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When a Bond is deemed paid as a result of a deposit as provided under (ii) <br /> above, it is no longer secured by or entitled to the benefits of this Agreement, and all <br /> rights to payment of those Bonds are limited to payment from the moneys or <br /> Federal Securities that have been deposited. Those Bonds, however, may still be <br /> transferred, exchanged, registered or replaced as provided in Article XIV, and still <br /> represent installment contracts and obligations of the County payable from that <br /> special fund. <br /> Notwithstanding the foregoing, the County may make no deposit under clause <br /> (a)(ii) above until the County has furnished the Trustee an Opinion of Bond Counsel <br /> to the effect that the deposit of cash or Federal Securities will not cause the Bonds to <br /> become "arbitrage bonds" within the meaning of the Code if the interest on those <br /> Bonds is intended to be not included in gross income for federal income tax <br /> purposes. Also, if a Bond is to be prepaid prior to maturity, notice of redemption of <br /> the Bond must be given in accordance with this Agreement or any supplement or <br /> amendment for the deposit to be deemed a payment of that Bond. If the Bond, <br /> however, is not to be paid or prepaid within the next 60 days following the deposit <br /> date, the County must give the Trustee, in form satisfactory to the Trustee, <br /> irrevocable written instructions as follows: <br /> (A) to provide notice to the Bondholders, as soon as practicable, that the <br /> County has made the deposit required by (a)(ii) above and that the Bond is deemed <br /> to be paid under this Article, and further stating the maturity or redemption date <br /> upon which moneys are to be available for the payment of the principal with respect <br /> to the Bond, and <br /> (B) to give notice of redemption not less than 30 nor more than 60 days prior <br /> to the redemption date for that Bond as provided in this Agreement or any <br /> supplement or amendment. <br /> When all Outstanding Bonds are deemed paid under this Section, the Trustee <br /> must, upon the County's request, acknowledge the discharge of the lien of this <br /> Agreement and repay any excess amounts remaining on deposit in the Funds <br /> established under this Agreement to the County. <br /> The County agrees that no deposit must be made or accepted, and no use <br /> made of any deposit, that would cause any Bonds to be treated as "arbitrage bonds" <br /> within the meaning of the Code if the interest on that Bond is intended to be not <br /> included in gross income for federal income tax purposes. <br /> 44 <br />