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<br />ARTICLE XII <br /> <br />DEFEASANCE AND REFUNDING <br /> <br />Section 12.01. Defeasance and Refunding. <br /> <br />The City reserves the right to defease or refund the Bonds in any manner authorized by law. <br /> <br />ARTICLE XIII <br /> <br />LAPSE OF PAYMENT <br /> <br />Section 13.01. Lapse of Payment. <br /> <br />(a) Unclaimed Payments shall be segregated in a special escrow account and held in trust, <br />uninvested, by the Paying Agent/Registrar for the account ofthe Owner of the Bonds to which the Unclaimed <br />Payments pertain. <br /> <br />(b) Subject to any applicable escheat, abandoned property or similar law, Unclaimed Payments <br />remaining unclaimed by the Owners entitled thereto for three years after fmal maturity of the Bond has <br />become due and payable shall be paid to the City to be used for any lawful purpose. Thereafter, neither the <br />City, the Paying AgentlRegistrar nor any other person shall be liable or responsible to any Owners of such <br />Bonds for any further payment of such unclaimed moneys or on account of any such Bonds, subject to any <br />applicable escheat law or similar law. <br /> <br />ARTICLE XIV <br /> <br />CONTINUING DISCLOSURE OBLIGATION <br /> <br />Section 14.01. Definitions. <br /> <br />As used in this Article, the following terms have the meanings ascribed to such terms below: <br /> <br />"MSRB" means the Municipal Securities Rulemaking Board. <br /> <br />"NRMSIR" means each person whom the SEC or its staff has determined to be a nationally <br />recognized municipal securities information repository within the meaning of the Rule from time to time. <br /> <br />"Rule" means SEC Rule 15c2-12, as amended from time to time. <br /> <br />"SEC" means the United States Securities and Exchange Commission. <br /> <br />"SID" means any person designated by the State of Texas or an authorized department, officer, or <br />agency thereof as, and determined by the SEC or its staff to be, a state information depository within the <br />meaning of the Rule from time to time. <br /> <br />Section 14.02. Annual Reports. <br /> <br />The City shall provide annually to each NRMSIR and any SID, within six months after the end of <br />each fiscal year ending in or after 1999, financial information and operating data with respect to the City of <br /> <br />R:\SANMAR\GORI.99'DOCS\ORDNCEFN.WPD <br /> <br />28 <br />