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• <br />• <br />Section 10. Defeasance. <br />10.01. When all Bonds (or all or either of the Improvement Refunding Bonds or Utility <br />Revenue Refunding Bonds portion thereof) and all interest thereon, have been discharged as <br />provided in this section, all pledges, covenants and other rights granted by this resolution (with <br />respect to the Improvement Refunding Bonds or Utility Revenue Refunding Bonds portions of the <br />Bonds, as the case may be) to the holders of the Bonds will cease, except that the pledge of the full <br />faith and credit of the City for the prompt and full payment of the principal of and interest on the <br />Bonds will remain in full force and effect. The City may discharge all Bonds (or either portion <br />thereof) which are due on any date by depositing with the Registrar on or before that date a sum <br />sufficient for the payment thereof in full. If any Bond should not be paid when due, it may <br />nevertheless be discharged by depositing with the Registrar a sum sufficient for the payment thereof <br />in full with interest accrued to the date of such deposit. <br />367721vI SJB LN140 -106 <br />(The remainder of this page is intentionally left blank.) <br />19 <br />