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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 />Section 10. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED
<br />BONDS. (a) Replacement Bonds. In the event any outstanding Bond is damaged, mutilated,
<br />lost, stolen, or destroyed, the Paying Agent/Registrar shall cause to be printed, executed, and
<br />delivered, a new Bond of the same principal amount, maturity, and interest rate, as the damaged,
<br />mutilated, lost, stolen, or destroyed Bond, in replacement for such Bond in the manner
<br />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
<br />Owner applying for a replacement bond shall furnish to the City and to the Paying
<br />Agent/Registrar such security or indemnity as may be required by them to save each of them
<br />harmless from any loss or damage with respect thereto. Also, in every case of loss, theft, or
<br />destruction of a Bond, the Registered Owner shall furnish to the City and to the Paying
<br />Agent/Registrar evidence to their satisfaction of the loss, theft, or destruction of such Bond, as
<br />the case may be. In every case of damage or mutilation of a Bond, the Registered Owner shall
<br />surrender to the Paying Agent/Registrar for cancellation the Bond so damaged or mutilated.
<br />(c) No Default Occurred. Notwithstanding the foregoing provisions of this Section, in
<br />the event any such Bond shall have matured, and no default has occurred which is then
<br />continuing in the payment of the principal of, redemption premium, if any, or interest on the
<br />Bond, the City may authorize the payment of the same (without surrender thereof except in the
<br />case of a damaged or mutilated Bond) instead of issuing a replacement Bond, provided security
<br />or indemnity is furnished 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
<br />to the provisions of this Section by virtue of the fact that any Bond is lost, stolen, or destroyed
<br />shall constitute a contractual obligation of the City whether or not the lost, stolen, or destroyed
<br />Bond shall be found at any time, or be enforceable by anyone, and shall be entitled to all the
<br />benefits of this Ordinance equally and proportionately with any and all other Bonds duly issued
<br />under this Ordinance.
<br />(e) Authority for Issuing Replacement Bonds. In accordance with Subchapter D of
<br />Texas Government Code, Chapter 1201, this Section of this Ordinance shall constitute authority
<br />for the issuance of any such replacement Bond without necessity of further action by the
<br />governing body of the City or any other body or person, and the duty of the replacement of such
<br />Bonds is hereby authorized and imposed upon the Paying Agent/Registrar, and the Paying
<br />Agent/Registrar shall authenticate and deliver such Bonds in the form and manner and with the
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<br />San Marcos GORB2019 - Delegated: Ordinance
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