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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 Defeasance 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, 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 and if there are no amounts due the Insurer with respect to the Insurance Policy,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. At least three business days prior to any defeasance with respect to the bonds, the City shall,unless waived by the Insurer, deliver to the Insurer draft copies of an escrow agreement, an opinion of bond counsel regarding the validity and enforceability of the escrow agreement and the defeasance of the bonds and a verification report (a "Verification Report") prepared by a nationally recognized independent financial analyst or firm of certified public accountants regarding the sufficiency of the escrow fund. Such opinion shall be addressed to the Insurer and shall be in form and substance satisfactory to the Insurer. Such Verification Report shall be in the form and substance satisfactory to the Insurer and, unless waived by the Insurer, shall either be addressed to the Insurer or shall include a statement to the effect that such Verification Report may be relied upon by the Insurer. In addition, the escrow agreement shall provide that: (1) Any substitution of securities following the execution and delivery of the escrow agreement shall require the delivery of a Verification Report, an opinion of bond counsel that such substitution will not adversely affect the exclusion from gross income of the holders of the Series 2024B Bonds of the interest on the Series 2024B Bonds for federal income tax purposes and the prior written consent of the Insurer, which consent will not be unreasonably withheld. (2) The City will not exercise any prior optional redemption of bonds secured by the escrow agreement or any other redemption other than mandatory sinking fund redemptions unless (i) the right to make any such redemption has been expressly reserved in the escrow agreement and such reservation has been disclosed in detail in the official statement for the refunding bonds, and (ii) as a condition to any such redemption there shall be provided to the Insurer a Verification Report as to the sufficiency of escrow receipts without reinvestment to meet the escrow requirements remaining following any such redemption. (3) The City shall not amend the escrow agreement or enter into a forward purchase agreement or other agreement with respect to rights in the escrow without the prior written consent of the Insurer. Section 11. 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. 22