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Only such Bonds as shall bear thereon a Certificate of Authentication in the form <br /> hereinbefore recited, manually executed by the Bond Registrar, shall be valid or obligatory for <br /> any purpose or entitled to the benefits of this ordinance. Such Certificate of Authentication shall <br /> be conclusive evidence that the Bonds so authenticated have been duly executed, authenticated <br /> and delivered hereunder and are entitled to the benefits of this ordinance. <br /> In case either of the officers who shall have executed the Bonds shall cease to be an <br /> officer or officers of the City before the Bonds so signed shall have been authenticated or <br /> delivered by the Bond Registrar, or issued by the City, such Bonds may nevertheless be <br /> authenticated, delivered and issued and upon such authentication, delivery and issuance, shall be <br /> as binding upon the City as though those who signed the same had continued to be such officers <br /> of the City. Any Bond may be signed and attested on behalf of the City by such persons who at <br /> the date of the actual execution of such Bond, are the proper officers of the City, although at the <br /> original date of such Bond any such person shall not have been such officer of the City. <br /> Section 7. Refunding Plan and Procedures. <br /> (a) Refunding Plan. A portion of the proceeds of sale of the Bonds, together with <br /> other funds, if any, provided by the City shall be delivered to the Escrow Agent for the purpose <br /> of defeasing the Refunded Bonds and paying related costs of issuance. Money received by the <br /> Escrow Agent from Bond proceeds and other money provided by the City shall be used <br /> immediately by the Escrow Agent upon receipt thereof in accordance with the terms of the <br /> Escrow Agreement to defease the Refunded Bonds as authorized by the 2003 Bond Ordinance, <br /> and pay costs of issuance of the Bonds. The City shall defease the Refunded Bonds and <br /> discharge such obligations to purchase certain Government Obligations (which obligations so <br /> purchased, are herein called "Acquired Obligations"), bearing such interest and maturing as to <br /> -18- P:\20287 CMVN20287 9RD 08/14/12 <br />