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<br />(c) the reasonably anticipated amount of tax-exempt obligations <br />(other than any private activity bonds other than qualified 501(c)(3) bonds) <br />which will be issued by the City (and all subordinate entities of the City) <br />during calendar year 1995 will not exceed $10,000,000; and <br /> <br />(d) not more than $10,000,000 of obligations issued by the City <br />during calendar year 1995 have been designated for purposes of Section <br />265(b)(3) of the Code. <br /> <br />6.05. The City will use its best efforts to comply with any federal procedural <br />requirements which may apply in order to effectuate the designations made by this <br />section. <br /> <br />Section 7. Book-Entry System; Limited Oblie:ation of City. <br /> <br />7.01. 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 <br />Section 1.03 hereof. Upon initial issuance, the ownership of each such Bond will be <br />registered in the registration books kept by the Bond Registrar in the name of Kray <br />& Co. , as nominee for Midwest Securities Trust Company, Chicago, Illinois, and its <br />successors and assigns (MSTC). Except as provided in this section, all of the <br />outstanding Bonds will be registered in the registration books kept by the Bond <br />Registrar in the name of Kray & Co., as nominee of MSTC. <br /> <br />7.02. With respect to Bonds registered in the registration books kept by the <br />Bond Registrar in the name of Kray & Co., as nominee of MSTC, the City, the Bond <br />Registrar and the Paying Agent will have no responsibility or obligation to any <br />broker dealers, banks and other financial institutions from time to time for which <br />MSTC holds Bonds as securities depository (the Participants) or to any other person <br />on behalf of which a Participant holds an interest in the Bonds, including but not <br />limited to any responsibility or obligation with respect to (i) the accuracy of the <br />records of MSTC, Kray & Co. or any Participant with respect to any ownership <br />interest in the Bonds, (ü) the delivery to any Participant or any other person other <br />than a registered owner of Bonds, as shown by the registration books kept by the <br />Bond Registrar, of any notice with respect to the Bonds, including any notice of <br />redemption, or (ill) the payment to any Participant or any other person, other than <br />a registered owner of Bonds, or any amount with respect to principal of, premium, <br />if any, or interest on the Bonds. The City, the Bond Registrar and the Paying <br />Agent may treat and consider the person in whose name each Bond is registered in <br />the registration books kept by the Bond Registrar as the holder and absolute owner <br />of such Bond for the purpose of payment of principal, premium and interest with <br />respect to such Bond, for the purpose of registering transfers with respect to such <br />Bonds, and for all other purposes. The Paying Agent will pay all principal of, <br />premium, if any, and interest on the Bonds only to or on the order of the respective <br />registered owners, as shown in the registration books kept by the Bond Registrar, <br />and all such payments will be valid and effectual to fully satisfy and discharge the <br />City's obligations with respect to payment of principal of, premium, if any, or <br />interest on the Bonds to the extent of the sum or sums so paid. No person other <br />than a registered owner of Bonds, as shown in the registration books kept by the <br />Bond Registrar, will receive a certificated Bond evidencing the obligation of this <br />resolution. Upon delivery by MSTC to the City Manager of a written notice to the <br /> <br />DJX87117 <br />RS200-14 <br />