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<br /> f (9411 <br /> ARTICLE XII <br /> DEFEASANCE AND REFUNDING <br /> Section 12.01. Defeasance and Refunding <br /> <br /> The City reserves the right to defease or refund the Bonds in any manner pemútted by law. <br /> ARTICLE XIII <br /> LAPSE OF PAThfENT <br /> Section 13.01. Lapse ofPavrnent. <br /> <br /> (a) Unclaimed Payments shall be segregated in a special escrow account and held in trust, <br /> uninvested, by the Paying AgentlRegistrar for the account of the Owner of the Bonds to which the Unclaimed <br /> Payments pertain. <br /> (b) Subject to any applicable escheat, abandoned property or similar law, including Title 6 of the <br /> Texas Property Code, Unclaimed Payments remairùng unclaimed by the Ol,ll11ers entitled thereto for three years <br /> after the applicable payment or redemption date shall be applied to the next payment or payments on the Bonds <br /> thereafter coming due, and, to the extent any such money remains after the retirement of all outstanding Bonds, <br /> shall be paid to the City to be used for any lawful purpose. Thereafter, neither the City, the Paying <br /> AgentJRegistrar nor any other person shall be liable or responsible to any O\'mers of ,such Bonds for any further <br /> payment of such unclaimed moneys or on account of any such Bonds, subject to any applicable escheat law or <br /> sinùlar law. <br /> ARTICLE XIV <br /> CONTINUING DISCLOSURE UNDERTAKING <br /> Section 14.01. Definitions. <br /> As used in this Article, the foIIol,'ving tenns have the meanings ascribed to such tenns below: <br /> "MSRB" means the Municipal Securities Rulemaking Board. <br /> '~R1\[SIR" means each person whom the SEC or its staff has detemúned to be a nationally recognized <br /> municipal securities infonnation repository within the meaning of the Rule from time to time. <br /> "Rule" means SEC Rule 15c2-12, as amended from time to time. <br /> "SEC" means the United States Securities and Exchange Commission. <br /> "SID" means any person designated by the State of Texas or an authorized department, officer, or agency <br /> thereof as, and detem1Ìncd by the SEC or its staff to be, a state infonnation depository I,vithin the meaning of the <br /> Rule from time to time. <br /> ~:".... '"MAlt\ WW3S. "\1)(JCS'-CRD>-"CE 30 <br />