O-1991-1755 - Laserfiche WebLink

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e e governing body of the City or any other body or person, and the duty of the replacement of sucb bonds is hereby authorized and imposed upon the Paying Agent/Registrar, and the Paying Agent/Registrar shall authenticate and deliver such bonds i.n the form and manner and with the effect, as provided in Section 4 (d) of this Ordinance for Bonds issued in exchange for other Bonds. SECTION 19. DEFEASANCE OF TilE BONDS. (a) Any Bond and the interest thereon shall be deemed to be paid, retired, and no longer outstanding (a "Defeased Bond") within the meaning of this Ordinance, except to the extent provided in subsection (d) of this Section, when payment of the principal of such Bond, plus interest thereon to the due date (whether such due date be by reason of maturity, upon redemption, or otherwise) either (I) shall have been made or caused to be made in accordance with the terms thereof (including the giving of any required notice of redemption), or (il) shall have been provided for on or before such due date by irrevocably depositing wilh or making available to the Paying Agent/Registrar for such payment (1) lawful money of the United Slates of America sufficient to make such payment or (2) direct obligations of the United States of America, including obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, which may be United States Treasury obligations such as its State and Local Government Series, and which may be book entry form (herein "Government Obligations") which mature as to principal and interest in such amounts and at such time as will insure the availability, without reinvestment, of sufficient money to provide for such payment, and when proper arrongements have been made by the City with the Paying Agcnt/Registrar for the payment of its services until all Defeased Bonds shall have become' due and payable. At such time as a Bond shall be deemed to bea Defeased Bond hereunder, as aforesaid, such Bond and the interest thereon shall no longer be secured by, payable from, or entitled to the benefits of,: the revenue herein levied and pledged as provided in this Ordinance, and such principal and interest shall be payable solely from such money or Government Obligations. (b) Any money so deposited with the Paying Agent/Registrar may at the written direction of the City also be invested as hereinbefore set forth, and all income from such Government Obligations received by the Paying Agent/Registrar which is not required for the payment of the Bonds and interest thereon, with respect to which such money has been so deposited, shall be turned over to the City, or deposited as directed in writing by the City. (c) Until all Defeased Bonds shall have become due and payable, the Paying Agent/Registrar shall perCorm the scrvices of Paying Agent/Registrar for such DefeBsed Bonds the same as if they had not been deCeased, and the City shall make proper arrangements to provide and pay for such services as required by this Ordinance. (d) In the event that the principal and/or interest due on the Bonds shall be paid by AMBAC Indemnity p~rsuant to the municipal bond guaranty insurance policy issed by AMBAC Indemnity insuring the payment 23