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<br /> i Section 11. DEFEASANCE OF CERTIFICATES OF OBLIGATION.
<br /> (a) Any Certificate of Obligation and the interest thereon
<br /> +shall be deemed to be paid, retired, and no longer outstanding
<br /> (a "Defeased Certificate of Obligation") within the meaning of
<br /> J+this Ordinance, except to the extent provided in subsection (d)
<br /> f;of this Section 11, when payment of the principal of such
<br /> Certificate of Obligation, plus interest thereon to the due ~
<br /> Vdate (whether such due date be by reason of maturity, upon ,
<br /> s:-redemption, or otherwise) either (i) shall have been made or I
<br /> caused to be made in accordance with the terms thereof
<br /> f~(including the giving of any required notice of redemption, or
<br /> (ii) shall have been provided for on or before such due date by
<br /> ? irrevocably depositing with or making available to the Paying
<br /> Agent/Registrar for such payment (1) lawful money of the United
<br /> States of America sufficient to make such payment or (2)
<br /> Government Obligations which mature as to principal and
<br /> ~ interest in such amounts and at such times as will insure the
<br /> availability, without reinvestment, of sufficient money to
<br /> I provide for such payment, and when proper arrangements have
<br /> [been made by the Issuer with the Paying Agent/Registrar for the
<br /> payment of its services until all Defeased Certificates of
<br /> 9i Obligation shall have become due and payable. At such time as
<br /> i'a Certificate of Obligation shall be deemed to be a Defeased
<br /> !'~Certificate of Obligation hereunder, as aforesaid, such ~
<br /> Certificate of Obligation and the interest thereon shall no
<br /> longer be secured by, payable from, or entitled to the benefits
<br /> i~of, the ad valorem taxes herein levied and pledged as provided
<br /> l in this Ordinance, and such principal and interest shall be
<br /> payable solely from such money or Government Obligations. g
<br /> (b) Any moneys so deposited with the Paying Agent/Regis-
<br /> trar may at the written direction of the Issuer also be in-
<br /> J~vested in Government Obligations, maturing in the amounts and
<br /> d!times as hereinbefore set forth, and all income from such ~
<br /> PGovernment Obligations received by the Paying Agent/Registrar ;
<br /> ;'which is not required for the payment of the Certificates of I
<br /> ~ Obligation and interest thereon, with respect to which such i
<br /> } money has been so deposited, shall be turned over to the ~
<br /> ` Issuer, or deposited as directed in writing by the Issuer.
<br /> (c) The term "Government Obligations" as used in this
<br /> Section, shall mean direct obligations of the United States of
<br /> ~ America, including obligations the principal of and interest on
<br /> i:which are unconditionally guaranteed by the United States of ~
<br /> ;;America, which may be United States Treasury obligations such
<br /> E!as its State and Local Government Series, which may be in ~
<br /> l°book-entry form.
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<br /> (d) Until all Defeased Certificates of Obligation shall
<br /> ~;have become due and payable, the Paying Agent/Registrar shall
<br /> ,perform the services of Paying Agent/Registrar for such I
<br /> ~iDefeased Certificates of Obligation the same as if they had not ~
<br /> 'been defeased, and the Issuer shall make proper arrangements to ~
<br /> ~jprovide and pay for such services as required by this
<br /> Ordinance . ~
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<br /> Section 12. DAMAGED, MUTILATED, LOST, STOLEN, OR DE-
<br /> STROYED CERTIEICATES OF OBLIGATION. (a) Replacement Certifi-
<br /> i:cates of Obligation. In the event any outstanding Certificate
<br /> of Obligation is damaged, mutilated, lost, stolen, or des-
<br /> ?itroyed, the Paying Agent/Registrar shall cause to be printed,
<br /> 5;executed, and delivered, a new certificate of obligation of the
<br /> same principal amount, maturity, and interest rate, as the
<br /> ;;damaged, mutilated, lost, stolen, or destroyed Certificate of
<br /> ~IObligation, in replacement for such Certificate of Obligation
<br /> i: in the manner hereinafter provided.
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<br /> ( (b) Application for Replacement Certificates of Obliga-
<br /> !,tion. Application for replacement of damaged, mutilated, lost,
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