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<br /> <br /> <br /> <br /> <br /> <br /> extent and by the amount of the Surplus Revenues then on deposit in the Interest and Sinking Fund <br /> or budgeted for deposit therein. <br /> <br /> Section 10. TRANSFER. That the Mayor and the City Clerk are hereby ordered to do <br /> any and all things necessary to accomplish the transfer of monies to the Interest and Sinking Fund <br /> of this issue in ample time to pay such items of principal and interest. <br /> <br /> Section 11. DEFEASANCE OF CERTIFTCATES OF OBLIGATION. (a) Any Certificate <br /> of Obligation and the interest thereon shall be deemed to be paid, retired, and no longer <br /> outstanding (a "Defeased Certificate of Obligation") within the meaning of this Ordinance, except <br /> to the extent provided in subsection (d) of this Section, when payment of the principal of such <br /> Certificate of Obligation, plus interest thereon to the due date (whether such due date be by reason <br /> of maturity, upon redemption, or otherwise) either (i) shall have been made or caused to be made <br /> in accordance with the terms thereof (including the giving of any required notice of redemption), <br /> or (ii) shall have been provided for on or before such due date by inevocably depositing with or <br /> <br /> making available to the Paying Agent/Registrar for such payment (1) lawful money of the United <br /> States of America sufficient to make such payment or (2) Government Obligations which mature <br /> as to principal and interest in such amounts and at such times as will insure the availability, <br /> without reinvestment, of sufficient money to provide for such payment, and when proper arrange- <br /> ments have been made by the Issuer with the Paying Agent/Registrar for the payment of its <br /> services until all Defeased Certificates of Obligation shall have become due and payable. At such <br /> time as a Certificate of Obligation shall be deemed to be a Defeased Certificate of Obligation here- <br /> under, as aforesaid, such Certificate of Obligation and the interest thereon shall no longer be <br /> secured by, payable from, or entitled to the benefits of, the ad valorem taxes herein levied and <br /> pledged as provided in this Ordinance, and such principal and interest shall be payable solely from <br /> such money or Government Obligations. <br /> <br /> (b) Any moneys so deposited with the Paying Agent/Registrar may at the written direction <br /> of the Issuer also be invested in Government Obligations, maturing in the amounts and times as <br /> hereinbefore set forth, and all income from such Govemment Obligations received by the Paying <br /> Agent/ Registrar which is not required for the payment of the Certificates of Obligation and <br /> interest thereon, with respect to which such money has been so deposited, shall be turned over <br /> to the Issuer, or deposited as directed in writing by the Issuer. <br /> <br /> (c) The term "Government Obligations" as used in this Seetion shall mean direct <br /> obligations of the United States of America, including obligations the principal of and interest on <br /> which are unconditionally guaranteed by the United States of America, which may be United <br /> States Treasury obligations such as its State and Local Govemment Series, which may be in book- <br /> entry form. <br /> <br /> (d) Until all Defeased Certificates of Obligation shall have become due and payable, the <br /> Paying Agent/Registrar shall perform the services of Paying Agent/Registrar for such Defeased <br /> <br /> <br /> 23 <br />