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(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 Bond and
<br />premium, if any, and interest thereon, shall be applied to and used solely for the payment of the
<br />particular Bond 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 />(d) Notwithstanding anything elsewhere in this Ordinance, if money or Defeasance Securities
<br />have been deposited or set aside with the Paying Agent /Registrar or an eligible trust company or
<br />commercial bank pursuant to this Section for the payment of the Bond and such Bond shall not have
<br />in fact been actually paid in full, no amendment of the provisions of this Section shall be made
<br />without the consent of the registered owner of each Bond affected thereby.
<br />(e) Notwithstanding the provisions of subsection (a) immediately above, to the extent that,
<br />upon the defeasance of any Defeased Bond to be paid at its maturity, the City retains the right under
<br />Texas law to later call that Defeased Bond for redemption in accordance with the provisions of this
<br />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 />of the 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 />Section 10. DAMAGED MUTILATED LOST STOLEN OR DESTROYED BONDS.
<br />(a) Replacement Bonds. In the event any outstanding Bond is damaged, mutilated, lost, stolen, or
<br />destroyed, the Paying Agent/Registrar shall cause to be printed, executed, and delivered, a new Bond
<br />of the same principal amount, maturity, and interest rate, as the damaged, mutilated, lost, stolen, or
<br />destroyed Bond, in replacement for such Bond in the manner hereinafter provided.
<br />(b) Application for Replacement Bonds. Application for replacement of damaged, mutilated,
<br />lost, stolen, or destroyed Bonds shall be made by the Registered Owner thereof to the Paying
<br />Agent /Registrar. In every case of loss, theft, or destruction of a Bond, the Registered Owner
<br />applying for a replacement bond shall furnish to the City and to the Paying Agent/Registrar such
<br />security or indemnity as may be required by them to save each of them harmless from any loss or
<br />damage with respect thereto. Also, in every case of loss, theft, or destruction of a Bond, the
<br />Registered Owner shall furnish to the City and to the Paying Agent/Registrar evidence to their
<br />satisfaction of the loss, theft, or destruction of such Bond, as the case may be. In every case of
<br />damage or mutilation of a Bond, the Registered Owner shall surrender to the Paying Agent/Registrar
<br />for cancellation the Bond so damaged or mutilated.
<br />(c) No Default Occurred. Notwithstanding the foregoing provisions of this Section, in the
<br />event any such Bond shall have matured, and no default has occurred which is then continuing in the
<br />payment of the principal of, redemption premium, if any, or interest on the Bond, the City may
<br />San Marcos GORB 2014 - Delegated: Ordinance 21
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