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due the United States under Section 148(f) of the Code, there shall be no obligation to make any <br /> further payments into the Bond Fund and any Pledged Revenues remaining in the Bond Fund after <br /> payment of any arbitrage rebate due and after the principal of,premium, if any and interest on the <br /> bonds have been paid may be used by the City for any lawful purpose. <br /> (c) All moneys in the Bond Fund shall be used solely for the purpose of paying <br /> the principal of and interest on the bonds, Trustee's fees and expenses and other administrative <br /> charges, any amounts due the Insurer with respect to the Insurance Policy and any arbitrage rebate <br /> under Section 148(f) of the Code, as the same become due. <br /> (d) The Trustee is authorized and directed to withdraw moneys from the Bond <br /> Fund from time to time as necessary for paying principal of and interest on the bonds when due at <br /> maturity or at redemption prior to maturity and for making other authorized Bond Fund <br /> expenditures. <br /> (e) The bonds shall be specifically secured by a pledge of the Pledged <br /> Revenues, which pledge in favor of the bonds is hereby irrevocably made according to the terms <br /> of this Ordinance, and the City, and the officers and employees of the City, shall execute,perform <br /> and carry out the terms thereof in strict conformity with the provisions of this Ordinance. <br /> (f) Anything herein to the contrary notwithstanding,moneys in the Redemption <br /> Account derived from deposits made pursuant to clause (6) of Section 8(b) hereof and interest <br /> earnings thereon (1) shall be used from time to time to make up shortfalls in the Debt Service <br /> _Account or shortfalls in collections of the Bond Tax,rather than redeeming bonds prior to maturity, <br /> and (2) shall not be used to redeem bonds more often than annually (rather than on each interest <br /> payment date) if the Trustee reasonably determines that such amounts available for redemption <br /> may be needed to make scheduled debt service payments. <br /> Section 10. Any bond shall be deemed to be paid within the meaning of this <br /> Ordinance when payment of the principal of and interest on such bond.(whether at maturity or <br /> upon redemption as provided herein, or otherwise), either(i) shall have been made or caused to be <br /> made in accordance with the terms thereof, or (ii) shall have been provided for by irrevocably <br /> depositing with the Trustee, in trust and irrevocably set aside exclusively for such payment (1) <br /> cash fully insured by the Federal Deposit Insurance Corporation ("FDIC") and/or fully <br /> collateralized with direct obligations of the United States of America ("Defeasance Securities") <br /> sufficient to make such payment and/or(2)Defeasance Securities (provided that such deposit will <br /> not affect the tax-exempt status of the interest on any of the Series 2024B Bonds or cause any of <br /> the Series 2024B Bonds to be classified as "arbitrage bonds" within the meaning of Section 148 of <br /> the Code) maturing as to principal and interest in such amounts and at such times as will provide <br /> sufficient moneys to make such payment, and all necessary and proper fees, compensation and <br /> expenses of the Trustee with respect to which such deposit is made shall have been paid or the <br /> payment thereof provided for to the satisfaction of the Trustee. <br /> In case of any defeasance of the bonds, redemption of defeased bonds shall be <br /> scheduled on the basis of the mandatory redemption requirements and assuming annual collections <br /> of the Bond Tax in an amount equal to receipts for the most recent twelve-month period. <br /> 21 <br />