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<br />bonds or other obligations (now or hereafter outstanding), which are payable from all or any part of the Net <br />Revenues of the Issuer's Waterworks and Sewer System. The Issuer shall deposit such Surplus Revenues <br />to the credil of the Interest and Sinking Fund created pursuant to Section 8, to the extenl necessary 10 pay <br />the principal and interest on the Bonds. Notwithstanding the requirements of Section 8, if revenues are <br />actually on deposit or budgeted for deposit in the Interesl and Sinking Fund in advance of the time when ad <br />valorem taxes are scheduled to be levied for any year, then the amount of taxes which otherwise would have <br />been required to be levied pursuant 10 Section 8 may be reduced to the extent and by the amounl of the <br />revenues then on deposil in the Interest and Sinking Fund or budgeted for deposit therein. (The tenn "Net <br />Revenues of the Issuer's Waterworks and Sewer Syslem" shall mean, those revenues of the Issuer's <br />Walerworks and Sewer Syslem remaining after deducting all the expenses and operalions of the System, <br />thereof. ) <br /> <br />Section 10. TRANSFER. That the Mayor and the City Clerk are hereby ordered to do any and <br />all things necessary to accomplish the transfer of monies to the Interest and Sinking Fund of this issue in <br />ample time to pay such items of principal and interest. <br /> <br />Section II. DEFEASANCE OF BONDS. (a) Any Bond and the interest thereon shall be <br />deemed to be paid, retired, and no longer outstanding (a "Defeased Bond") within the meaning of this <br />Ordinance, except to the extent provided in subsection (d) of this Section, when paymenl of the principal of <br />such Bond, plus interest thereon 10 the due date (whether such due date be by reason of maturity or <br />otherwise) either (i) shall have been made or caused to be made in accordance with the terms thereof, or (ii) <br />shall have been provided for on or before such due date by irrevocably depositing with or making available <br />10 the Paying Agent/Registrar in accordance with an escrow agreemenl or other instrument (the "Future <br />Escrow Agreement") for such payment (I) lawful money of the United States of America sufficienl to make <br />such payment or (2) Defeasance Securities thaI mature as to principal and interest in such amounts and at <br />such times as will insure the availability, without reinvestment, of sufficient money to provide for such <br />payment, and when proper arrangements have been made by the Issuer with the Paying Agent/Registrar for <br />the payment of its services until all Defeased Bonds shall have become due and payable. At such time as <br />a Bond shall be deemed 10 be a Defeased Bond hereunder, as aforesaid, such Bond and the inlerest thereon <br />shall no longer be secured by, payable from, or entitled to the benefils of, the ad valorem laxes herein levied <br />and pledged as provided in this Ordinance, and such principal and interest shall be payable solely from such <br />money or Defeasance Securities. <br /> <br />(b) Any moneys so deposited with the Paying Agent/Registrar may al the written direction of the <br />Issuer also be invested in Defeasance Securities, maturing in the amounts and times as hereinbefore set forth, <br />and all income from such Defeasance Securities received by the Paying Agent/Registrar that is not required <br />for the payment of the Bonds and interest thereon, with respect to which such money has been so deposited, <br />shall be turned over 10 the Issuer, or deposited as directed in writing by the Issuer. Any Future Escrow <br />Agreement pursuant to which the money and/or Defeasance Securities are held for the payment of Defeased <br />Bonds may contain provisions permitting the investment or reinvestmenl of such moneys in Defeasance <br />Securities or the substitution of other Defeasance Securities upon the salisfaction of the requirements <br />specified in subsection I I (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 Bonds, with respect to which such <br />money has been so deposited, shall be remitted to the Issuer or deposiled as directed in writing by the Issuer. <br /> <br />(c) The tenn "Defeasance Securities" means (i) direct, noncallable obligations of the Uniled Slales <br />of America, including obligations thaI are unconditionally guaranteed by the United Stales of America., (ii) <br /> <br />18 <br />