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Section 22. De,f'easance. Any Bond or Bonds which{a) are paid and cancetled,(6}which <br /> have matured and for which sufficient sums been deposited with the Paying Agent to pay a11 <br /> principal and interest due thereon, or{c)for which sufficient U.S. funds and direct U.S. Treasury <br /> obligations have been deposited with the Paymg Agent ar similar institution to pay, taking into <br /> account investment earnings on such obligations, all principal of and interest on such Bond or <br /> Bonds when due at rnaturity or as called for redemption,pursuant to an irrevacable escrow or trust <br /> agreernent, shall cease to have any lien on or right ta receive or be paid from the Bond Moneys or <br /> Pledged Taxes hereunder and shall no longer have the benefits af any covenant far the registered <br /> owners of outstanding Bonds as set forth herein as such relates ta lien and security of the <br /> outstanding Bonds. All covenants relative to payment, registration, transfer, and exchange are <br /> expressly continued far all Bonds whether outstanding Bonds or not. <br /> Section 23. Continuing Disclosure LTrrdertaking. The Mayor or the Treasurer is hereby <br /> autharized,empowered and directed to execute and deliver the Continuing Disclosure Undertaking <br /> {the "C`antinuing Disclosure Undertaking") in substantially the same fortn as now before the <br /> Councii, or with such changes therein as the individual executing the Continuing Disclosure <br /> Undertaking on behalf of the City shall apprave, the official's execution thereof ta constitute <br /> conclusive evidence of the approval of such changes. When the Cantinuing Disclosure <br /> Undertaking is executed and delivered on behalf of the City as herein pravided, the Cantinuing <br /> Disclosure Undertaking will be binding on the City and the officers, ernployees and agents of the <br /> City, and the officers, employees and agents af the City are hereby authorized, ernpowered and <br /> directed to do all such acts and things and to execute all such documents as may be necessary to <br /> carry out and camply with the provisions of the Continuing Disclosure Undertaking as executed. <br /> Notwithstanding any other provision af this 4rdinance, the sole remedies for failure ta comply <br /> with the Continuing Llisclosure Undertaking sha11 be the ability of the beneficial oumer af any <br /> -32- <br />