|
received by the Paying Agent/Registrar which is not required for the payment of the Defeased
<br />Bonds, with respect to which such money has been so deposited, shall be remitted to the City or
<br />deposited as directed in writing by the City.
<br />(c) Unless defined otherwise in the Pricing Certificate, the term "Defeasance Securities"
<br />means any securities and obligations now or hereafter authorized by State law that are eligible to
<br />refund, retire or otherwise discharge obligations such as 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
<br />the same as if they had not been defeased, and the City shall make proper arrangements to
<br />provide and pay for such services as required by this Ordinance.
<br />(e) In the event that the City 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
<br />amount of Bonds by such random method as it deems fair and appropriate.
<br />Section 8. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED BONDS.
<br />(a) Replacement Bonds. In the event any outstanding Bond is damaged, mutilated, lost, stolen,
<br />or destroyed, the Paying Agent/Registrar shall cause to be printed, executed, and delivered, a
<br />new bond of the same principal amount, maturity, and interest rate, as the damaged, mutilated,
<br />lost, 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
<br />owner applying for a replacement bond shall furnish to the City and to the Paying
<br />Agent/Registrar such security or indemnity as may be required by them to save each of them
<br />harmless from any loss or damage with respect thereto. Also, in every case of loss, theft, or
<br />destruction of a Bond, the registered owner shall furnish to the City and to the Paying
<br />Agent/Registrar evidence to their satisfaction of the loss, theft, or destruction of such Bond. In
<br />every case of damage or mutilation of a Bond, the registered owner shall surrender to the Paying
<br />Agent/Registrar for cancellation the Bond so damaged 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 which is then
<br />continuing in the payment of the principal of or interest on the Bond, the City may authorize the
<br />payment of the same (without surrender thereof except in the case of a damaged or mutilated
<br />Bond) instead of issuing a replacement Bond, provided security or indemnity is furnished as
<br />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 />
|