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8 <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 10. 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 the Bond Fund or such special account, and such <br /> Bond shall be 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 each party entitled to receive notice in accordance <br /> with Section 12 of this ordinance. <br /> Section 11. Sale of Bonds. The Bonds shall be sold at a competitive public sale. The <br /> -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 /> (e)provide for such other matters pertaining to the public sale as she deems necessary or <br /> 424- P.\20287 CMW120287_9RD 08114/12 <br />