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Section 10. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED BONDS.
<br />(a) Replacement Bonds. In the event any outstanding Bond is damaged, mutilated, lost, stolen, or
<br />destroyed, the Paying Agent/Registrar shall cause to be printed, executed, and delivered, a new Bond
<br />of the same principal amount, maturity, and interest rate, as the damaged, mutilated, lost, stolen, or
<br />destroyed Bond, in replacement for such Bond in the manner hereinafter provided.
<br />(b) Application for Replacement Bonds. Application for replacement of damaged, mutilated,
<br />lost, stolen, or destroyed Bonds shall be made by the Registered Owner thereof to the Paying
<br />Agent /Registrar. In every case of loss, theft, or destruction of a Bond, the Registered Owner
<br />applying for a replacement bond shall furnish to the City and to the Paying Agent/Registrar such
<br />security or indemnity as may be required by them to save each of them harmless from any loss or
<br />damage with respect thereto. Also, in every case of loss, theft, or destruction of a Bond, the
<br />Registered Owner shall furnish to the City and to the Paying Agent/Registrar evidence to their
<br />satisfaction of the loss, theft, or destruction of such Bond, as the case may be. In every case of
<br />damage or mutilation of a Bond, the Registered Owner shall surrender to the Paying Agent /Registrar
<br />for cancellation the Bond so damaged or mutilated.
<br />(c) No Default Occurred. Notwithstanding the foregoing provisions of this Section, in the
<br />event any such Bond shall have matured, and no default has occurred which is then continuing in the
<br />payment of the principal of, redemption premium, if any, or interest on the Bond, the City may
<br />authorize the payment of the same (without surrender thereof except in the case of a damaged or
<br />mutilated Bond) instead of issuing a replacement Bond, provided security or indemnity is furnished
<br />as above provided in this Section.
<br />(d) Charge for Issuing Replacement Bonds. Prior to the issuance of any replacement Bond,
<br />the Paying Agent/Registrar shall charge the Registered Owner of such Bond with all legal, printing,
<br />and other expenses in connection therewith. Every replacement Bond issued pursuant to the
<br />provisions of this Section by virtue of the fact that any Bond is lost, stolen, or destroyed shall
<br />constitute a contractual obligation of the City whether or not the lost, stolen, or destroyed Bond shall
<br />be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this
<br />Ordinance equally and proportionately with any and all other Bonds duly issued under this
<br />Ordinance.
<br />(e) Authority for Issuing Replacement Bonds. In accordance with Subchapter D of Texas
<br />Government Code, Chapter 1201, this Section of this Ordinance shall constitute authority for the
<br />issuance of any such replacement Bond without necessity of further action by the governing body
<br />of the City or any other body or person, and the duty of the replacement of such Bonds is hereby
<br />authorized and imposed upon the Paying Agent/Registrar, and the Paying Agent /Registrar shall
<br />authenticate and deliver such Bonds in the form and manner and with the effect, as provided in
<br />Section 6(a) of this Ordinance for Bonds issued in conversion and exchange for other Bonds.
<br />Section 11. CUSTODY, APPROVAL, AND REGISTRATION OF BOND; BOND
<br />COUNSEL'S OPINION. The Mayor of the City and the City Manager are hereby authorized to
<br />have control of the initial Bonds issued and delivered hereunder and all necessary records and
<br />San Marcos GORB 2012 - Delegated: Ordinance 21
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