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All proceeds received or to be received from any such taxes, including the proceeds <br /> received or to be received from the taxes levied for the year 2011 for such purpose, shall be used <br /> to pay the principal of and interest on the Refunded Bonds and to the extent that such proceeds <br /> are not needed for such purpose because of the establishment of the Escrow Account under the <br /> Escrow Agreement, the same shall be deposited into the Bond Fund and used to pay principal <br /> and interest on the Bonds in accordance with all of the provisions of this Ordinance. <br /> Section 22. Defeasance. Any Bond or Bonds which (a) are paid and cancelled, <br /> (b)which have matured and for which sufficient sums been deposited with the Paying Agent to <br /> pay all principal and interest due thereon, or (c) for which sufficient U.S. funds and direct U.S. <br /> Treasury obligations have been deposited with the Paying Agent or similar institution to pay, <br /> taking into account investment earnings on such obligations, all principal of and interest on such <br /> Bond or Bonds when due at maturity or as called for redemption, pursuant to an irrevocable <br /> escrow or trust agreement, shall cease to have any lien on or right to receive or be paid from the <br /> Bond Moneys or Pledged Taxes hereunder and shall no longer have the benefits of any covenant <br /> for the registered owners of outstanding Bonds as set forth herein as such relates to lien and <br /> security of the outstanding Bonds. All covenants relative to the Tax-exempt status of the Bonds; <br /> and payment, registration, transfer, and exchange; are expressly continued for all Bonds whether <br /> outstanding Bonds or not. <br /> Section 23. Continuing Disclosure Undertaking. The Mayor or the Treasurer is hereby <br /> 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 /> Disclosure Undertaking on behalf of the City shall approve, the official's execution thereof to <br /> constitute conclusive evidence of the approval of such changes. When the Continuing Disclosure <br /> -31- <br /> 46 <br />