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<br />I <br /> <br />I <br /> <br />- <br /> <br />ARTICLE XII <br /> <br />DEFEASANCE AND REFUNDING <br /> <br />S ectlOn 12.0 I Defeas ance and Refundlllg <br /> <br />The Clty reserves the flght to defease or refund the Bonds m any manner permItted by law. <br /> <br />ARTICLE XIII <br /> <br />LAPSE OF PAYMENT <br /> <br />Sechon 1301 Lapse of Payment. <br /> <br />(a) Unclalmed Payments shall be segregated m a speclal escrow account and held m trust, <br />unmvested, by the Paying Agent/Registrar for the accOlmt of the Owner of the Bonds to whIch the Unclalmed <br />Payments pertam. <br /> <br />(b) Subject to any applicable escheat, abandoned property or smular law, mcluding TItle 6 of the <br />Texas Property Code, Unclalmed Payments remailllng unclauned by the Owners enhtled thereto for three years <br />after the apphcabIe payment or redemptlOn date shall be applied to the next payment or payments on the Bonds <br />thereafter corning due, and, to the extent any such money remams after the retirement of all outstandmg Bonds, <br />shall be paId to the City to be used for any lawful purpose Thereafter, nelther the City, the Paymg <br />AgentJRegistrar nor any other person shall be hable or responsible to any Owners of such Bonds for any further <br />payment of such unclaImed moneys or on account of any such Bonds, subject to any applIcable escheat law Of <br />SImIlar law <br /> <br />ARTICLE XIV <br /> <br />CONTINUING DISCLOSURE UNDERTAKING <br /> <br />SectlOn 14 0 I DefillltlOns, <br /> <br />As used m thlS Artlcle, the followmg terms have the meanings ascribed to such terms beloW" <br /> <br />"MSRB" means the Munlclpal Securltles Rulemakmg Board. <br /> <br />"NRMSIR" means each person whom the SEC or its staff has determmed to be a natlOnally recogmzed <br />munlclpaI securities mformatlOn reposltory \V1thm the meanmg of the Rule from hme to hme <br /> <br />"Rule" means SEC Rule I5c2-I2, as amended from tune to hme. <br /> <br />"SEC" means the UOlted States Secuntles and Exchange ComrOlsslOn. <br /> <br />"SID" means any person designated by the State of Texas or an authonzed department, officer, or agency <br />lhereof as, and detemllllcd by the SEC or ltS staff to be, a state mformahon deposltory wlthm the meanmg of the <br />Rule from hme to tune. <br /> <br />R:\SA1-'MA1l\ WWSS.97\DOCSIORD'Jro'CE <br /> <br />30 <br />