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Section 8. DEFEASANCE OF CERTIFICATES. (a) Any Certificate and the interest <br /> thereon shall be deemed to be paid, retired and no longer outstanding (a "Defeased Certificate") <br /> within the meaning of this Ordinance, except to the extent provided in subsections (c) and (e) of <br /> this Section 8, when payment of the principal of such Certificate,plus interest thereon to the due <br /> date or dates (whether such due date or dates be by reason of maturity, upon redemption, or <br /> otherwise) either (i) shall have been made or caused to be made in accordance with the terms <br /> thereof (including the giving of any required notice of redemption or the establishment of <br /> irrevocable provisions for the giving of such notice) or (ii) shall have been provided for on or <br /> before such due date by irrevocably depositing with or making available to the Paying <br /> Agent/Registrar or an eligible trust company or commercial bank for such payment (1) lawful <br /> money of the United States of America sufficient to make such payment, (2) Defeasance <br /> Securities, certified by an independent public accounting firm of national reputation to mature as <br /> to principal and interest in such amounts and at such times as will ensure the availability, without <br /> reinvestment, of sufficient money to provide for such payment and when proper arrangements <br /> have been made by the City with the Paying Agent/Registrar or an eligible trust company or <br /> commercial bank for the payment of its services until all Defeased Certificates shall have <br /> become due and payable or (3) any combination of(1) and (2). At such time as a Certificate <br /> shall be deemed to be a Defeased Certificate hereunder, as aforesaid, such Certificate and the <br /> interest thereon shall no longer be secured by, payable from, or entitled to the benefits of, the ad <br /> valorem taxes or revenues herein levied and pledged as provided in this Ordinance, and such <br /> principal and interest shall be payable solely from such money or Defeasance Securities. <br /> (b) The deposit under clause (ii) of subsection (a) shall be deemed a payment of a <br /> Certificate as aforesaid when proper notice of redemption of such Certificates shall have been <br /> given or upon the establishment of irrevocable provisions for the giving of such notice, in <br /> accordance with this Ordinance. Any money so deposited with the Paying Agent/Registrar or an <br /> eligible trust company or commercial bank as provided in this Section may at the discretion of <br /> the City Council of the City also be invested in Defeasance Securities, maturing in the amounts <br /> and at the times as hereinbefore set forth, and all income from all Defeasance Securities in <br /> possession of the Paying Agent/Registrar or an eligible trust company or commercial bank <br /> pursuant to this Section which is not required for the payment of such Certificate and premium, <br /> if any, and interest thereon with respect to which such money has been so deposited, shall be <br /> remitted to the City Council of the City. <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 <br /> in trust pursuant to the provisions of this Section for the payment of principal of the Certificates <br /> and premium, if any, and interest thereon, shall be applied to and used solely for the payment of <br /> the particular Certificates and premium, if any, and interest thereon, with respect to which such <br /> money or Defeasance Securities have been so set aside in trust. Until all Defeased Certificates <br /> shall have become due and payable, the Paying Agent/Registrar shall perform the services of <br /> Paying Agent/Registrar for such Defeased Certificates the same as if they had not been defeased, <br /> and the City shall make proper arrangements to provide and pay for such services as required by <br /> 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 /> SAN MARCOSTTRCO2024: Ordinance <br />