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<br />Section 604. Exception for Continuing Disclosure. This Article VI shall not apply to <br />Section 805 hereof regarding the City's continuing disclosure obligations, and Registered Owners shall <br />have no remedies for enforcement of said obligations other than the remedies provided for in Section 805 <br />hereof and the City's Continuing Disclosure Agreement, attached as Exhibit C hereto. <br /> <br />ARTICLE VII <br /> <br />DEFEASANCE <br /> <br />Section 701. Defeasance. <br /> <br />(a) When any or all of the Bonds or scheduled interest payments thereon have been paid and <br />discharged, then the requirements contained in this Ordinance and the pledge of the City's faith and credit <br />hereunder and all other rights granted hereby shall terminate with respect to the Bonds or scheduled <br />interest payments thereon so paid and discharged. Bonds or scheduled interest payments thereon shall be <br />deemed to have been paid and discharged within the meaning of this Ordinance if there has been <br />deposited with the Paying Agent, or other commercial bank or trust company located in the State of <br />Missouri and having full trust powers, at or prior to the Stated Maturity or Redemption Date of said <br />Bonds or the interest payments thereon, in trust for and irrevocably appropriated thereto, money and/or <br />Defeasance Obligations which, together with the interest to be earned on any such Defeasance <br />Obligations, will be sufficient for the payment of the principal of and redemption premium, if any, on said <br />Bonds and/or interest accrued to the Stated Maturity or Redemption Date, or if default in such payment <br />has occurred on such date, then to the date of the tender of such payments; provided, however, that if any <br />such Bonds are to be redeemed prior to their Stated Maturity, (1) the City has elected to redeem such <br />Bonds, and (2) either notice of such redemption has been given, or the City has given irrevocable <br />instructions, or shall have provided for an escrow agent to give irrevocable instructions, to the Paying <br />Agent to give such notice of redemption in compliance with Section 302(a) hereof. <br /> <br />(b) Any money and Defeasance Obligations that at any time shall be deposited with the <br />Paying Agent or other commercial bank or trust company by or on behalf of the City, for the purpose of <br />paying and discharging any of the Bonds, or the interest payments thereon, shall be and are hereby <br />assigned, transferred and set over to the Paying Agent or other bank or trust company in trust for the <br />respective Registered Owners of the Bonds, and such money shall be and is hereby irrevocably <br />appropriated to the payment and discharge thereof. All money and Defeasance Obligations deposited <br />with the Paying Agent or other bank or trust company shall be deemed to be deposited in accordance with <br />and subject to all of the provisions of this Ordinance. <br /> <br />(c) To accomplish defeasance of the Bonds in the event the Bonds are to be advance <br />refunded, the City shall cause to be delivered to the Paying Agent (i) a report of an independent firm of <br />nationally recognized certified public accountants verifying the sufficiency of the escrow established to <br />pay the Bonds in full at Maturity, (ii) an escrow deposit agreement and (iii) an opinion of Bond Counsel <br />to the effect that the Bonds are no longer "Outstanding" under this Ordinance. Bonds shall be deemed <br />"Outstanding" under this Ordinance unless and until they are in fact paid and retired or the criteria of this <br />Section are met. <br /> <br />-18- <br />