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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
<br /> BONDS. (a) Replacement Bonds. In the event any outstanding Bond is damaged,mutilated, lost,
<br /> stolen,or destroyed,the Paying Agent/Registrar shall cause to be printed,executed,and delivered,a
<br /> new Bond of the same principal amount,maturity,and interest rate,as the damaged,mutilated,lost,
<br /> stolen, or destroyed Bond, in replacement for such Bond in the manner hereinafter provided.
<br /> (b) Application for Replacement Bonds. Application for replacement of damaged,
<br /> mutilated, lost, stolen, or destroyed Bonds shall be made by the Registered Owner thereof to the
<br /> Paying 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 /> authorize the payment of the same (without surrender thereof except in the case of a damaged or
<br /> mutilated Bond)instead of issuing a replacement Bond,provided security or indemnity is furnished
<br /> as above provided in this Section.
<br /> (d) Charge for Issuing Replacement Bonds. Prior to the issuance of any replacement
<br /> Bond, the Paying Agent/Registrar shall charge the Registered Owner of such Bond with all legal,
<br /> printing,and other expenses in connection therewith. Every replacement Bond issued pursuant to the
<br /> provisions of this Section by virtue of the fact that any Bond is lost, stolen, or destroyed shall
<br /> constitute a contractual obligation of the City whether or not the lost,stolen,or destroyed Bond shall
<br /> be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this
<br /> Ordinance equally and proportionately with any and all other Bonds duly issued under this
<br /> Ordinance.
<br /> (e) Authority for Issuing Replacement Bonds. In accordance with Subchapter B of Texas
<br /> Government Code, Chapter 1206, this Section of this Ordinance shall constitute authority for the
<br /> issuance of any such replacement Bond without necessity of further action by the governing body of
<br /> the City or any other body or person, and the duty of the replacement of such Bonds is hereby
<br /> authorized and imposed upon the Paying Agent/Registrar, and the Paying Agent/Registrar shall
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