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<br />(b) the City hereby designates the Bonds as "qualified tax-exempt <br />obligations" for purposes of Section 265(b)(3) of the Code; <br /> <br />( c) the reasonably_ anticipated amount of tax-exempt obligations (other than <br />private activity bonds that are not qualified 501(c)(3) bonds) which will be issued by the <br />City (and all subordinate entities of the City) during calendar year 2004 will not exceed <br />$10,000,000; and <br /> <br />(d) not more than $10,000,000 of obligations issued by the City during <br />calendar year 2004 have been designated for purposes of Section 265(b)(3) of the Code. <br /> <br />6.05_ The City will use its best efforts to comply with any federal procedural <br />requirements which may apply in order to effectuate the designations made by this section. <br /> <br />Section 7_ Book-Entry Svstem: Limited Obligation of City_ <br /> <br />7.01. The Bonds will be initially issued in the form of a separate single typewritten or <br />printed fully registered Bond for each of the maturities set forth in Section 1.03 hereof. Upon <br />initial issuance, the ownership of each Bond will be registered in the registration books kept by <br />the Bond Registrar in the name of Cede & Co., as nominee for The Depository Trost Company, <br />New York, New York, and its successors and assigns (DTe). Except as provided in this section, <br />all of the outstanding Bonds will be registered in the registration books kept by the Bond <br />Registrar in the name of Cede & Co., as nominee ofDTC <br /> <br />7.02. With respect to Bonds registered in the registration books kept by the Bond <br />Registrar in the name of Cede & Co_, as nominee ofDTC, the City, the Bond Registrar and the <br />Paying Agent will have no responsibility or obligation to any broker dealers, banks and other <br />fmancial institutions from time to time for which DTC holds Bonds as securities depository <br />(participants) or to any other person on behalf of which a Participant holds an interest in the <br />Bonds, including but not limited to any responsibility or obligation with respect to (i) the <br />accuracy of the records of DTC, Cede & Co. or any Participant with respect to any ownership <br />interest in the Bonds, (ii) the delivery to any Participant or any other person (other than a <br />registered owner of Bonds, as shown by the registration books kept by the Bond Registrar,) of <br />any notice with respect to the Bonds, including any notice of redemption, or (iii) the payment to <br />any Participant or any other person, other than a registered owner of Bonds, of any amount with <br />respect to principal of, premium, if any, or interest on the Bonds. The City, the Bond Registrar <br />and the Paying Agent may treat and consider the person in whose name each Bond is registered <br />in the registration books kept by the Bond Registrar as the holder and absolute owner of such <br />Bond for the purpose of payment of principal, premium and interest with respect to such Bond, <br />for the purpose of registering transfers with respect to such Bonds, and for all other purposes. <br />The Paying Agent will pay all principal of, premium, if any, and interest on the Bonds only to or <br />on the order of the respective registered owners, as shown in the registration books kept by the <br />Bond Registrar, and all such payments will be valid and effectual to fully satisfy and discharge <br />the City's obligations with respect to payment of principal of, premium, if any, or interest on the <br />Bonds to the extent of the sum or sums so paid. No person other than a registered owner of <br />Bonds, as shown in the registration books kept by the Bond Registrar, will receive a certificated <br />SJB-24476Ovl <br />CEI55-22 <br />