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and such principal and interest shall be payable solely from such money or Defeasance Securities. <br />Notwithstanding any other provision of this Ordinance to the contrary, it is hereby provided that <br />any determination not to redeem Defeased Certificates that is made in conjunction with the <br />payment arrangements specified in subsection 6(a)(i) or (ii) shall not be irrevocable, provided that: <br />(1) in the proceedings providing for such payment arrangements, the City expressly reserves the <br />right to call the Defeased Certificates for redemption; (2) gives notice of the reservation of that <br />right to the owners of the Defeased Certificates immediately following the making of the payment <br />arrangements; and (3) directs that notice of the reservation be included in any redemption notices <br />that it authorizes. <br />(b) Any moneys so deposited with the Paying Agent/Registrar may at the written <br />direction of the City 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 Certificates and interest thereon, with <br />respect to which such money has been so deposited, shall be turned over to the City, or deposited <br />as directed in writing by the City. Any Future Escrow Agreement pursuant to which the money <br />and/or Defeasance Securities are held for the payment of Defeased Certificates may contain <br />provisions permitting the investment or reinvestment of such moneys in Defeasance Securities or <br />the substitution of other Defeasance Securities upon the satisfaction of the requirements specified <br />in 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 Certificates, with respect <br />to which such money has been so deposited, shall be remitted to the City or deposited as directed <br />in writing by the City. <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 Certificates. <br />(d) Until all Defeased Certificates shall have become due and payable, the Paying <br />Agent/Registrar shall perform the services of Paying Agent/Registrar for such Defeased <br />Certificates the same as if they had not been defeased, and the City shall make proper arrangements <br />to 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 />Certificates of a maturity, the Paying Agent/Registrar shall select, or cause to be selected, such <br />amount of Certificates by such random method as it deems fair and appropriate. <br />Section 7. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED <br />CERTIFICATES. <br />(a) Replacement Certificates. In the event any outstanding Certificate is damaged, <br />mutilated, lost, stolen or destroyed, the Paying Agent/Registrar shall cause to be printed, executed <br />and delivered, a new certificate of the same principal amount, maturity and interest rate, as the <br />damaged, mutilated, lost, stolen or destroyed Certificate, in replacement for such Certificate in the <br />manner hereinafter provided. <br />(b) Application for Replacement Certificates. Application for replacement of <br />damaged, mutilated, lost, stolen or destroyed Certificates shall be made by the registered owner <br />thereof to the Paying Agent/Registrar. In every case of loss, theft or destruction of a Certificate, <br />