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subsection (a) immediately above with respect to such Defeased Certificate as though it was <br /> being defeased at the time of the exercise of the option to redeem the Defeased Certificate and <br /> the effect of the redemption is taken into account in determining the sufficiency of the provisions <br /> made for the payment of the Defeased Certificate. <br /> As used in this Section, 'Defeasance Securities" means (i) Federal Securities, (ii) <br /> noncallable obligations of an agency or instrumentality of the United States of America, <br /> including obligations that are unconditionally guaranteed or insured by the agency or <br /> instrumentality and that, on the date the City Council of the City adopts or approves proceedings <br /> authorizing the issuance of refunding bonds or otherwise provide for the funding of an escrow to <br /> effect the defeasance of the Certificates are rated as to investment quality by a nationally <br /> recognized investment rating firm not less than "AAA" or its equivalent, and (iii) noncallable <br /> obligations of a state or an agency or a county, municipality, or other political subdivision of a <br /> state that have been refunded and that, on the date the City Council of the City adopts or <br /> approves proceedings authorizing the issuance of refunding bonds or otherwise provide for the <br /> funding of an escrow to effect the defeasance of the Certificates, are rated as to investment <br /> quality by a nationally recognized investment rating firm no less than "AAA" or its equivalent. <br /> "Federal Securities" as used herein means direct, noncallable obligations of the United States of <br /> America, including obligations that are unconditionally guaranteed by the United States of <br /> America(including Interest Strips of the Resolution Funding Corporation). <br /> Section 9. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED <br /> CERTIFICATES. (a) Replacement Certificates. In the event any outstanding Certificate is <br /> damaged, mutilated, lost, stolen or destroyed, the Paying Agent/Registrar shall cause to be <br /> printed, executed and delivered, a new certificate of the same principal amount, maturity and <br /> interest rate, as the damaged, mutilated, lost, stolen or destroyed Certificate, in replacement for <br /> such Certificate in the manner hereinafter provided. <br /> (b) Application for Replacement Certificates. Application for replacement of damaged, <br /> mutilated, lost, stolen or destroyed Certificates shall be made by the Registered Owner thereof to <br /> the Paying Agent/Registrar. In every case of loss, theft or destruction of a Certificate, the <br /> Registered Owner applying for a replacement certificate shall furnish to the City and to the <br /> Paying Agent/Registrar such security or indemnity as may be required by them to save each of <br /> them harmless from any loss or damage with respect thereto. Also, in every case of loss,theft or <br /> destruction of a Certificate, 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 Certificate, <br /> as the case may be. In every case of damage or mutilation of a Certificate,the Registered Owner <br /> shall surrender to the Paying Agent/Registrar for cancellation the Certificate so damaged or <br /> mutilated. <br /> (c) No Default Occurred. Notwithstanding the foregoing provisions of this Section, in <br /> the event any such Certificates 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 /> Certificates, the City may authorize the payment of the same (without surrender thereof except in <br /> the case of a damaged or mutilated Certificate) instead of issuing a replacement Certificate, <br /> provided security or indemnity is furnished as above provided in this Section. <br /> SAN n4ARCOSTTRCO2023C: Ordinance <br />