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substitution of other Defeasance Securities upon the satisfaction of the requirements specified in <br />Subsection (a)(i) or (ii) of this Section. All income from such Defeasance Securities received by <br />the Paying Agent/Registrar which is not required for the payment of the Defeased Bonds, with <br />respect to which such money has been so deposited, shall be remitted to the Issuer or deposited as <br />directed in writing by the Issuer. <br />(c) The term " Defeasance Securities" means any securities and obligations now or hereafter <br />authorized by State law that are eligible to refund, retire or otherwise discharge obligations such as <br />the Bonds. <br />(d) Until all Defeased Bonds shall have become due and payable, the Paying <br />Agent/Registrar shall perform the services of Paying Agent/Registrar for such Defeased Bonds the <br />same as if they had not been defeased, and the Issuer shall make proper arrangements to provide and <br />pay for such services as required by this Ordinance. <br />(e) In the event that the Issuer elects to defease less than all of the principal amount of Bonds <br />of a maturity, the Paying Agent/Registrar shall select, or cause to be selected, such amount of Bonds <br />by such random method as it deems fair and appropriate. <br />Section 7. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED BONDS. <br />(a) Replacement Bonds. In the event any outstanding Bond is damaged, mutilated, lost, <br />stolen or destroyed, the Paying Agent/Registrar shall cause to be printed, executed and delivered, <br />a new Bond of the same principal amount, maturity and interest rate, as the damaged, mutilated, lost, <br />stolen or destroyed Bond, in replacement for such Bond in the manner hereinafter provided. <br />(b) Application for Replacement Bonds. Application for replacement of damaged, <br />mutilated, lost, stolen or destroyed Bonds shall be made by the registered owner thereof to the <br />Paying Agent/Registrar. In every case of loss, theft or destruction of a Bond, the registered owner <br />applying for a replacement Bond shall furnish to the Issuer and to the Paying Agent/Registrar such <br />security or indemnity as may be required by them to save each of them harmless from any loss or <br />damage with respect thereto. Also, in every case of loss, theft or destruction of a Bond, the <br />registered owner shall furnish to the Issuer and to the Paying Agent/Registrar evidence to their <br />satisfaction of the loss, theft or destruction of such Bond, as the case may be. In every case of <br />damage or mutilation of a Bond, the registered owner shall surrender to the Paying Agent/Registrar <br />for cancellation the Bond so damaged or mutilated. <br />(c) No Default Occurred. Notwithstanding the foregoing provisions of this Section, in the <br />event any such Bond shall have matured, and no default has occurred that is then continuing in the <br />payment of the principal of, redemption premium, if any, or interest on the Bond, the Issuer may <br />authorize the payment of the same (without surrender thereof except in the case of a damaged or <br />mutilated Bond) instead of issuing a replacement Bond, provided security or indemnity is furnished <br />as above provided in this Section. <br />(d) Charge for Issuing Replacement Bonds. Prior to the issuance of any replacement Bond, <br />the Paying Agent/Registrar shall charge the registered owner of such Bond with all legal, printing, <br />17 <br />