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6.05. The City will use its best efforts to comply with any federal procedural requipements which may apply in order to effectuate the designations made by this section. Section 7. Book-Entry System; Limited Obli~tion 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 regil;)tration 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 (MSTC). Except as provided in this section, all 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 MSTC. 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 -MSTC, the City, 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 MSTC 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 MSTC, Kray & 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, 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 all 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 all 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 MSTC to the City Manager of a written notice to the effect that MSTC has determined to substitute a new nominee in place of Kray & Co., and the words "Kray & Co.," will refer to such new nominee of MSTC; and upon receipt of such a notice, the City Manager 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 City Manager. 7.03. Representation Letter. The form of representation letter proposed to be submitted to MSTC, which is on file with the City Manager and presented to this meeting (Representation Letter), is hereby approved, and the City Manager is DJ1t87126 RS200-1.