Book-Entry Bonds; Securities Depository. (a) The Bonds shall initially be registered to Cede & Co., the nominee for the Securities Depository, and no beneficial owner will receive certificates representing their respective interests in the Bonds, except in the event the Trustee issues Replacement Bonds as provided in subsection (b) hereof. It is anticipated that during the term of the Bonds, the Securities Depository will make book-entry transfers among its Participants and receive and transmit payment of principal of, premium, if any, and interest on, the Bonds to the Participants until and unless the Trustee authenticates and delivers Replacement Bonds to the beneficial owners as described in subsection (b).
Book-Entry Bonds; Securities Depository. Unless otherwise specified in a supplemental ordinance authorizing the issuance of Additional STAR Bonds, the STAR Bonds shall initially be registered to Cede & Co., the nominee for the Securities Depository, and no beneficial owner will receive certificates representing their respective interests in the STAR Bonds, except in the event the Trustee issues Replacement Bonds as provided in this Section. It is anticipated that during the term of the STAR Bonds, the Securities Depository will make book-entry transfers among its Participants and receive and transmit payment of principal of, premium, if any, and interest on, the STAR Bonds to the Participants until and unless the Trustee authenticates and delivers Replacement Bonds to the beneficial owners as described in this Section. If the Issuer determines (a)(i) that the Securities Depository is unable to properly discharge its responsibilities; or (ii) that the Securities Depository is no longer qualified to act as a securities depository and registered clearing agency under the Securities and Exchange Act of 1934, as amended; or (iii) that the continuation of a book-entry system to the exclusion of any STAR Bonds being issued to any bondowner other than the Securities Depository is no longer in the best interests of the beneficial owners of the STAR Bonds; or (b) if the Trustee receives written notice from Participants having interests in not less than 50% of the STAR Bonds Outstanding, as shown on the records of the Securities Depository, that the continuation of a book-entry system to the exclusion of any Bonds being issued to any bondowner other than the Securities Depository is no longer in the best interests of the beneficial owners of the STAR Bonds, then the Trustee shall notify the Bondowners of such determination or such notice and of the availability of certificates to owners requesting the same, and the Trustee shall register in the name of and authenticate and deliver Replacement Bonds to the beneficial owners or their nominees in principal amounts representing the interest of each, making such adjustments as it may find necessary or appropriate as to accrued interest and previous calls for redemption; provided, that in the case of a determination under clause (a)(i) or (a)(ii) of this paragraph, the Issuer, with the consent of the Trustee, may select a successor securities depository in accordance with the following paragraph to effect book- entry transfers. In such event, all references to th...
