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reduce the percentage of the number of Holders whose consent is required to effect a further modification. Section 16. Defeasance. When any Bond has been discharged as provided in this section, all pledges, covenants and other rights granted by this Resolution to the Holder of such Bond shall cease, and such Bond shall no longer be deemed to be Outstanding under this Resolution. The obligations with respect to any Bond which is due on any date may be discharged by depositing with the Registrar on or before that date a sum sufficient for the payment thereof in full; or, if any Bond should not be paid when due, it may nevertheless be discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. The obligations with respect to any Bond which is subject to redemption according to its terms may also be discharged by depositing with the Registrar on or before that date an amount equal to the principal, interest and redemption premium, if any, which will then be due, provided that notice of such redemption has been duly given or provided for. The obligations with respect to any Bonds may also be discharged at any time, subject to the provisions of law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with the Registrar or any bank qualified by law as an escrow agent for this purpose, cash or Government Obligations which are authorized by law to be so deposited,bearing interest payable at such times and at such rates and maturing on such dates as shall be required to pay all principal, interest and redemption premiums to become due on the Bonds to their maturity or redemption date, provided that if any of such Bonds are to be redeemed, notice of redemption has been given or provided for, and provided that such defeasance shall not impair the exemption of interest on any Bonds from federal income taxation. Section 17. Compliance With Reimbursement Bond Regulations. The provisions of this section are intended to establish and provide for the Commission's compliance with United States Treasury Regulations Section 1.150-2 (the "Reimbursement Regulations") applicable to the "reimbursement proceeds" of the Series 2014A Bonds, being those portions thereof which will be used by the Commission to reimburse itself for any expenditure which the Commission paid or will have paid prior to the Closing Date(a"Reimbursement Expenditure"). The Commission hereby certifies and/or covenants as follows: (a) Not later than 60 days after the date of payment of a Reimbursement Expenditure, the City or the Commission (or person designated to do so on behalf of the City or the Commission) has made or will have made a written declaration of the Commission's official intent (a "Declaration") which effectively (i) states the Commission's reasonable expectation to reimburse itself for the payment of the Reimbursement Expenditure out of the proceeds of a subsequent borrowing; (ii) gives a general and functional description of the property, project or program to which the Declaration relates and for which the Reimbursement Expenditure is paid, or identifies a specific fund or account of the Commission and the general functional purpose thereof from which the Reimbursement Expenditure was to be paid (collectively the "Project"); and (iii) states the maximum principal amount of debt expected to be issued by the Commission for the purpose of financing the Project; provided, however, that no such Declaration shall necessarily have been made with respect to: (i) "preliminary 25 438081v3 JSB EL185-25 Ii