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<br />evidenced in the records of such participants. Transfers of beneficial ownership will be effected <br /> <br />on the records of the Securities Depository and its participants pursuant to rules and procedures <br /> <br />established by the Securiti~s Depository and its participants. <br /> <br />The County and the Bond Registrar will recognize the Securities Depository Nominee or <br /> <br />the Securities Depository, lis the case may be, while the registered owner of Bonds, as the owner <br /> <br />of Bonds for all purposes, ,including payments of principal of, and redemption premium, if any, <br /> <br />and interest on the Bonds, notices and voting. The principal of and any redemption premium on <br /> <br />each Bond shall be payabl~ to the Securities Depository Nominee or any other person appearing <br /> <br />on the registration books of the County hereinafter provided for as the registered owner of such <br /> <br />Bond or his registered a$signs or legal representative at the office of the Bond Registrar <br /> <br />mentioned hereinafter or such other place as the County may determine upon the presentation <br /> <br />and surrender thereof as the same shall become due and payable. Payment of the interest on each <br /> <br />Bond shall be made by the Bond Registrar on each interest payment date to the registered owner <br /> <br />of such Bond (or the previous Bond or Bonds evidencing the same debt as that evidenced by <br /> <br />such Bond) at the close of! business on the record date for such interest, which shall be the 15th <br /> <br />day (whether or not a busilless day) of the calendar month next preceding such interest payment <br /> <br />date, by check mailed to such person at his address as it appears on such registration books or, <br /> <br />during the continuation ot the book-entry system, by such other method of payment as the <br /> <br />County may determine tqi be necessary or advisable with the concurrence of the Securities <br /> <br />Depository. Transfer ofiprincipal and interest and any redemption premium payments to <br /> <br />participants of the Securities Depository will be the responsibility of the Securities Depository, <br /> <br />and transfer of principal land interest and any redemption premium payments to beneficial <br />, <br /> <br />owners of the Bonds by ~articipants of the Securities Depository will be the responsibility of <br />4 <br /> <br />F-5 <br />