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<br />mutilated, lost, stolen, or destroyed, the Paying Agent/Registrar
<br />shall cause to be printed, executed, and delivered, a new bond of
<br />the same principal amount, maturity, and interest rate, as the
<br />damaged, mutilated, lost, stolen, or destroyed Bond, in
<br />replacement for such Bond in the manner hereinafter provided.
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<br />(b) Application for replacement of damaged, mutilated,'
<br />lost, stolen, or destroyed Bonds shall be made to the Paying
<br />Agent/Registrar. In every case of loss, theft, or destruction of
<br />a Bond, the applicant for a replacement bond shall furnish to the
<br />City and to the Paying Agent/Registrar such security or indemnity
<br />as may be required by them to save each of them harmless from any
<br />loss or damage with respect thereto. Also, in every case of
<br />loss, theft, or destruction of a Bond, the applicant shall
<br />furnish to the City and to the Paying Agent/Registrar evidence to
<br />their satisfaction of the loss, theft, or destruction of such
<br />Bond, as the case may be. In every case of damage or mutilation
<br />of a Bond, the applicant shall surrender to the Paying
<br />Agent/Registrar for cancellation the Bond so damaged or
<br />mutilated.
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<br />(c) Notwithstanding the foregoing provisions of this
<br />Section, in the event any such Bond shall have matured, and no
<br />default has occurred which is then continuing in the payment of
<br />the principal of, redemption premium, if any, or interest on the
<br />Bond, the City may authorize the payment of the same (without
<br />surrender thereof expect in the case of a damaged or mutilated
<br />Bond) instead of issuing a replacement Bond, provided security or
<br />indemnity is furnished as above provided in this Section.
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<br />(d) Prior to the issuance of any replacement bond, the
<br />Paying Agent/Registrar shall charge the owner of such Bond with
<br />all legal, printing, and other expenses in connection therewith.
<br />Every replacement bond issued pursuant to the provisions of this
<br />Section by virtue of the fact that any Bond is lost, stolen, or
<br />destroyed shall constitute a contractual obligation of the City
<br />whether or not the lost, stolen or destroyed Bond shall be found
<br />at any time, or be enforceable by anyone, and shall be entitled
<br />to all the benefits of this Ordinance equally and proportionately
<br />with any and all other Bonds duly issued under this Ordinance.
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<br />(e) In accordance with section 6 of Article 717k-6,
<br />V.A.T.C.S., this Section of this Ordinance shall constitute
<br />authority for the issuance of any such replacement bond without
<br />necessity of further action by the governing body of the City or
<br />any other body or person, and the duty of the replacement of such
<br />bonds is hereby authorized and imposed upon the Paying
<br />Agent/Registrar, and the Paying Agent/Registrar shall
<br />authenticate and deliver such bonds in the form and manner and
<br />with the effect, as provided in section 5 (d) of this Ordinance
<br />for Bonds issued in exchange for other Bonds.
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<br />Section 14. DEFEASANCE OF THE BONDS. (a) Any Bond and the
<br />interest thereon shall be deemed to be paid, retired, and no
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