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� - <br /> . . <br /> � . • <br /> (e) 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 of the City is hereby directed to file a certified copy of this Ordinance <br /> with the Bond Registrar and the Paying Agent. <br /> ^ Section^19. Defeasance. Any Bond or Bonds which (a) are paid and canceled, (b) <br /> which have matured and for which sufficient sums been deposited with the Paying Agent to pay <br /> all principal and interest due thereon, or (c) for wluch sufficient United States funds and d'uect <br /> United States Treasury obligations have been deposited with the Paying Agent or similar <br /> institution to pay, taking into account investment eamings on such obligations, all principal of <br /> and interest on such Bond or Bonds when due at maturity or as called for redemption,pursuant to <br /> an irrevocable escrow or trust agreement, shall cease to have any lien on or right to receive or be <br /> paid from the Bond Moneys or Pledged Taxes hereunder and shall no longer have the benefits of <br /> any covenant for the registered owners of outstanding Bonds as set forth herein as such relates to <br /> lien and security of the outstanding Bonds. All covenants relative to the Tax-exempt status of the <br /> Bonds; and payment, registration, transfer, and exchange; are expressly continued for all Bonds <br /> whether outstanding Bonds or not. <br /> Section^20. Municipal Bond Insurance ^ Either of the Designated Officials is <br /> authorized upon advice of the Underwriters to procure a municipal bond insurance policy from <br /> ^Financial Guaranty Insurance Comp� (the "Credit Facility") for the Bonds, and in so doing, <br /> may ezecute such commitments or contracts as may be necessary. As long as the Credit Facility <br /> shall be in full force and effect, the City and the Bond Registraz agree to comply with such usual <br /> and reasonable provisions regarding presentment and payment of the Bonds, subrogation of the <br /> rights of the Bondholders to the Credit Facility Provider when holding Bonds, amendment <br /> hereof, or other terms, as approved by the Council on advice of counsel, their approval to <br /> -30- <br />