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<br />(ii) providing the Paying Agent/Registrar with an opinion of <br />nationally recognized bond counsel acceptable to the Paying Agent/Registrar <br />to the effect that the deposit specified in subdivision (i) of this subsection (a) <br />will not cause the interest on the Bonds to become subject to federal income <br />taxation. <br /> <br />(b) Subject to subsection (c) of this Section, upon compliance with <br />subsection (a) of this Section, the Bonds for which provision is so made shall no <br />longer be regarded as outstanding and unpaid, and the Paying Agent/Registrar, upon <br />receipt of a letter of instructions from the City requesting the same, shall discharge <br />and release the lien of this Ordinance and execute and deliver to the City such <br />releases or other instruments as shall be requisite to release the lien hereof. <br /> <br />(c) Before the discharge and release of the lien of this Ordinance <br />pursuant to this Section, provision shan have been made by the City with the Paying <br />Agent/Registrar for: <br /> <br />(i) the establishment of a separate escrow account fund with the <br />Paying Agent/Registrar for the deposit pursuant to subsection (a)(i) of this <br />Section; <br /> <br />(ii) the payment to the Holders at the date of maturity, of the <br />fun amount to which the Holders would be entitled by way of principal, <br />premium, if any, and interest to the date of such maturity or prior <br />redemption; <br /> <br />(iii) the investment of such moneys by the Paying Agent! <br />Registrar in direct obligations of the United States of America, including <br />obligations the principal of and interest on which are unconditionany <br />guaranteed by the United States of America, which may be in book entry <br />form, maturing and/or bearing interest payable at such times and in such <br />amounts as will be sufficient to provide for the scheduled payments of such <br />bonds; <br /> <br />(iv) the sending of written notice by registered or certified <br />United States mail to the Holder of each Bond then outstanding within 30 <br />days following the date of such deposit that such moneys are so available for <br />such payment; and <br /> <br />(v) the payment to the City, periodicany or fonowing final <br />payment of the principal of, premium, if any, and interest on the Bonds, of <br />any moneys, interest earnings, profits or capital gains over and above the <br />amounts necessary for such purposes. <br /> <br />ARTICLE XII <br />LAPSE OF PAYMENT <br /> <br />Section 12.01. Lapse of Payment. <br /> <br />2383f <br /> <br />-25- <br />