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payable from, or entitled to the benefits of, the ad valorem taxes or revenues herein levied and <br />pledged as provided in this Ordinance, and such principal and interest shall be payable solely from <br />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 given <br />or upon the establishment of irrevocable provisions for the giving of such notice, in accordance with <br />this Ordinance. Any money so deposited with the Paying Agent/Registrar or an eligible trust <br />company or commercial bank as provided in this Section may at the discretion of the City Council <br />also be invested in Defeasance Securities, maturing in the amounts and at the times as hereinbefore <br />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 <br />the 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 maybe <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/Registrarfnr 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 <br />thereby. <br />(e) Notwithstanding the provisions of subsection (a) immediately above, to the extent that, <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 Bond and the effect of the redemption <br />is taken into account in determining the sufficiency of the provisions made for the payment of the <br />Defeased Certificate. <br />San Marcos CTRCO 2008: Ordinance 3 3 <br />