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presented to this council, is approved, and the Mayor Pro Tem and Finance Director are authorized to execute and deliver the Representation Letter in substantially the form on file, with such changes therein not 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, by 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 must notify Midwest, whereupon Midwest must notify the Participants, of the availability through Midwest of Bond certificates. In such event the City will issue, transfer and exchange Bond certificates as requested by Midwest and any other registered owners in accordance withthe 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 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 all 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 Series 19 Improvement Bonds 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 pay the same, the Finance Director is directed to pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for such advances out of the proceeds of Assessments and Taxes when collected. There is appropriated to the Debt Service Fund all capitalized interest financed from Bond proceeds, if any, any amount over the minimum purchase price paid by the Purchaser and the accrued interest paid by the Purchaser upon closing and delivery of the Bonds. 4.02. It is hereby determined that the Improvements to be financed by the Bonds will directly and indirectly benefit abutting property, and the City hereby covenants with the holders from time to time of the Bonds as follows: (a) The City has caused or will cause the Assessments for the Im- provements to be promptly levied so that the first installment will be collectible not later than 1993 and will take all steps necessary to assure prompt collection, and the levy of the Assessments is hereby authorized. The RLD47466 RS200-10 11