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the money and/or Defeasance Securities are held for the payment of Defeased Bonds may <br />contain provisions permitting the investment or reinvestment of such moneys in Defeasance <br />Securities or the substitution of other Defeasance Securities upon the satisfaction of the <br />requirements specified in subsection (a)(i) or (ii) of this Section. All income from such <br />Defeasance Securities received by the Paying Agent/Registrar which is not required for the <br />payment of the Defeased Bonds, with respect to which such money has been so deposited, shall <br />be remitted to the Issuer or deposited as directed in writing by the Issuer. <br />(c) The term "Defeasance Securities" means any securities and obligations now or <br />hereafter authorized by State law that are eligible to refund, retire ar otherwise discharge <br />obligations such as the Bonds. <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 Bonds <br />the same as if they had not been defeased, and the Issuer shall make proper arrangements to <br />provide and pay for such services as required by this Ordinance. <br />(e) In the event that the Issuer elects to defease less than all of the principal amount of <br />Bonds of a maturity, the Paying Agent/Registrar shall select, or cause to be selected, such <br />amount of Bonds by such random method as it deems fair and appropriate. <br />Section 7. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED BONDS. <br />(a) Replacement Bonds. In the event any outstanding Bond is damaged, mutilated, lost, <br />stolen or destroyed, the Paying Agent/Registrar shall cause to be printed, executed and delivered, <br />a new Bond of the same principal amount, maturity and interest rate, as the damaged, mutilated, <br />lost, stolen or destroyed Bond, in replacement for such Bond in the manner hereinafter provided. <br />(b) Application for Replacement Bonds. Application for replacement of damaged, <br />mutilated, lost, stolen or destroyed Bonds shall be made by the registered owner thereof to the <br />Paying Agent/Registrar. In every case of loss, theft or destruction of a Bond, the registered <br />owner applying for a replacement Bond shall furnish to the Issuer and to the Paying <br />Agent/Registrar such security or indemnity as may be required by them to save each of them <br />harmless from any loss or damage with respect thereto. Also, in every case of loss, theft or <br />destruction of a Bond, the registered owner shall furnish to the Issuer and to the Paying <br />Agent/Registrar evidence to their satisfaction of the loss, theft or destruction of such Bond, as the <br />case may be. In every case of damage or mutilation of a Bond, the registered owner shall <br />surrender to the Paying Agent/Registrar for cancellation the Bond so damaged or mutilated. <br />(c) No Default Occurred. Notwithstanding the foregoing provisions of this , in the event <br />any such Bond shall have matured, and no default has occurred that is then continuing in the <br />payment of the principal of, redemption premium, if any, or interest on the Bond, the Issuer may <br />authorize the payment of the same (without surrender thereof except in the case of a damaged or <br />mutilated Bond) instead of issuing a replacement Bond, provided security or indemnity is <br />furnished as above provided in this Section. <br />18 <br />�• <br />