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(d) first to the payment of all installments of interest on the Bonds then due and
<br /> unpaid on a pro rata basis based on the total amount then due and owing,
<br /> (e) second, to the payment of all installments of principal, including Sinking
<br /> Fund Payments, of the Bonds then due and unpaid on a pro rata basis based on the total
<br /> amount then due and owing, and
<br /> (f) third, to the payment of interest on overdue installments of principal and
<br /> interest on the Bonds on a pro rata basis based on the total amount then due and owing.
<br /> ARTICLE IX
<br /> DEFEASANCE
<br /> Section 9.1. Defeasance. If the County shall pay or cause to be paid, or there shall
<br /> otherwise be paid, to the Owner of an Outstanding Bond the interest due thereon and the principal
<br /> thereof, at the times and in the manner stipulated in this Indenture or any Supplemental Indenture,
<br /> then the Owner of such Bond shall cease to be entitled to the pledge of Special Taxes, and, other than
<br /> as set forth below, all covenants, agreements and other obligations of the County to the Owner of
<br /> such Bond under this Indenture shall thereupon cease, terminate and become void and be discharged
<br /> and satisfied. In the event of a defeasance of all Outstanding Bonds pursuant to this Section, the
<br /> Trustee shall execute and deliver to the County all such instruments as may be desirable to evidence
<br /> such discharge and satisfaction, and the Trustee shall pay over or deliver to the County's general
<br /> fund all money or securities held by it pursuant to this Indenture which are not required for the
<br /> payment of the principal of, premium, if any,and interest due on such Bonds.
<br /> Any Outstanding Bond shall be deemed to have been paid within the meaning expressed in
<br /> the first paragraph of this Section if such Bond is paid in any one or more of the following ways:
<br /> (a) by paying or causing to be paid the principal of, premium, if any, and interest on such
<br /> Bond, as and when the same become due and payable;
<br /> (b) by depositing with the Trustee, in trust, at or before maturity, money which, together
<br /> with the amounts then on deposit in the Special Tax Fund (exclusive of the Administrative Expense
<br /> Account) and available for such purpose, is fully sufficient to pay the principal of, premium, if any,
<br /> and interest on such Bond,as and when the same shall become due and payable; or
<br /> (c) by depositing with the Trustee or another escrow bank appointed by the County, in
<br /> trust, noncallable Federal Securities, in such amount as will be sufficient, together with the interest to
<br /> accrue thereon and moneys then on deposit in the Special Tax Fund (exclusive of the Administrative
<br /> Expense Account) and available for such purpose,together with the interest to accrue thereon,to pay
<br /> and discharge the principal of, premium, if any, and interest on such Bond, as and when the same
<br /> shall become due and payable;
<br /> then, at the election of the County, and notwithstanding that any Outstanding Bonds shall not have
<br /> been surrendered for payment, all obligations of the County under this Indenture and any
<br /> Supplemental Indenture with respect to such Bond shall cease and terminate, except for the
<br /> obligation of the Trustee to pay or cause to be paid to the Owner of any such Bond not so
<br /> surrendered and paid, all sums due thereon and except for the covenants of the County contained in
<br /> Section 5.2(f) hereof or any covenants in a Supplemental Indenture relating to compliance with the
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