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<br /> (c) Before the discharge and release of the lien of this <br /> Ordinance pursuant to this Section, provision shall have been made <br /> by the City with the Paying Agent/Registrar for: <br /> (i) the establishment of a separate escrow account <br /> fund with the Paying Agent/Registrar for the deposit pursuant <br /> to subsection (a)(i) of this Section; <br /> (ii) the payment to the Owners at the date of <br /> maturity, of the full amount to which the Owners would be <br /> entitled by way of principal, premium, if any, and interest to <br /> the date of such maturity or prior redemption; <br /> (iii) the investment of such moneys by the Paying <br /> Agent/ Registrar in direct obligations of the United States of <br /> America, including obligations the principal of and interest <br /> on which are unconditionally guaranteed by the United States <br /> of America, which may be in book entry form, maturing and/or <br /> bearing interest payable at such times and in such amounts as <br /> will be sufficient to provide for the scheduled payments of <br /> such bonds; <br /> (iv) the sending of written notice by registered or <br /> certified United States mail to the Owner of each Bond then <br /> outstanding within 30 days following the date of such deposit <br /> 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 XII <br /> LAPSE OF PAYMENT <br /> Section 12.01. Lapse of Payment. <br /> <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) Subject 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 /> 4327f <br /> -30- <br />