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government obligations, in amounts and maturities which, together with the known earned <br /> income therefrom, are sufficient to redeem or pay and retire such Bond in accordance with its <br /> terms and to pay when due the interest and redemption premium, if any, thereon, and such cash <br /> and/or noncallable government obligations are irrevocably set aside and pledged for such <br /> purpose, then no further payments need be made into the Bond Fund for the payment of the <br /> principal of and interest on such Bond. The owner of a Bond so provided for shall cease to be <br /> entitled to any lien, benefit or security of this Ordinance except the right to receive payment of <br /> principal, premium, if any, and interest from such special account, and such Bond shall be <br /> deemed to be not outstanding under this Ordinance. <br /> The trustee shall give written notice of defeasance to the owners of all Bonds so provided <br /> for within 30 days of the closing date and to the SID, if any, and to each NRMSIR or to the <br /> MSRB in accordance with Section 17. <br /> Section 13. Project Account; Application of Bond Proceeds. There has heretofore <br /> been created a special fund of the City known as the Golf Fund, within which fund there is <br /> authorized to be created the "1998 Golf Course Project Account" (the "Golf Course Project <br /> Account"), which is to be drawn upon for the sole purposes of paying costs of the Golf Course <br /> Project and paying costs of issuance of the Bonds. Money in the Golf Course Project Account <br /> shall be invested as directed by the Finance Director in legal investments for City funds. <br /> Upon completion of the Golf Course Project, any remaining money in the Golf Course <br /> Project Account, as applicable, shall be transferred to the Bond Fund or used for other capital <br /> purposes, and such accounts shall be closed. <br /> -20- SCO1 B DOC <br />