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respect to which such money has been so deposited, shall be ren-litted 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
<br />hereafter authorized by State law that are eligible to refund, retire or otherwise discharge
<br />obligations such as the Bonds,
<br />(d) Until all Defeased Bonds shall have becorne 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
<br />and 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
<br />Bonds of a maturity, the Paying Agent/Registrar shall select, or cause to be selected, such amount
<br />of Bonds 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, a
<br />now Bond of the same principal amount, maturity and interest rate, as the darnaged, mutilated, lost,
<br />stolen or destroyed Bond, in replacernent 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 />darnage 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
<br />Agent/Registrar for cancellation the Bond so darnaged or mutilated.
<br />(c) No Default Occurred. Notwithstanding the foregoing provisions of this Section, in
<br />the event any such Bond shall have matured, and no default has occurred that is then continuing in
<br />the payment of the principal of, redemption premium, if any, or interest on the Bond, the Issuer
<br />may authorize the payment of the same (without surrender thereof except in the case of a damaged
<br />or mutilated Bond) instead of issuing a replacement Bond, provided security or indernnity is
<br />furnished as above provided in this Section,
<br />(d) Charge for Issuing Replacement Bonds, Prior to the issuance of any replacement
<br />Bond, the Paying Agent/Registrar shall charge the registered owner of such Bond with all legal,
<br />printing, and other expenses in connection therewith. Every replacement Bond issued pursuant to
<br />the provisions of this Section by virtue of the fact that any Bond is lost, stolen or destroyed shall
<br />constitute a contractual obligation of the Issuer whether or not the lost, stolen or destroyed Bond
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