HomeMy WebLinkAbout0118_0017:)y reason of maturity upon redemption or otherwise) either
(i) shall have been made or caused to be made in accordance
aith the terms thereof (including the giving of any required
notice of redemption) or (ii) shall have been provided for on
:)r before such due date by ,irrevocably depositing with or
naking available to the Paying Agent/Registrar for such payment
(1) lawful money of the United States of America sufficient to
hake 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 suffi-
lent 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 Bonds shall have become due and payable At such time
as a Bond shall be deemed to be a Defeased Bond hereunder as
aforesaid such Bond 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 Bonds and interest
thereon with respect to which such money has been so depos-
ited 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 whish may be in
book entry form
(d) Until all Defeased Bonds shall have become due and
payable the Paying Agent/Registrar shall perform the services
of Paying Agent/Registrar for such Defeased Bonds the same as
if they had not been defeased and the Issuer shall make proper
arrangements to provide and pay for such services as required
by this Ordinance
Section 10 DAMAGED MUTILATED LOST STOLEN OR DE-
STROYED BONDS (a) Replacement Bonds In the event any
outstanding Bond is damaged mutilated lost stolen or
destroyed the Paying Agent/Registrar shall cause` to be
printed executed and delivered a new bond of the same
principal amount maturity and interest rate as the damaged
mutilated lost stolen or destroyed Bond in replacement for
such Bond in the manner hereinafter provided
(b) Application for replacement Bonds Application for
replacement of damaged mutilated lost stolen or destroyed
Bonds shall be made by the registered owner thereof to the
Paying Agent/Registrar In every case of loss theft or
destruction of a Bond the registered owner applying for a
replacement bond shall furnish to the Issuer and to the Paying
Agent/Registrar such security or indemnity as may be required
by them to save each of them harmless from any loss or damage
with respect thereto Also in every case of loss theft or
destruction of a Bond the registered owner shall furnish to
the Issuer and to the Paying Agent/Registrar evidence to their
satisfaction of the loss theft or destruction of such Bond
as the case may be In every case of damage or mutilation of a
Bond the registered owner shall surrender to the Paying
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