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0 <br /> such cash and/or noncallable Government Obligations are irrevocably set aside and pledged for <br /> such purpose, then no further payments need be made into the Revenue Bond Fund for the <br /> payment of the principal of and interest on such Bond. The owner of a Bond so provided for <br /> shall cease to be entitled to any lien, benefit or security of this ordinance except the right to <br /> receive payment of principal, premium, if any, and interest from such special account, and such. <br /> Bond shall be deemed to be not outstanding under this ordinance. <br /> Within 60 days of any defeasance of Bonds the Registrar shall provide notice of <br /> defeasance of Bonds to Registered Owners and to each party entitled to receive notice in <br /> accordance with Section 19 of this ordinance. <br /> Section 15. Lost, Stolen or Destroyed Bonds. In case any Bond or Bonds shall be lost, <br /> stolen or destroyed, the Registrar may execute and deliver a new Bond or Bonds of like series, <br /> date, number and tenor to the Registered Owner thereof upon the Registered Owner's paying the <br /> expenses and charges of the City and the Registrar in connection therewith and upon his/her <br /> filing with the Chief Financial Officer and the Registrar evidence satisfactory to the Chief <br /> Financial Officer and the Registrar, respectively, that such Bond was actually lost, stolen or <br /> destroyed and of his/her ownership thereof, and upon furnishing the City and the Registrar with <br /> indemnity satisfactory to the Chief Financial Officer and the Registrar, respectively. <br /> Section 16. Sale of Bonds. <br /> (a) Bond Sale. The Bonds of each series shall be sold at a competitive public sale. <br /> The Chief Financial Officer or her designee shall: (a) establish the date of the public sale; <br /> (b) establish the criteria by which the successful bidder will be determined; (c) request that a <br /> good faith deposit in an amount not less than one percent of the principal amount of the offering <br /> accompany each bid; (d) cause notice of the public sale to be given (the "Notice of Sale"); and <br /> 0,ti <br /> -60- P:(20287 CMW20287_880 03/25109 <br />