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(b) pursuant to an escrow or trust agreement, cash and/or (i) direct noncallable obligations of
<br />United States of America, including obligations that are unconditionally guaranteed by the
<br />United States of America; (ii) noncallable obligations of an agency or instrumentality of the
<br />United States, including obligations that are unconditionally guaranteed or insured by the agency
<br />or instrumentality and that are rated as to investment quality by a nationally recognized
<br />investment rating firm not less than AAA or its equivalent; or (iii) noncallable obligations of a
<br />state or an agency or a county, municipality, or other political subdivision of a state that have
<br />been refunded and that are rated as to investment quality by a nationally recognized investment
<br />rating firm not less than AAA or its equivalent, which, in the case of (i), (ii) or (iii), may be in
<br />book -entry form, and the principal of and interest on which will, when due or redeemable at the
<br />option of the holder, without further investment or reinvestment of either the principal amount
<br />thereof or the interest earnings thereon, provide money in an amount which, together with other
<br />moneys, if any, held in such escrow at the same time and available for such purpose, shall be
<br />sufficient to provide for the timely payment of the principal of and interest thereon to the date of
<br />maturity or earlier redemption;
<br />provided, however, that if any of the Bonds are to be redeemed prior to their respective dates of
<br />maturity, provision shall have been made for giving notice of redemption as provided in this
<br />Ordinance. Upon such deposit, such Bonds shall no longer be regarded to be Outstanding or
<br />unpaid. Any surplus amounts not required to accomplish such defeasance shall be returned to
<br />the City.
<br />Section 9.2.: Application of Chapter 1208, Government Code. Chapter 1208, Government
<br />Code, applies to the issuance of the Bonds and the pledge of the taxes granted by the City under
<br />Section 5.1 of this Ordinance, and such pledge is therefore valid, effective and perfected. If
<br />Texas law is amended at any time while the Bonds are outstanding and unpaid such that the
<br />pledge of the taxes granted by the City under Section 5.1 of this Ordinance is to be subject to the
<br />filing requirements of Chapter 9, Business & Commerce Code, then in order to preserve to the
<br />Registered Owners of the Bonds the perfection of the security interest in said pledge, the City
<br />agrees to take such measures as it determines are reasonable and necessary under Texas law to
<br />comply with the applicable provisions of Chapter 9, Business & Commerce Code and enable a
<br />filing to perfect the security interest in said pledge to occur.
<br />Section 9.3.: Ordinance a Contract — Amendments. This Ordinance shall constitute a contract
<br />with the Registered Owners from time to time, be binding on the City, and shall not be
<br />amended or repealed by the City so long as any Bond remains Outstanding except as permitted
<br />in this Section. The City may, without the consent of or notice to any Registered Owners,
<br />from time to time and at any time, amend this Ordinance in any manner not detrimental to the
<br />interests of the Registered Owners, including the curing of any ambiguity, inconsistency, or
<br />formal defect or omission herein. In addition, the City may, with the consent of Registered
<br />Owners who own in the aggregate 51 % of the principal amount of the Bond then Outstanding,
<br />amend, add to, or rescind any of the provisions of this Ordinance; provided that, without the
<br />consent of all Registered Owners of Outstanding Bonds, no such amendment, addition, or
<br />rescission shall (i) extend the time or times of payment of the principal of and interest on the
<br />Bonds, reduce the principal amount thereof, the redemption price, or the rate of interest
<br />thereon, or in any other way modify the terms of payment of the principal of or interest on the
<br />Bonds, (ii) give any preference to any Bond over any other Bond, or (iii) reduce the aggregate
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