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Section 10. Defeasance. In the event that money and/or "Government Obligations" (as <br /> defined in Chapter 39.53 RCW, as amended, or its successor statute), maturing at such time or <br /> times and bearing interest to be earned thereon in amounts (together with such money, if <br /> necessary) sufficient to redeem and retire part or all of the Bonds in accordance with their terms, <br /> are set aside in a special account of the City to effect such redemption and retirement, and such <br /> money and the principal of and interest on such Government Obligations are irrevocably set aside <br /> and pledged for such purpose, then no further payments need be made into the Bond Fund for the <br /> payment of the principal of and interest on the Bonds so provided for, and the Registered Owners <br /> of such Bonds shall cease to be entitled to any lien, benefit or security of this ordinance except the <br /> right to receive the money so set aside and pledged, and such Bonds shall be deemed not to be <br /> outstanding hereunder. Within 30 days of any defeasance of Bonds, the Bond Registrar shall <br /> provide notice of defeasance of Bonds to Registered Owners and to each NRMSIR and the SID, <br /> if any, in accordance with Section 16 of this ordinance. <br /> Section 11. Project Accounts; 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 "1997 Golf Course Project Account" (the "Golf Course Project <br /> Account"), which is to be drawn upon for the sole purpose of paying costs of the Golf Course <br /> Project and a portion of the costs of issuance of the Bonds. Money in the Golf Course Project <br /> Account shall be invested as directed by the Finance Director in legal investments for City funds. <br /> There has heretofore been created a special fund of the City known as the Solid Waste <br /> Fund, within which fund there is authorized to be created the "1997 Solid Waste Project <br /> Account" (the "Solid Waste Project Account"), which account is to be drawn upon for the sole <br /> purpose of paying costs of the Solid Waste Project and a portion of the costs of issuance of the <br /> Bonds. Money in the Solid Waste Project Account shall be invested as directed by the Finance <br /> Director in legal investments for City funds. <br /> -15- DOTOM6.DOC 97/08/20 <br />