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refunded and that, on the date the governing body of the City adopts or approves the proceedings authorizing the issuance of refunding obligations, are rated as to investment quality by a nationally recognized investment rating firm not less than AAA or its equivalent; provided that such obligations shall mature and/or bear interest payable at such times and in such amounts as will be sufficient to provide for the scheduled payment and/or redemption of such Bond or Bonds and may be in book entry form (iv) the City shall make provision for the payment to the Owners at the date of maturity or prior redemption of the full amount to which the Owners of such Bond or Bonds would be entitled by way of principal and interest to the date of such maturity; and (b) Upon compliance with subsection (a) of this Section, the Bond or Bonds for the payment of which provision is thus made shall no longer be regarded as outstanding and unpaid, and the Paying Agent/Registrar, upon receipt of a letter of instructions from the City requesting the same, shall discharge and release the lien of this Ordinance as to such Bond or Bonds and shall execute and deliver to the City such releases or other instruments as shall be requisite to release the lien hereof. (c) Following the final payment of the principal of, interest on and redemption premium, ifany, of such Bond or Bonds, any moneys, interest earnings, profits or capital gains over and above the amounts necessary for such purposes shall be paid to the City. ARTICLE XII LAPSE OF PAYMENT Section 12.01. Lapse of Payment. (a) Unclaimed Payments shall be segregated in a special escrow account and held in trust, uninvested, by the Paying Agent/Registrar for the account of the Owner of the Bonds to which the Unclaimed Payments pertain. (b) Subject to any applicable escheat, abandoned property or similar law, Unclaimed Payments remaining unclaimed by the Owners entitled thereto for three years after final maturity of the Bond has become due and payable shall be paid to the City to be used for any lawful purpose. Thereafter, neither the City, the Paying Agent/Registrar nor any other person shall be liable or responsible to any Owners of such Bonds for any further payment of such unclaimed moneys or on account of any such Bonds, subject to any applicable escheat law or similar law. ARTICLE XIII CONTINUING DISCLOSURE OBLIGA nON Section 13.01. Definitions. As used in this Article, the following terms have the meanings ascribed to such terms below: "MSRB" means the Municipal Securities Rulemaking Board. "NRMSIR" means each person whom the SEC or its staff has determined to be a nationally recognized municipal securities information repository within the meaning of the Rule from time to time. R:\SANMARlGO. OOIDOCS\FINALlOrdgo. liP<! 28