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such principal matures, are hereby pledged for such payment,
within the limit prescribed by law.
Section 9. DEFEASANCE OF CERTIFICATES OF OBLIGATION.
(a) Any Certificate of Obligation and the interest thereon
shall be deemed to be paid, retired, and no longer outstanding
(a "Defeased Certificate of Obligation") within the meaning of
this Ordinance, except to the extent provided in subsection
(d) of this Section 9, when payment of the principal of such
Certificate of Obligation, plus interest thereon to the due
date (whether such due date be by reason of maturity, upon
redemption, or otherwise) either (i) shall have been made or
caused to be made in accordance with the terms thereof
(including the giving of any required notice of redemption, or
(ii) shall have been provided for on or before such due date
by irrevocably depositing with or making available to the
Paying Agent/Registrar for such payment (1) lawful money of
the United States of America sufficient to make such payment
or (2) Government Obligations which mature as to principal and
interest in such amounts and at such times as will insure the
availability, without reinvestment, of sufficient money to
provide for such payment, and when proper arrangements have
been made by the Issuer with the Paying Agent/Registrar for
the payment of its services until all Defeased Certificates of
Obligation shall have become due and payable. At such time as
a Certificate of Obligation shall be deemed to be .a Defeased
Certificate of Obligation hereunder, as aforesaid, such
Certificate of Obligation and the interest thereon shall no
longer be secured by, payable from, or entitled to the
benefits of, the ad valorem taxes herein levied and pledged as
provided in this Ordinance, and such principal and interest
shall be payable solely from such money or Government
Obligations.
(b) Any moneys so deposited with the Paying Agent/Regis-
trar may at the written direction of the Issuer also be in-
vested in Government Obligations, maturing in the amounts and
times as hereinbefore set forth, and all income from such
Government Obligations received by the Paying Agent/Registrar
which is not required for the payment of the Certificates of
Obligation and interest thereon, with respect to which such
money has been so deposited, shall be turned over to the
Issuer, or deposited as directed in writing by the Issuer.
(c) The term "Government Obligations" as used in this
Section, shall mean direct obligations of the United States of
America, including obligations the principal of and interest
on which are unconditionally guaranteed by the United States
of America, which may be United States Treasury obligations
such as its State and Local Government Series, which may be in
book -entry form.
(d) Until all Defeased Certificates of Obligation shall
have become due and payable, the Paying Agent/Registrar shall
perform the services of Paying Agent/Registrar for such
Defeased Certificates of Obligation the same as if they had
not been defeased, and the Issuer shall make proper arrange-
ments to provide and pay for such services as required by this
Ordinance.
Section 10. DAMAGED, MUTILATED, LOST, STOLEN, OR DE-
STROYED CERTIFICATES OF OBLIGATION. (a) Re 1p acement Certifi-
cates of Obligation. In the event any outstanding Certificate
of Obligation is damaged, mutilated, lost, stolen, or des-
troyed, the Paying Agent/Registrar shall cause to be printed,
executed, and delivered, a new certificate of obligation of
the same principal amount, maturity, and interest rate, as the
damaged, mutilated, lost, stolen, or destroyed Certificate of
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