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<br />(d) not more than $10,000,000 of obligations issued by the City during <br />calendar year 2006 have been designated for purposes of Section 265(b )(3) of the Code. <br /> <br />6.05. Procedural Requirements. Ihe City will use its best efforts to comply with any <br />federal procedural requirements which may apply in order to effectuate the designations made by <br />this section. <br /> <br />Section 7. <br /> <br />Book-Entrv Svstem: Limited Obligation of City. <br /> <br />7.01. DIe. The Bonds will be initially issued in the form of a separate single <br />typewritten or printed fully registered Bond for each of the maturities set forth in Section 1.03 <br />hereof. Upon initial issuance, the ownership of each Bond will be registered in the registration <br />books kept by the Bond Registrar in the name of Cede & Co., as nominee for Ihe Depository <br />Irust Company, New York, New York, and its successors and assigns ("DIe"). Except as <br />provided in this section, all of the outstanding Bonds will be registered in the registration books <br />kept by the Bond Registrar in the name of Cede & Co., as nominee of DIC. <br /> <br />7.02. Participants. With respect to Bonds registered in the registration books kept by <br />the Bond Registrar in the name of Cede & Co., as nominee ofDIC, the City, the Bond Registrar <br />and the Paying Agent will have no responsibility or obligation to any broker dealers, banks and <br />other financial institutions from time to time for which DIC 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 DIC, 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 />Ihe 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 />Bond evidencing the obligation of this resolution. Upon delivery by DIC to the City <br />Administrator of a written notice to the effect that DIC has determined to substitute a new <br />nominee in place of Cede & Co., the words "Cede & Co.," will refer to such new nominee of <br />DIC; and upon receipt of such a notice, the City Administrator will promptly deliver a copy of <br />the same to the Bond Registrar and Paying Agent. <br /> <br />294858v3 SIB CE155-26 <br /> <br />16 <br />