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providing for such payment arrangements, the Issuer expressly reserves the right to call the Defeased <br />Certificates for redemption; (2) gives notice of the reservation of that right to the owners of the <br />Defeased Certificates immediately following the making of the payment arrangements; and (3) <br />directs that 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 direction of <br />the Issuer also be invested in Defeasance Securities, maturing in the amounts and times as herein- <br />before 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 Certificates of Obligation and interest <br />thereon, with respect to which such money has been so deposited, shall be turned over to the Issuer, <br />or deposited as directed in writing by the Issuer. Any Future Escrow Agreement pursuant to which <br />the money and/or Defeasance Securities are held for the payment of Defeased Certificates 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 requirements <br />specified in subsection 7(a)(i) or (ii). All income from such Defeasance Securities received by the <br />Paying Agent/Registrar which is not required for the payment of the Defeased Certificates, with <br />respect to which such money has been so deposited, shall be remitted to the Issuer or deposited as <br />directed in writing by the Issuer. <br />(c) The term "Defeasance Securities" means any securities and obligations now or hereafter <br />authorized by Texas law that are eligible to discharge obligations such as the Certificates. <br />(d) Until all Defeased Certificates shall have become due and payable, the Paying <br />Agent/Registrar shall perform the services of Paying Agent/Registrar for such Defeased Certificates <br />the same as if they had not been defeased, and the Issuer shall make proper arrangements to provide <br />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 />Certificates of a maturity, the Paying Agent/Registrar shall select, or cause to be selected, such <br />amount of Certificates by such random method as it deems fair and appropriate. <br />(� In the event that the Issuer establishes a defeasance escrow for the Certifcates in <br />accordance with Section 7, written notice thereof shall be promptly given to the Texas Water <br />Development Board. <br />Section 8. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED <br />CERTIFICATES. (a) Replacement Certificates. In the event any outstanding Certificate is <br />damaged, mutilated, lost, stolen or destroyed, the Paying Agent/Registrar shall cause to be printed, <br />executed and delivered, a new certificate of the same principal amount, maturity and interest rate, <br />as the damaged, mutilated, lost, stolen or destroyed Certificate, in replacement for such Certificate <br />in the manner hereinafter provided. <br />(b) Apalication for Replacement Certifcates. Application for replacement of damaged, <br />mutilated, lost, stolen or destroyed Certificates shall be made by the Registered Owner thereof to <br />16 <br />