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Section 7. Book-Entry System; Limited Obli£8tion of City. 7.01. The Bonds will be initially issued in the form of a separate single typewritten or printed fully registered Bond for each of the maturities set forth in Section 1.03 hereof. Upon initial issuance, the ownership of each such Bond will be registered in the registration books kept by the Bond Registrar in the name of Kray " Co., as nominee for Midwest Securities Trust Company, Chicago, Illinois, and its successors and assigns (Midwest). Except as provided in this section, aU of the outstanding Bonds will be registered in the registration books kept by the Bond Registrar in the name of Kray " Co., as nominee of Midwest. 7.02. With respect to Bonds registered in the registration books kept by the Bond Registrar in the name of Kray " Co., as nominee of Midwest, the City J the Bond Registrar and the Paying Agent will have no responsibility or obligation to any broker dealers, banks and other financial institutions from time to time for which Midwest holds Bonds as securities depository (the Participants) or to any other person on behalf of which a Participant holds an interest in the Bonds, including but not limited to any responsibility or obligation with respect to (i) the accuracy of the records of Midwest, Kray 8r Co. or any Participant with respect to any ownership interest in the Bonds, (ü) the delivery to any Participant or any other person other than a registered owner of Bonds, as shown by the registration books kept by the Bond Registrar, of any notice with respect to the Bonds, including any notice of redemption, or (ill) the payment to any Participant or any other person, other than a registered owner of Bonds, or any amount with respect to principal of, premium, if any J or interest on the Bonds. The City, the Bond Registrar and the Paying Agent may treat and consider the person in whose name each Bond is registered in the registration books kept by the Bond Registrar as the holder and absolute owner of such Bond for the purpose of payment of principal, premium and interest with respect to such Bond, for the purpose of registering transfers with respect to such Bonds, and for all other purposes. The Paying Agent will pay aU principal of, premium, if any, and interest on the Bonds only to or on the order of the respective registered owners, as shown in the registration books kept by the Bond Registrar, and aU such payments will 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, will receive a certificated Bond evidencing the obligation of this resolution. Upon delivery by Midwest to the Finance Manager of a written notice to the effect that Midwest has determined to substitute a new nominee in place of Kray " Co., and the words "Kray " Co.," will refer to such new nominee of Midwest; and upon receipt of such a notice, the Treasurer will 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 Treasurer. 7.03. Re'þresentation Letter. The form of representation letter proposed to be submitted to Midwest, which is on file with the Finance Director and presented to this meeting (Representation Letter), is hereby approved, and the Finance Director is 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 will agree to take all action necessary for all representations of the City in the Representation letter with 1136311. "200-13 12