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shall be approved by the Pricing Officer, which agreement will provide for the payment in full of <br />the Refunded Obligations. In addition, the Mayor or the Pricing Officer is authorized to <br />purchase such securities, to execute such subscriptions for the purchase of the Escrowed <br />Securities (as defined in the agreement), if any, and to authorize such contributions for the <br />escrow fund as provided in the agreement. <br />Section 15. REDEMPTION OF REFUNDED OBLIGATIONS. <br />(a) Subject to execution and delivery of the Purchase Agreement with the Underwriters, <br />the Issuer hereby directs that the Refunded Obligations be called for redemption on the dates and <br />at such prices as set forth in the Pricing Certificate. The Pricing Officer is hereby authorized and <br />directed to issue or cause to be issued Notice of Redemption of the Refunded Obligations in <br />substantially the form set forth in Exhibit A attached hereto, completed with information from <br />the Pricing Certificate, to the paying agents for the Refunded Obligations. <br />(b) In addition, the paying agents for the Refunded Obligations are hereby directed to <br />provide the appropriate notices of redemption and defeasance as specified by the ordinances <br />authorizing the issuance of Refunded Obligations and are hereby directed to make appropriate <br />arrangements so that the Refunded Obligations may be redeemed on their redemption dates. The <br />Refunded Obligations shall be presented for redemption at the paying agents therefor, and shall <br />not bear interest after the date fixed for redemption. <br />(c) If the redemption of the Refunded Obligations results in the partial refunding of any <br />maturity of the Refunded Obligations, the Pricing Officer shall direct the paying agent/registrar <br />for the Refunded Obligations to designate at random and by lot which of the Refunded <br />Obligations will be payable from and secured solely from ad valorem taxes of the Issuer pursuant <br />to the ordinance of the Issuer authorizing the issuance of such Refunded Obligations (the <br />"Refunded Bond Ordinance"). The paying agent/registrar shall notify by first-class mail all <br />registered owners of all affected bonds of such maturities that: (i) a portion of such bonds have <br />been refunded and are secured until final maturity solely with cash and investments maintained <br />by the Escrow Agent in the Escrow Fund, (ii) the principal amount of all affected bonds of such <br />maturities registered in the name of such registered owner that have been refunded and are <br />payable solely from cash and investments in the Escrow Fund and the remaining principal <br />amount of all affected bonds of such maturities registered in the name of such registered owner, <br />if any, have not been refunded and are payable and secured solely from ad valorem taxes of the <br />Issuer described in the Refunded Obligation Ordinance, (iii) the registered owner is required to <br />submit his or her Refunded Obligations to the paying agent/registrar, for the purposes of re- <br />registering such registered owner's bonds and assigning new CUSIP numbers in order to <br />distinguish the source of payment for the principal and interest on such bonds, and (iv) payment <br />of principal of and interest on such bonds may, in some circumstances, be delayed until such <br />bonds have been re -registered and new CUSIP numbers have been assigned as required by (iii) <br />above. <br />(d) The source of funds for payment of the principal of and interest on the Refunded <br />Obligations on their respective maturity or redemption dates shall be from the funds deposited <br />30 <br />