not give any assurances that DTC, <br />DTC Participants or others will distribute payments ofprincipal of or interest on the Bonds paid to DTC or its <br />nominee, as the registered owner, or any notices to the Beneficial Owners or that they will do so on a timely <br />basis or will serve and act in a manner described in this Official Statement The City and the Fiscal Agent are <br />not responsible or liable for the failure ofDTC or any DTC Participant to make any payment or give any notice <br />to a Beneficial Owner in respect to the Bonds or any error or delay relating thereto. <br />F -3 <br />55B -119 <br />