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(d) as to the Bond Registrar, to cancel and/or destroy Bonds which have been <br /> paid at maturity or upon earlier redemption or submitted for exchange or transfer; <br /> (e) as to the Bond Registrar,to furnish the City at least annually a certificate with <br /> respect to Bonds cancelled and/or destroyed; and <br /> (f) to furnish the City at least annually an audit confirmation of Bonds paid, <br /> Bonds outstanding and payments made with respect to interest on the Bonds. <br /> The City Clerk is hereby directed to file a certified copy of this Ordinance with the Bond <br /> Registrar and the Paying Agent. <br /> Section 21. Defeasance. Any Bond or Bonds which(a) are paid and cancelled, (b)which <br /> have matured and for which sufficient sums been deposited with the Paying Agent to pay all <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 Paying Agent or 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 maturity or as called for redemption,pursuant to an irrevocable escrow or trust <br /> agreement, shall cease to have any lien on or right to receive or be paid from the Bond Moneys or <br /> Pledged Taxes hereunder and shall no longer have the benefits of any covenant for the registered <br /> owners of outstanding Bonds as set forth herein as such relates to lien and security of the <br /> outstanding Bonds. All covenants relative to the tax-exempt status of the Bonds; and payment, <br /> registration, transfer, and exchange; are expressly continued for all Bonds whether outstanding <br /> Bonds or not. <br /> Section 22. Continuing Disclosure Undertaking. The Mayor and the Treasurer are each <br /> hereby authorized, empowered and directed to execute and deliver the Continuing Disclosure <br /> Undertaking (the "Continuing Disclosure Undertaking") in substantially the same form as now <br /> before the Council, or with such changes therein as the individual executing the Continuing <br /> -27- <br />