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<br />therein, and every such right or power may be exercised from time to time and as often as may be deemed expedient.
<br />The specific remedies mentioned in this Ordinance shall be available to any owner of any of the Bonds and shall
<br />be cumulative of all other existing remedies.
<br />SECTION 8. DEFEASANCE OF BONDS. (a) Any Bond and the interest thereon shall be deemed to be paid,
<br />retired, and no longer outstanding (a "Defeased Bond") within the meaning of this Ordinance, except to the extent
<br />provided in subsection (d) of this Section, when payment of the principal of such Bond, plus interest thereon to the
<br />due date (whether such due date be by reason of maturity, upon redemption, or otherwise) either (i) shall have been
<br />made or caused to be made in accordance with the terms thereof (including the giving of any required notice of
<br />redemption) or (ii) shall have been provided for on or before such due date by irrevocably depositing with or making
<br />available to the Paying Agent/Registraz for such payment (A) lawful money of the United States of America
<br />sufficient to make such payment or (B) Government Obligations (hereinafter defined) which mature as to principal
<br />and interest in such amounts and at such times as will insure the availability, without reinvestment, of sufficient
<br />money to provide for such payment, and when proper arrangements have been made by the Issuer with the Paying
<br />Agent/Registraz for the payment of its services until all Defeased Bonds shall have become due and payable. At such
<br />time as a Bond shall be deemed to be a Defeased Bond hereunder, as aforesaid, such Bond and the interest thereon
<br />shall no longer be secured by, payable from, or entitled to the benefits of, the ad valorem fazes herein levied and
<br />pledged as provided in this Ordinance, and such principal and interest shall be payable solely from such money or
<br />Government Obligations.
<br />(b) Any money so deposited with 'the Paying Agent/Registraz may at the written direction of the Issuer also
<br />be invested in Government Obligations, maturing in the amounts and times as hereinbefore set forth, and all income
<br />from such Government Obligations received~by the Paying Agent/Registraz which is not required for the payment
<br />of the Bonds and interest thereon, with respect to which such money has been so deposited, shall be turned over to
<br />the Issuer, or deposited as directed in writing by the Issuer.
<br />(c) The term "Government Obligations" as used in this Section, shall mean direct obligations of the United
<br />States of America, including obligations the principal of and interest on which are unconditionally guazanteed by the
<br />United States of America, which may be United States Treasury obligations such as its State and Local Government
<br />Series, which may be in book-entry form.
<br />(d) Until all Defeased Bonds shall have become due and payable, the Paying Agent/Registrar shall perform
<br />the services of Paying Agent/Registraz for such Defeased Bonds the same as if they had not been defeased, and the
<br />Issuer shall make proper arrangements to provide and pay for such services as required by this Ordinance.
<br />(e) In the event that the principal and/or interest due on the Bonds shall be paid by AMBAC Indemnity
<br />Corporation, a Wisconsin domiciled stock insurance company ("AMBAC Indemnity") pursuant to the municipal bond
<br />guaranty insurance policy issued by AMBAC Indemnity insuring the payment when due of the principal of and
<br />interest on the Bonds as provided therein (the "Municipal Bond Guaranty Insurance Policy"), the Bonds shall remain
<br />outstanding for all purposes, not be defeased or otherwise satisfied, and not be considered paid by the City, and the
<br />assignment and pledge of the proceeds of taxes and all covenants, agreements, and other obligations of the City to
<br />the registered owners shall continue to exist and shall run to the benefit of AMBAC Indemnity, and AMBAC
<br />Indemnity shall be subrogated to the rights of such registered owners.
<br />SECTION 9. DAMAGED MUTILATED LOST STOLEN OR DESTROYED BONDS. (a) Replacement
<br />Bonds. In the event any outstanding Bond is damaged, mutilated, lost, stolen, or destroyed, the Paying
<br />Agent/Registraz shall cause to be printed, executed, and delivered, a new bond of the same principal amount,
<br />maturity, and interest rate, as the damaged, mutilated, lost, stolen, or destroyed Bond, in replacement for such Bond
<br />in the manner hereinafter provided.
<br />(b) Application for Replacement Bonds. Application for replacement of damaged, mutilated, lost, stolen, or
<br />destroyed Bonds shall be made by the registered owner thereof to the Paying Agent/Registraz. In every case of loss,
<br />theft, or destruction of a Bond, the registered owner applying for a replacement bond shall furnish to the Issuer and
<br />to the Paying Agent/Registrar such security or indemnity as may be required by them to save each of them harmless
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