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Section 9. Any bond shall be deemed to be paid within the meaning of this • Ordinance when payment of the principal of and interest on such bond (whether at maturity or upon redemption as provided herein, or otherwise), either (i) shall have been made or caused to be made in accordance with the terms thereof, or (ii) shall have been provided for by irrevocably depositing with the Trustee, in trust and irrevocably set aside exclusively for such payment (1) moneys sufficient to make such payment and/or (2) Government Securities as defined in Section 16 hereof which are direct obligations of the United States of America (provided that such deposit will not cause any of the bonds to be classified as "arbitrage bonds" within the meaning of Section 148 of the Code, maturing as to principal and interest in such amounts and at such times as will provide sufficient moneys to make such payment, and all necessary and proper fees, compensation and expenses of the Trustee with respect to which such deposit is made shall have been paid or the payment thereof provided for to the satisfaction of the Trustee. In case of any defeasance of the bonds, redemption of defeased bonds shall be scheduled on the basis of the mandatory redemption requirements and assuming annual collections of the Bond Tax in an amount equal to receipts for the most recent twelve-month period. On the payment of any bonds within the meaning of this Ordinance, the Trustee shall hold in trust, for the benefit of the owners of such bonds, all such moneys and/or Government Securities. When all the bonds shall have been paid within the meaning of this Ordinance, if • the Trustee has been paid its fees and expenses and if all arbitrage rebate payments due the United States under Section 148(f) of the Code have been paid or provided for to the satisfaction of the Trustee, the Trustee shall take all appropriate action to cause (i) the pledge and lien of this Ordinance to be discharged and cancelled, and (ii) all moneys held by it pursuant to this Ordinance and which are not required for the payment of such bonds to be paid over or delivered to or at the direction of the City. Section 10. The City covenants that it will not issue any additional bonds, or incur any additional obligation, secured by a lien on or pledge of the Pledged Revenues except as hereinafter provided. The City reserves the right to issue additional bonds secured by a lien on or pledge of the receipts of the Permanent Tax on a subordinate basis to the pledge securing the bonds. Section 11. The bonds shall be callable for payment prior to maturity in accordance with the terms set out in the face of the bond form set forth in Section 5 of this Ordinance (the 'Bond Form"). The City hereby covenants to use bond proceeds not necessary for the purposes intended to redeem bonds on the first available interest payment date. The City further covenants to use Surplus Bond Tax Receipts (as defined in the Bond Form) to redeem bonds prior to maturity. Section 12. It is hereby covenanted and agreed by the City with the owners of the bonds that the City will faithfully and punctually perform all duties with reference to the • Taxes and the bonds required by the Constitution and laws of the State and by this Ordinance, 15