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(b) Article 1208, Government Code, applies to the issuance of the Bonds and the pledge <br />of the taxes granted by the Issuer under this Section and is therefore valid, effective, and <br />perfected. Should Texas law be amended at any time while the Bonds are outstanding and <br />unpaid, the result of such amendment being that the pledge of the taxes granted by the Issuer <br />under this Section is to be subject to the filing requirements of Chapter 9, Business & Commerce <br />Code, in order to preserve to the registered owners of the Bonds a security interest in said pledge, <br />the Issuer agrees to take such measures as it determines are reasonable and necessary under <br />Texas law to comply with the applicable provisions of Chapter 9, Business & Commerce Code <br />and enable a filing of a security interest in said pledge to occur. <br />Section 6. DEFEASANCE OF BONDS. <br />(a) Any Bond and the interest thereon shall be deemed to be paid, retired and no longer <br />outstanding (a "Defeased Bond") within the meaning of this Ordinance, except to the extent <br />provided in subsection (d) of this Section, when payment of the principal of such Bond, plus <br />interest thereon to the due date (whether such due date be by reason of maturity or otherwise) <br />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 <br />making available to the Paying Agent/Registrar in accordance with an escrow agreement or other <br />instrument (the "Future Escrow Agreement") for such payment (1) lawful money of the United <br />States of America sufficient to make such payment or (2) Defeasance Securities that mature as to <br />principal and interest in such amounts and at such times as will insure the availability, without <br />reinvestment, 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 services <br />until all Defeased Bonds shall have become due and payable. At such time as a Bond shall be <br />deemed to be a Defeased Bond hereunder, as aforesaid, such Bond and the interest thereon shall <br />no longer be secured by, payable from, or entitled to the benefits of, the ad valorem taxes herein <br />levied and pledged as provided in this Ordinance, and such principal and interest shall be payable <br />solely from such money or Defeasance Securities. Notwithstanding any other provision of this <br />Ordinance to the contrary, it is hereby provided that any determination not to redeem Defeased <br />Bonds that is made in conjunction with the payrnent arrangements specified in subsection (a)(i) <br />or (ii) of this Section shall not be irrevocable, provided that: (1) in the proceedings providing for <br />such payment arrangements, the Issuer expressly reserves the right to call the Defeased Bonds <br />for redemption; (2) gives notice of the reservation of that right to the owners of the Defeased <br />Bonds immediately following the making of the payment arrangements; and (3) directs that <br />notice of the reservation be included in any redemption notices that it authorizes. <br />(b) Any moneys so deposited with the Paying Agent/Registrar may at the written <br />direction of the Issuer be invested in Defeasance Securities, maturing in the amounts and times <br />as hereinbefore set forth, and all income from such Defeasance Securities received by the Paying <br />Agent/Registrar that is not required for the payment of the Bonds and interest thereon, with <br />respect to which such money has been so deposited, shall be turned over to the Issuer, or <br />deposited as directed in writing by the Issuer. Any Future Escrow Agreement pursuant to which <br />17 <br />�� <br />