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transfers shall be made in accordance with the provisions of the Ordinance pursuant to which <br />such obligations were issued or incurred) and to any other interest and sinking fund established <br />for the benefit of any revenue obligations of the Issuer that are secured by a pledge of the <br />Surplus Revenues (and any such transfers shall be made on a pro rata basis as the transfers <br />made for the benefit of the Certificates); <br />(ii) shall establish, adopt and maintain an annual budget that provides for either the <br />monthly deposit of sufficient Surplus Revenues and/or tax revenues, the monthly deposit of <br />any other legally available funds on hand at the time of the adoption of the annual budget, or <br />a combination thereof, into the Interest and Sinking Fund forthe repayment ofthe Certificates; <br />and <br />(iii) shall at all times maintain and collect sufficient System rates and charges in <br />conjunction with any other legally available funds that, after payment ofthe costs ofoperating <br />and maintaining the System, produce revenues in an amount not less than 1.10 times debt <br />service requirements of all outstanding System revenue obligations of the Issuer and other <br />obligations of the Issuer which are secured in whole or in part by a pledge of revenues of the <br />System, for which the Issuer is budgeting the repayment of such obligations from the revenues <br />of the System, or the Issuer shall prepare and provide documentation to any holder of a <br />Certificate who requests same, which evidences the levy of an ad valorem tax rate dedicated <br />to the Interest and Sinking Fund, in conjunction with any other legally available funds except <br />System rates and charges, sufficient for the repayment of System debt service requirements. <br />Section 7. DEFEASANCE OF CERTIFICATES. (A) Any Certificate of Obligation and the <br />interest thereon shall be deemed to be paid, retired, and no longer outstanding (a "Defeased <br />Certificate") within the meaning of this Ordinance, except to the extent provided in subsection (d) <br />of this Section, when payment of the principal of such Certificate, plus interest thereon to the due <br />date (whether such due date be by reason of maturity or otherwise) either (i) shall have been made <br />or caused to be made in accordance with the terms thereof, or (ii) shall have been provided for on <br />or before such due date by irrevocably depositing with or making available to the Paying <br />Agent/Registrar in accordance with an escrow agreement or other instrument (the "Future Escrow <br />Agreement") for such payment (1) lawful money of the United States of America sufficient to make <br />such payment or (2) Defeasance Securities that mature as to principal and interest in such amounts <br />and at such times as will insure the availability, without reinvestment, of sufficient money to provide <br />for such payment, and when proper arrangements have been made by the Issuer with the Paying <br />Agent/Registrar for the payment of its services until all Defeased Certificates shall have become due <br />and payable. At such time as a Certificate of Obligation shall be deemed to be a Defeased <br />Certificate hereunder, as aforesaid, such Certificate of Obligation and the interest thereon shall no <br />longer be secured by, payable from, or entitled to the benefits of, the ad valorem taxes herein levied <br />and pledged or the pledge of the Surplus Revenues as provided in this Ordinance, and such principal <br />and interest shall be payable solely from such money or Defeasance Securities. Notwithstanding <br />any other provision of this Ordinance to the contrary, it is hereby provided that any determination <br />not to redeem Defeased Certificates that is made in conjunction with the payment arrangements <br />specified in subsection 7(a)(i) or (ii) shall not be irrevocable, provided that (1) in the proceedings <br />t5 <br />