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<br /> Section 27. DEFEASANCE OF BONDS. (a) Any Bond and the interest thereon
<br /> shall be deemed to be paid, retired, and no longer outstanding (a "Defeased Bond") within
<br /> the meaning of this Ordinance, except to the extent provided in subsection (d) of this
<br /> Section 27, when payment of the principal of such Bond, plus interest thereon to the due
<br /> date (whether such due date be by reason of maturity, upon redemption, or otherwise)
<br /> either (i) shall have been made or caused to be made in accordance with the terms thereof
<br /> (including the giving of any required notice of redemption), or (ii) shall have been provided
<br /> for on or before such due date by irrevocably depositing with or making available to the
<br /> Paying Agent/Registrar for such payment (1) lawful money of the United States of America
<br /> sufficient to make such payment or (2) Government Obligations which mature as to principal
<br /> and interest in such amounts and at such times as will insure the availability, without rein-
<br /> vestment, of sufficient money to provide for such payment, and when proper arrangements
<br /> have been made by the Issuer with the Paying Agent/Registrar for the payment of its
<br /> services until all Defeased Bonds shall have become due and payable. At such time as a
<br /> Bond shall be deemed to be a Defeased Bond hereunder, as aforesaid, such Bond and the
<br /> interest thereon shall no longer be secured by, payable from, or entitled to the benefits of,
<br /> the Net Revenues herein pledged as provided in this Ordinance, and such principal and
<br /> interest shall be payable solely from such money or Government Obligations.
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<br /> (b) Any moneys so deposited with the Paying Agent/Registrar may at the written
<br /> direction of the Issuer also be invested in Government Obligations, maturing in the amounts
<br /> and times as hereinbefore set forth, and all income from such Government Obligations
<br /> received by the Paying Agent/Registrar which is not required for the payment of the Bonds
<br /> and interest thereon, with respect to which such money has been so deposited, shall be
<br /> turned over to the Issuer, or deposited as directed in writing by the Issuer.
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<br /> (c) The term "Government Obligations" as used in this Section shall mean direct
<br /> obligations of the United States of America, including obligations the principal of and
<br /> interest on which are unconditionally guaranteed by the United States of America, which
<br /> may be United States Treasury obligations such as its State and Local Government Series,
<br /> which may be in book-entry form.
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<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
<br /> Bonds the same as if they had not been defeased, and the Issuer shall make proper
<br /> arrangements to provide and pay for such services as required by this Ordinance.
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<br /> Section 28. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED
<br /> BONDS. (a) Replacement Bonds. In the event any outstanding Bond is damaged,
<br /> mutilated, lost, stolen, or destroyed, the Paying Agent/Registrar shall cause to be printed,
<br /> executed, and delivered, a new bond of the same principal amount, maturity, and interest
<br /> rate, as the damaged, mutilated, lost, stolen, or destroyed Bond, in replacement for such
<br /> Bond in the manner hereinafter provided.
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