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e 24. Defeasance. When any obligation of a Bond has been discharged as provided in this paragraph, all pledges, covenants and other rights granted by this Resolution to the registered owner of that Bond (with respect to the obligation thereof so defeased) shall, to the extent permitted by law, cease. The City may at any time discharge any or all of such obligation(s) with respect to any Bond, subject to the provisions of law now or hereafter authorizing or regulating such action, by depositing irrevocably in escrow, with a suitable institution qualified by law as an escrow agent for this purpose, cash or securities which are backed by the full faith and credit of the United states of America, bearing interest payable at such times and at such rates and maturing on such dates and in such amounts as shall be required and sufficient, subject to sale and/or reinvestment in like securities, to pay said obligation(s), which may include any interest payment on such Bond and/or principal amount due thereon at a stated maturity (or if irrevocable provision shall have been made for permitted prior redemption of such principal amount, at such earlier redemption date). 25. Comoliance With Reimbursement Bond Requlations. With respect to the Improvements, the City has complied and will continue to comply with the "Reimbursement Regulations" provided in United states Treasury Regulations Section 1.103-18, and any successor regulations as may be applicable, including Section 1.150-2. In particular, except where the following may not be required by said Regulations (e.g., with respect to certain "preliminary expenditures"), to the extent that any of the proceeds of the Bonds will be used to reimburse the City for a cost of the Improvements theretofore paid and temporarily financed by the City out of other City funds, prior to the initial payment thereof (or within applicable time limits thereafter) the City has made or will have made a duly qualifying statement of its official intent to bond for such costs; otherwise, the proceeds of the Bonds are to be used for initial payment, and not for such reimbursement, of costs of the Improvements. e 26. Amendment of Prior Resolution. FOllowing the adoption on May 2, 1994, of that certain resolution of the Council (the "Prior Resolution") initiating the process for the sale of the Bonds, the City determined that it was necessary to change the earliest optional redemption date for the Bonds from February 1, 2004, to February 1, 2001. Said revision of the terms of the Bonds is hereby approved and ratified by the Council, and the Prior Resolution is hereby amended with the same force and effect as though the corrected first optional redemption date for the Bonds had appeared therein at the time of its adoption. e 264002.1 20