2001-58 PROVIDING FOR THE ISSUANCE OF A TAXABLE SUBORDINANTE LIEN PROMISSORY NOTE

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f / � ' � � t Section 12. Payment and Discharge; Refunding. The Note may be discharged, payment provided for, and the City's liability terminated as follows: (a) Discharge of Indebtedness. If(i) the City shall pay or cause to be paid to the registered owners of the Note the principal and interest to become due thereon at the times and in the manner stipulated therein and herein, (ii) all fees and expenses of the bond registrars and the paying agents shall have been paid, and (iii) the City shall keep, perform and observe all and singular the covenants and promises in such Note and in this Ordinance expressed as to be kept,performed and observed by it or on its part, then these presents and the rights hereby granted shall cease, determine and be void. If the City shall pay or cause to be paid to the registered owners of all of such outstanding Note the principal, premium, if any, and interest to become due thereon at the times and in the manner stipulated therein and herein, such Note shall cease to be entitled to any lien, benefit or security under this Ordinance, and all covenants, agreements and obligations of the City to the holders of such Note shall thereupon cease, terminate and become void and discharged and satisfied. (b) Provision for Payment. Whenever sufficient Government Securities shall have been deposited in an irrevocable escrow (whether upon or prior to the maturity or the redemption date of the Note) the Note shall be deemed to be paid within the meaning of this Ordinance and no longer outstanding under this Ordinance; provided, however, that if the Note is to be redeemed prior to the maturity thereof, notice of such redemption shall have been duly given as provided in this Ordinance shall have been made for the giving thereof. Govemment Securities shall be considered sufficient only if said investments are not redeemable prior to maturity at the option of the issuer and mature and bear interest in such amounts and at such times as will assure sufficient cash to pay currently maturing interest and to pay principal and redemption premiums if any when due on the Note,without rendering the interest on the Note taxable under the Code. (c) Termination of City s Liability. Upon the discharge of indebtedness under paragraph (a) hereof, or upon the deposit of sufficient money and Government Securities (such sufficiency being determined as provided in paragraph (b) hereo� for the retirement of the Note, all liability of the City in respect of the Note shall cease, determine and be completely discharged and the holders thereof shall thereafter be entitled only to payment out of the money and the proceeds of the Government Securities deposited as aforesaid for their payment. Section 13. This Ordinance a Contract. The provisions of this Ordinance shall constitute a contract between the City and the registered owners of the Note, and no changes, additions or alterations of any kind shall be made hereto, except as herein provided. -26-