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<br />in this Ordinance, and such principal and interest shall be payable solely
<br />from such money or Government Obligations.
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<br />(b) Any money so deposited with the Paying Agent/Registrar
<br />may at the written direction of the Issuer also be invested in Government
<br />Obligations, maturing in the amounts and times as hereinbefore set forth,
<br />and all income from such Government Obligations received by the Paying
<br />Agent/Registrar which is not required for the payment of the Bonds and
<br />interest thereon, with respect to which such money has been so deposited,
<br />shall be turned over to the Issuer, or deposited as directed in writing by
<br />the Issuer.
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<br />(c) The term "Government Obligations" as used in this Section,
<br />shall mean direct obligations of the United States of America, including
<br />obligations the principal of and interest on which are unconditionally
<br />guaranteed by the United States of America, which may be United States
<br />Treasury obligations such as its State and Local Government Series, which
<br />may be in book-entry form.
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<br />(d) Until all Defeased Bonds shall have become due and payable,
<br />the Paying Agent/Registrar shall perform the services of Paying
<br />Agent/Registrar for such Defeased Bonds the same as if they had not been
<br />defeased, and the Issuer shall make proper arrangements to provide and pay
<br />for such services as required by this Ordinance.
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<br />(e) In the event that the principal 'and/or interest due on the
<br />Bonds shall be paid by AMBAC Indemnity Corporation, a Wisconsin domiciled
<br />stock insurance company ("AMBAC Indemnity") pursuant to the municipal
<br />bond guaranty insurance policy issed by AMBAC Indemnity insuring the
<br />payment when due of the principal of and interest on the Bonds as provided
<br />therein (the "Municipal Bond Guaranty Insurance Policy"), the Bonds shall
<br />remain outstanding for all purposes, not be defeased or otherwise satisfied,
<br />and not be considered paid by the City, and the assignment and pledge of
<br />the proceeds of taxes and all covenants, agreements, and other obligations
<br />of the City to the registered owners shall continue to exist and shall run to
<br />the benefit of AMBAC Indemnity, and AMBAC Indemnity shall be subrogated
<br />to the rights of such registered owners.
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<br />SECTION 10. DAMAGED, MUTILA TED, LOST, STOLEN, OR
<br />DESTROYED BONDS. (a) Replacement Bonds. In the event any outstanding
<br />Bond is damaged, mutilated, lost, stolen, or destroyed, the Paying
<br />Agent/Registrar shall cause to be printed, executed, and delivered, a new
<br />bond of the same principal amount, maturity, and interest rate, as the
<br />damaged, mutilated, lost, stolen, or destroyed Bond, in replacement for such
<br />Bond in the manner hereinafter provided.
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<br />(b) Application for Replacement Bonds. Application for
<br />replacement of damaged, mutilated, lost, stolen, or destroyed Bonds shall be
<br />made by the registered owner thereof to the Paying Agent/Registrar. In
<br />every case of loss, theft, or destruction of a Bond, the registered owner
<br />applying for a replacement bond shall furnish to the Issuer and to the
<br />Paying Agent/Registrar such security or indemnity as may be required by
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