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<br />I <br /> <br />I <br /> <br />I <br /> <br />(b) The deposit under clause (ii) of subsection (a) shall be deemed a payment of a Bond <br />as aforesaid when proper notice of redemption of such Bonds shall have been given or upon the <br />establishment of irrevokable provisions for the giving of such notice, in accordance with this <br />Ordinance. Any money so deposited with the Paying Agent/Registrar or an eligible trust company <br />or commercial bank as provided in this Section may at the discretion of the City Council also be <br />invested in Defeasance Securities, maturing in the amounts and at the times as hereinbefore set forth, <br />and all income from all Defeasance Securities in possession of the Paying Agent/Registrar or an <br />eligible trust company or commercial bank pursuant to this Section which is not required for the <br />payment of such Bond and premium, if any, and interest thereon with respect to which such money <br />has been so deposited, shall be remitted to the City Council. <br /> <br />(c) Notwithstanding any provision of any other Section of this Ordinance which may be <br />contrary to the provisions of this Section, all money or Defeasance Securities set aside and held in <br />trust pursuant to the provisions of this Section for the payment of principal of the Bonds and <br />premium, if any, and interest thereon, shall be applied to and used solely for the payment of the <br />particular Bonds and premium, if any, and interest thereon, with respect to which such money or <br />Defeasance Securities have been so set aside in trust. Until all Defeased Bonds shall have become <br />due and payable, the Paying Agent/Registrar shall perform the services of Paying Agent/Registrar <br />for such Defeased Bonds the same as if they had not been defeased, and the City shall make proper <br />arrangements to provide and pay for such services as required by this Ordinance. <br /> <br />(d) Notwithstanding anything elsewhere in this Ordinance, if money or Defeasance <br />Securities have been deposited or set aside with the Paying AgentlRegistrar or an eligible trust <br />company or commercial bank pursuant to this Section for the payment of Bonds and such Bonds <br />shall not have in fact been actually paid in full, no amendment of the provisions of this Section shall <br />be made without the consent of the registered owner of each Bond affected thereby. <br /> <br />(e) Notwithstanding the provisions of subsection (a) immediately above, to the extent <br />that, upon the defeasance of any Defeased Bond to be paid at its maturity, the City retains the right <br />under Texas law to later call that Defeased Bond for redemption in accordance with the provisions <br />of this Ordinance, the City may call such Defeased Bond for redemption upon complying with the <br />provisions of Texas law and upon the satisfaction of the provisions of subsection ( a) immediately <br />above with respect to such Defeased Bond as though it was being defeased at the time of the exercise <br />ofthe option to redeem the Defeased Bond and the effect of the redemption is taken into account in <br />determining the sufficiency of the provisions made for the payment of the Defeased Bond. <br /> <br />SANMARCOS/WWWSRev2006-2: Ordinance <br /> <br />40 <br />