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<br />Section 8. Defeasance. <br /> <br />(1) The City may defease all or any portion of the Bond Payments in accordance with this <br />Section 8. The City shall be obligated to pay any Bond Payments that are defeased in <br />accordance with this Section 8 solely from the money and Government Obligations which <br />are deposited in escrow agent pursuant to this Section 8, unless the amounts available in <br />escrow are insufficient to make the Bond Payments. Bond Payments shall be deemed <br />defeased if the City: <br /> <br />(A) irrevocably deposits money or noncallable Government Obligations in escrow: <br /> <br />(i) with an independent trustee or escrow agent which mature and pay interest <br />in amounts which are calculated to be sufficient, without reinvestment, to <br />make all the Security Payments associated with the Bond Payments which <br />are to be defeased on their maturity dates, and to make any prepayments of <br />Bond Payments described in Section 4 on the dates those prepayments are <br />required to be made if any principal components of defeased Bond <br />Payments are to be prepaid; or <br /> <br />(ii) with the Program Trustee which mature and pay interest in amounts which <br />are calculated to be sufficient, without reinvestment, to make all the Bond <br />Payments which are to be defeased on their maturity or prepayment dates; <br />and, <br /> <br />(B) Provides irrevocable notice of any prepayments which are to occur in connection <br />with the defeasance to the Program Trustee at least 50 days prior to the <br />prepayment; and, <br /> <br />(C) files with the escrow agent or trustee an opinion from a Qualified Consultant to <br />the effect that the money and the principal and interest to be received from the <br />Government Obligations are calculated to be sufficient, without further <br />reinvestment, to pay the Security Payments and prepayments of Bond Payments <br />described in Section 8(1 )(A). <br /> <br />(2) The City shall notify the Program Trustee promptly of any defeasance of Bond Payments. <br /> <br />Section 9. Form. <br /> <br />The Bond shall be issued as a single installment bond in substantially the form attached hereto as <br />Appendix A. The Bond shall be executed on behalf of the City with the manual signature of a <br />City Official. <br /> <br />Exhibit A, Page 6 <br />