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A ttorney 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 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 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. (a) The Bonds are payable from the General Obligation Refunding Improvement Bonds, Series 1993 Debt Service Fund (Debt Service Fund) hereby created, and the proceeds of ad valorem taxes hereinafter levied (Taxes), and special assessments (Assessments) levied for improvements (Improvements) financed by the Refunded Bonds as hereinafter defined are pledged to the Debt Service Fund. (b) The debt service fund, if any, heretofore established for the Refunded Bonds as defined in the resolution providing for the issuance and sale of the Bonds, is terminated, and all monies therein are hereby transferred to the Debt Service Fund herein created. 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 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 the Taxes and Assessments when collected. (c) There is hereby appropriated to the Debt Service Fund all capi- talized interest financed from Bond proceeds, if any, any amount over the minimum purchase price of the Bonds paid by the Purchaser and all accrued interest paid by the Purchaser upon closing and delivery of the Bonds. 4.02. It is determined that at least 20% of the cost of the Improvements has been specially assessed against benefitted properties. For the purpose of paying the principal of and interest on the Bonds, there is or has been hereby levied a direct annual irrepealable ad valorem tax (Taxes) upon all of the taxable property RLD47467 RS200-10 11