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set forth, and all income from all Defeasance Securities in possession of the Paying Agent/Registrar <br />or an eligible trust company or commercial bank pursuant to this Section which is not required for the <br />payment of such Certificate and premium, if any, and interest thereon with respect to which such <br />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 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 Certificates and <br />premium, if any, and interest thereon, shall be applied to and used solely for the payment of the <br />particular Certificates 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 Certificates shall have <br />become due and payable, the Paying Agent/Registrar shall perform the services of Paying <br />Agent/Registrar for such Defeased Certificates 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 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 Certificates and such <br />Certificates shall not have in fact been actually paid in full, no amendment of the provisions of this <br />Section shall be made without the consent of the registered owner of each Certificate affected thereby. <br />11 11 , , i a 4 �� �a +„ , <br />fie) NOtwiltnstaiiuli3g the provisions of suusee�ion (a) Yiniileula cly above, to the ex ent fiiaL, <br />upon the defeasance of any Defeased Certificate to be paid at its maturity, the City retains the right <br />under Texas law to later call that Defeased Certificate for redemption in accordance with the <br />provisions of this Ordinance, the City may call such Defeased Certificate for redemption upon <br />complying with the provisions of Texas law and upon the satisfaction of the provisions of subsection <br />(a) immediately above with respect to such Defeased Certificate as though it was being defeased at <br />the time of the exercise of the option to redeem the Defeased Certificate and the effect of the <br />redemption is taken into account in determining the sufficiency of the provisions made for the <br />payment of the Defeased Certificate. <br />ARTICLE XII <br />CONTINUING DISCLOSURE OBLIGATION <br />12.01 Annual Reports. <br />The City shall provide annually to the MSRB, in an electronic format as prescribed by the <br />MSRB, within the period stated on Exhibit "A", hereto, financial information and operating data with <br />respect to the City of the general type included in the final Official Statement authorized by <br />Section 7.02(b) of this Ordinance, being the information described in Exhibit "A" hereto. Any <br />financial statements to be so provided shall be (1) prepared in accordance with the accounting <br />principles described in Exhibit "A" hereto, or such other accounting principles as the City may be <br />required to employ from time to time pursuant to state law or regulation, and (2) audited, if the City <br />commissions an audit of such statements and the audit is completed within the period during which <br />they must be provided. If the audit of such financial statements is not complete within such period, <br />32 <br />San Marcos CIRCO 2019: Ordinance <br />