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<br />maturity or by prior redemption or otherwise, and the City shall have provided for <br />the payment of the whole amount due or to become due on all Bonds then <br />outstanding, including all interest that has accrued thereon or that may accrue to <br />the date of maturity or prior redemption, and any premium due or that may become <br />due at maturity or prior redemption, by depositing with the Paying Agent/Registrar, <br />for payment of the principal of such outstanding Bonds and the interest accrued <br />thereon and any premium due thereon, the entire amount due or to become due <br />thereon, and the City shall also have paid or caused to be paid all sums payable <br />under this Ordinance by the City, including the compensation due or to become due <br />the Paying Agent/Registrar, then the Paying Agent/Registrar, upon receipt of a <br />letter of instructions from the City requesting the same, shall discharge and release <br />the lien of this Ordinance and execute and deliver to the City such releases or other <br />instruments as shall be requisite to release the lien hereof. <br /> <br />Payments of principal of or interest on the Bonds made by the Bond Insurer <br />shall not be deemed to have been made or provided for by the City and shall remain <br />due and owing for all purposes under this Ordinance until paid in accordance with <br />the terms hereof. <br /> <br />Section 11.02. Discharge by Deposit. <br /> <br />(a) The City may discharge its obligation to pay the principal of, <br />premium, if any, and interest on the Bonds and its obligation to pay all other sums <br />payable or to become payable under this Ordinance by the City, including the <br />compensation due or to become due the Paying Agent/Registrar, by: <br /> <br />(i) depositing or causing to be deposited with the Paying <br />Agent/Registrar an amount of money that, together with the interest earned <br />on or capital gains or profits to be realized from the investment of such <br />money, will be sufficient to pay the principal of, premium, if any, and <br />accrued interest on such Bonds to maturity or to the date fixed for prior <br />redemption of such Bonds, and to pay such other amounts as may be <br />reasonably estimated by the Paying Agent/Registrar to become payable under <br />this Ordinance, including the compensation due or to become due the Paying <br />Agent/Registrar; and <br /> <br />(ii) providing the Paying Agent/Registrar with an opinion of <br />nationally recognized bond counsel acceptable to the Paying Agent/Registrar <br />to the effect that the deposit specified in subdivision (i) of this subsection (a) <br />will not cause the interest on the Bonds to become subject to federal income <br />taxa tion. <br /> <br />(b) Subject to subsection (c) of this Section, upon compliance with <br />subsection (a) of this Section, the Bonds shall no longer be regarded as outstanding <br />and unpaid, and the Paying Agent/Registrar, upon receipt of a letter of instructions <br />from the City requesting the same, shall discharge and release the lien of this <br />Ordinance and execute and deliver to the City such releases or other instruments as <br />shall be requisite to release the lien hereof. <br /> <br />l659f <br /> <br />-27- <br />