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the Bonds will be and is hereby irrevocably set aside, pledged and appropriated for the payment of <br /> the principal of and interest on the Bonds. <br /> The full faith, credit and resources of the City are hereby irrevocably pledged for the <br /> annual levy and collection of said taxes and for the prompt payment of the principal of and interest <br /> on the Bonds as the same shall become due. <br /> SECTION 11. Defeasance. In the event that money and/or "Government Obligations," as <br /> such obligations are now or may hereafter be defined in Chapter 39.53 RCW, maturing at such <br /> time or times and bearing interest to be earned thereon in amounts (together with other such <br /> money, if necessary) sufficient to redeem and retire, refund or defease part or all of the Bonds in <br /> accordance with their terms, are set aside in a special account of the City to effect such <br /> redemption and retirement, and such moneys and the principal of and interest on such <br /> Government Obligations are irrevocably set aside and pledged for such purpose, then no further <br /> payments need be made into the Bond Fund for the payment of the principal of and interest on the <br /> Bonds so provided for, and such Bonds shall cease to be entitled to any lien, benefit or security of <br /> this ordinance except the right to receive the moneys so set aside and pledged, and such Bonds <br /> shall be deemed not to be outstanding hereunder. <br /> Within 60 days of any defeasance of Bonds the Bond Registrar shall provide notice of <br /> defeasance of Bonds to registered owners and each NRMSIR and SID, if any, in accordance with <br /> Section 21 hereof. <br /> SECTION 12. Application of Bond Proceeds. The proceeds of the sale of the Bonds shall <br /> be used and applied as follows: <br /> (a) The amount equal to the interest (if any) accruing on the Bonds from their date to <br /> the date of their delivery shall be deposited in the Bond Fund. <br /> (b) The balance of the Bond proceeds shall be used to pay the costs of issuing the <br /> Bonds and to provide for the refunding of the 1990A Refunded Bonds and the refunding of the <br /> Lease Obligations, as set forth in the following section. <br /> -17- J:1FwwvwioM scxooc <br />