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and all such payments shall be valid and effectual to fully satisfy and discharge the City's obligations with respect to payment of principal of, premium, if any, or interest on the Bonds to the extent of the sum or sums so paid. No person other than a registered owner of Bonds, as shown in the registration books kept by the Bond Registrar, shall receive a certificated Bond evidencing the obligation of the City to make payments of principal, premium, if any, or interest pursuant to this Bond Resolution. Upon delivery by Midwest to the Finance Director of a written notice to the effect that Midwest has determined to substitute a new nominee of Midwest; and upon receipt of such a notice, the Finance Director shall promptly deliver a copy of the same to the Bond Registrar and Paying Agent, if the Bond Registrar or Paying Agent is other than the Finance Director. 3.05. Representation Letter. The form of Representation Letter proposed to be submitted to Midwest, which is on file with the Finance Director and has been presented to this meeting, is approved, and the Finance Director is authorized to execute and deliver the Representation Letter in substantially the form on file, with such changes therein no inconsistent with law as the Finance Director and the City Attorney may approve, which approval will be conclusively evidenced by the execution thereof. Any Paying Agent or Bond Registrar subsequently appointed by the City with respect to the Bonds must agree to take all action necessary for all representations of the City in the Representation Letter with respect to the Bond registrar and Paying Agent, respectively, to at all times be complied with. 3.06. Transfers Outside Book-Entry System. In the event the City, be resolution of the City Council, determines that it is in the best interests of the persons having beneficial interest in the Bonds that they be able to obtain Bond certificates, the City shall notify Midwest, whereupon Midwest shall notify the Participants, of the availability through Midwest of Bond certificates. In such event the City shall issue, transfer and exchange Bond certificates as requested by Midwest and any other registered owners in accordance with the provisions of this resolution. Midwest may determine to discontinue providing its services with respect to the Bonds at· any time by giving notice to the City and discharging its responsibilities with respect thereto under applicable law. In such event, if no successor securities depository is appointed, the City will issue and the Bond Registrar will authenticate Bond certificates in accordance with this Bond Resolution and the provisions hereof will apply to the transfer, exchange and method of payment thereof. 3.07. Payments to Kray & Co. Notwithstanding any other provision of this Bond Resolution to the contrary, so long as any Bond is registered in the name of Kray & Co., as nominee of Midwest, all payments with respect to principal of, premium, if any, and interest on such Bond and aU notices with respect to such Bond will be made and given, respectively, in the manner provided in the Representation Letter. Section 4. Payment: Security: Pledges and Covenants, 4.01. The Bonds are payable from the Improvement Bonds, Series 17 Debt Service Fund (Debt Service Fund) hereby created, and the proceeds of general taxes hereinafter levied (Taxes), and special assessments (Assessments) levied or to be levied for the improvements (Improvements) financed by the Bonds are hereby pledged to the Debt Service Fund. If any payment of principal or interest on the Bonds becomes due when there is not sufficient money in the Debt Service Fund to