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made only by DTC and its participants, by book -entry, -the City having no responsibility therefor. <br />DTC is expected to maintain records of the positions of participants in the bonds, and the <br />participants and persons acting through participants are expected to maintain records of the <br />purchasers of beneficial interests in the bonds. The bonds as such shall not be transferable or <br />exchangeable, except for transfer to another securities depository or to another nominee of a <br />securities depository, without further action by the City. <br />If any securities depository determines not to continue to act as a securities <br />depository for the bonds for use in a book -entry system, the City may establish a securities <br />depository/book-entry system relationship with another securities depository. If the City does not <br />or is unable to do so, or upon request of the beneficial owners of all outstanding bonds, the City <br />and the Trustee (hereinafter identified), after the Trustee has made provision for notification of the <br />beneficial owners by the then securities depository, shall permit withdrawal of the bonds from the <br />securities depository, and authenticate and deliver bond certificates in fully registered form (in <br />denominations of $5,000 or integral multiples thereof) to the assigns of the securities depository <br />or its nominee, all at the cost and expense (including costs of printing definitive bonds) of the City, <br />if the City fails to maintain a securities depository/book-entry system, or of the beneficial owners, <br />if they request termination of the system. <br />Prior to issuance of the bonds, the City shall have executed and delivered to DTC <br />a written agreement (the "Representation Letter") setting forth (or incorporating therein by <br />reference) certain undertakings and responsibilities of the City with respect to the bonds so long <br />as the bonds or a portion thereof are registered in the name of Cede & Co. (or a substitute nominee) <br />and held by DTC. Notwithstanding such execution and delivery of the Representation Letter, the <br />terms thereof shall not in any way limit the provisions of this Section or in any other way impose <br />upon the City any obligation whatsoever with respect to persons having interests in the bonds other <br />than the registered owners, as shown on the registration books kept by the Trustee. The Trustee <br />shall take all action necessary for all representations of the City in the Representation Letter with <br />respect to the Trustee to at all times be complied with. <br />The authorized officers of the Trustee and the City shall do or perform such acts <br />and execute all such certificates, documents and other instruments as they or any of them deem <br />necessary or advisable to facilitate the efficient use of a securities depository for all or any portion <br />of the bonds; provided that neither the Trustee nor the City may assume any obligations to such <br />securities depository or beneficial owners of bonds that are inconsistent with their obligations to <br />any registered owner under this Ordinance. <br />Each bond shall be dated as of its date of delivery to the Purchaser. Interest on the <br />bonds shall be payable on August 1, 2024 and semiannually thereafter on February 1 and August <br />1 of each year. Payment of each installment of interest shall be made by the Trustee to the person <br />in whose name the bond is registered on the registration books of the City maintained by The <br />Citizens Bank, Batesville, Arkansas, as Trustee and Paying Agent (the "Trustee"), at the close of <br />business on the fifteenth day of the month (whether or not a business day) next preceding each <br />interest payment date (the "Record Date"), irrespective of any transfer or exchange of any such <br />bond subsequent to such Record Date and prior to such interest payment date, by check or draft to <br />2 <br />