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<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 ad valorem taxes herein levied and pledged as provided in this Ordinance, and such
<br /> principal and 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 16. 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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<br /> (b) Apvlication for Revlacement Bonds. Application for replacement of damaged,
<br /> mutilated, lost, stolen, or destroyed Bonds shall be made by the registered owner thereof to
<br /> the Paying Agent/Registrar. In every case of loss, theft, or destruction of a Bond, the
<br /> registered owner applying for a replacement bond shall furnish to the Issuer and to the
<br /> Paying Agent/Registrar such security or indemnity as may be required by them to save each
<br /> of them harmless from any loss or damage with respect thereto. Also, in every case of loss,
<br /> theft, or destruction of a Bond, the registered owner shall furnish to the Issuer and to the
<br /> Paying Agent/Registrar evidence to their satisfaction of the loss, theft, or destruction of such
<br /> Bond, as the case may be. In every case of damage or mutilation of a Bond, the registered
<br /> owner shall sunender to the Paying Agent/Registrar for cancellation the Bond so damaged
<br /> or mutilated.
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