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due and payable, and thereafter the Issuer will have no further responsibility with respect to amounts <br />available to such paying agent (or other financial institution permitted by applicable law) for the <br />payment of such defeased bonds, including any insufficiency therein caused by the failure of such <br />paying agent (or other financial institution permitted by applicable law) to receive payment when <br />due on the Defeasance Securities. At such time as a Bond shall be deemed to be a Defeased Bond <br />hereunder, as aforesaid, such Bond and the interest thereon shall no longer be secured by, payable <br />from, or entitled to the benefits of, the ad valorem taxes herein levied and pledged as provided in <br />this Ordinance, and such principal and interest shall be payable solely from such money or <br />Defeasance Securities. <br />(b) Any moneys so deposited with the Paying Agent/Registrar may at the written direction <br />of the Issuer be invested in Defeasance Securities, maturing in the amounts and times as <br />hereinbefore set forth, and all income from such Defeasance Securities received by the Paying <br />Agent/Registrar that is not required for the payment of the Bond and interest thereon, with respect <br />to which such money has been so deposited, shall be turned over to the Issuer, or deposited as <br />directed in writing by the Issuer. Any Future Escrow Agreement pursuant to which the money <br />and/or Defeasance Securities are held for the payment of a Defeased Bond may contain provisions <br />permitting the investment or reinvestment of such moneys in Defeasance Securities or the <br />substitution of other Defeasance Securities upon the satisfaction of the requirements specified in <br />subsection 6(a)(i) or (ii). All income from such Defeasance Securities received by the Paying <br />Agent/Registrar which is not required for the payment of the Defeased Bond, with respect to which <br />such money has been so deposited, shall be remitted to the Issuer or deposited as directed in writing <br />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 Bond. <br />(d) Until the Defeased Bond shall have become due and payable, the Paying Agent/Registrar <br />shall perform the services of Paying Agent/Registrar for such Defeased Bond the same as if they had <br />not been defeased, and the Issuer shall make proper arrangements to provide and pay for such <br />services as required by this Ordinance. <br />Section 7. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED BOND. <br />(a) Replacement Bond. 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 Bond. Application for replacement of a damaged, <br />mutilated, lost, stolen or destroyed Bond 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 />11 <br />