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to be levied and collected by the City prior to the full payment of the principal of and interest on <br /> the Bonds will be and is hereby irrevocably set aside, pledged and appropriated for the payment <br /> of the principal of and interest on the Bonds. The full faith, credit and resources of the City are <br /> hereby irrevocably pledged for the annual levy and collection of said taxes and for the prompt <br /> payment of the principal of and interest on the Bonds as the same shall become due. <br /> Section 12. Defeasance. In the event that the City, in order to effect the payment, <br /> retirement or redemption of any Bond, sets aside in the Bond Fund or in another special account, <br /> cash or noncallable Government Obligations, or any combination of cash and/or noncallable <br /> 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 City shall give written notice of defeasance to the owners of all Bonds so provided <br /> for within 30 days of the defeasance and to the SID, if any, and to each NRMSIR or to the MSRB <br /> in accordance with Section 15 of this ordinance. <br /> Section 13. Designation of Refunded Bonds; Sale of Bonds. <br /> (a) Designation of Refunded Bonds. As outlined in the recitals to this <br /> ordinance, certain principal maturities of the 1993 COPs and the 1993 Bonds may be called for <br /> -29- P:\CMW\CMW5IL 12/06/02 <br />