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direct U.S. Treasury obligations have been deposited with the Paying Agent or similar <br /> institution to pay, taking into account investment earnings on such obligations, all principal <br /> of and interest on such Bond or Bonds when due at maturity or as called for redemption, <br /> pursuant to an inevocable escrow or trust agreement, shall cease to have any lien on or <br /> right to receive or be paid from the Pledged Taxes hereunder and shall no longer have the <br /> benefits of any covenant for the registered owners of outstanding Bonds as set forth herein <br /> as such relates to lien and security of the outstanding Bonds. All covenants relative to the <br /> Tax-exempt status of the Bonds; and payment, registration, transfer, and exchange; are <br /> expressly continued for all Bonds whether outstanding Bonds or not. <br /> Section 22. Filings by City Clerk. Promptly, as soon as this Ordinance becomes <br /> effective, copies hereof, certified by the City Clerk of the City, shall be filed with the <br /> County Clerk, the Bond Registrar and the Paying Agent. <br /> Section 23. Publication of Ordinance. A full, true and complete copy of this <br /> Ordinance shall be published within ten days after passage in pamphlet form by authority of <br /> the Council. <br /> Section 24. Effective Date. This Ordinance shall be in full force and effect <br /> immediately upon its passage, approval and publication. <br /> AYES: Burton, Carrigan, Foster, Stockard, Mayor Howley <br /> NAYS: None <br /> ABSENT: Jacobs, Mitchell <br /> ADOPTED: June 29, 1998 <br /> -26- <br />