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(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 shall
<br />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 that,
<br />upon the defeasance of any Defeased Bond to be paid at its maturity, the City retains the right under
<br />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
<br />in determining the sufficiency of the provisions made for the payment of the Defeased Bond.
<br />As used herein, "Defeasance Securities" means (i) Federal Securities, (ii) noncallable
<br />obligations of an agency or instrumentality of the United States of America, including obligations
<br />that are unconditionally guaranteed or insured by the agency or instrumentality and that, on the date
<br />the City adopts or approves proceedings authorizing the issuance of refunding bonds or otherwise
<br />provide for the funding of an escrow to effect the defeasance of the Bonds are rated as to investment
<br />quality by a nationally recognized investment rating firm not less than "AAA" or its equivalent, (iii)
<br />noncallable obligations of a state or an agency or a county, municipality, or other political
<br />subdivision of a state that have been refunded and that, on the date the City adopts or approves
<br />proceedings authorizing the issuance of refunding bonds or otherwise provide for the funding of an
<br />escrow to effect the defeasance of the Bonds, are rated as to investment quality by a nationally
<br />recognized investment rating firm no less than "AAA" or its equivalent, and (iv) any obligations
<br />hereafter authorized by law to be eligible to effect the defeasance of the Bonds.
<br />"Federal Securities" as used herein means direct, noncallable obligations of the United
<br />States of America, including obligations that are unconditionally guaranteed by the United States
<br />of America (including Interest Strips of the Resolution Funding Corporation).
<br />Section 9. 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 de-
<br />livered, 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 hereinafter
<br />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 Agent/Registrar
<br />such security or indemnity as may be required by them to save each of them harmless from any loss
<br />or 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
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<br />SANMARCOS GOB 2021: OrdinanceGOB
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