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Council also be invested in Defeasance Securities, maturing in the amounts and at the times as <br />hereinbefore set forth, and all income from all Defeasance Securities in possession of the Paying <br />Agent/Registrar or an eligible trust company or commercial bank pursuant to this Section which <br />is not required for the payment of such Bond and premium, if any, and interest thereon with <br />respect to which such money has been so deposited, shall be remitted to the City Council. <br />(c) Notwithstanding any provision of any other Section of this Ordinance which may <br />be contrary to the provisions of this Section, all money or Defeasance Securities set aside and <br />held in trust pursuant to the provisions of this Section for the payment of principal of the Bonds <br />and premium, if any, and interest thereon, shall be applied to and used solely for the payment of <br />the particular Bonds and premium, if any, and interest thereon, with respect to which such money <br />or Defeasance Securities have been so set aside in trust. Until all Defeased Bonds shall have <br />become due and payable, 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 defeased, and the City <br />shall make proper arrangements to provide and pay for such services as required by this <br />Ordinance. <br />(d) Notwithstanding anything elsewhere in this Ordinance, if money or Defeasance <br />Securities have been deposited or set aside with the Paying Agent/Registrar 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 <br />shall be made 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 <br />that, upon the defeasance of any Defeased Bond to be paid at its maturity, the City retains the <br />right under Texas law to later call that Defeased Bond for redemption in accordance with the <br />provisions of this Ordinance, the City may call such Defeased Bond for redemption upon <br />complying with the provisions of Texas law and upon the satisfaction of the provisions of <br />subsection (a) immediately above with respect to such Defeased Bond as though it was being <br />defeased at the time of the exercise of the option to redeem the Defeased Bond and the effect of <br />the redemption is taken into account in determining the sufficiency of the provisions made for <br />the payment of the Defeased Bond. <br />ARTICLE XIII <br />CONTINUING DISCLOSURE UNDERTAKING <br />Section 13.01 Annual Reports. <br />The City shall provide annually to the MSRB, in an electronic format as prescribed by the <br />MSRB, within six months after the end of any fiscal year, financial information and operating <br />data with respect to the City of the general type included in the application to the TWDB for <br />financial assistance. Any financial statements to be so provided shall be (1) prepared in <br />accordance with the accounting principles described in Exhibit "A" hereto, or such other <br />SANW RCOS/W W W SRev2017B: Ordinance 39 <br />