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<br /> ¡.leA X <br /> (iv) the sending of written notice by first class <br /> united States mail, postage prepaid, to the Owner of each Bond <br /> then outstanding within 30 days following the date of such <br /> deposit that such moneys are so available for such payment; and <br /> (v) the payment to the City, periodically or <br /> following final payment of the principal of, premium, if any, <br /> and interest on the Bonds, of any moneys, interest earnings, <br /> profits or capital gains over and above the amounts necessary <br /> for such purposes. <br /> ARTICLE XIX <br /> LAPSE OF PAYMENT <br /> Section 19.01. Lapse of Pavrnent. <br /> (a) Unclaimed Payments shall be segregated in a special <br /> escrow account and held in trust, uninvested, by the Paying <br /> Agent/Registrar for the account of the Owner of the Bonds to which <br /> the Unclaimed Payments pertain. <br /> (b) Subj ect to any applicable escheat, abandoned property <br /> or similar law, Unclaimed Payments remaining unclaimed by the Owners <br /> entitled thereto for three years after the applicable payment or <br /> redemption date shall be applied to the next payment or payments on <br /> the Bonds thereafter coming due, and, to the extent any such money <br /> remains after the retirement of all outstanding Bonds, shall be paid <br /> to the City to be used for any lawful purpose. Thereafter, neither <br /> the City, the Paying Agent/Registrar nor any other person shall be <br /> liable or responsible to any Owners of such Bonds for any further <br /> payment of such unclaimed moneys or on account of any such Bonds, <br /> subject to any applicable escheat law or similar law. <br /> ARTICLE XX <br /> REDEMPTION OF REFUNDED BONDS <br /> Section 20.01. Redemption of Refunded Bonds. <br /> The Refunded Bonds are hereby called for redemption prior to <br /> maturity on November 1, 1996, at a redemption price equal to 102% of <br /> the principal amount thereof so redeemed plus accrued interest to <br /> the date of redemption. Interest on the Refunded Bonds shall cease <br /> to accrue on the date of redemption thereof. <br /> Section 20.02. Notices of Redemption. <br /> Notice of redemption of the Refunded Bonds shal1 be given in <br /> the manner and within the times required by the ordinance <br /> authorizing the issuance thereof. <br /> 4588f <br /> -46- <br />