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<br />(g) "Code" shall mean the Internal Revenue Code of 1986, as amended, the applicable <br />Treasury Regulations promulgated thereunder and any administrative or judicial interpretations of <br />the same published in a form on which the City may rely as a matter oflaw. <br /> <br />(h) "Debt Service Fund" shall mean the Sunny Isles Beach Subordinated Utilities Tax <br />Revenue Bond Debt Service Fund, created and established pursuant to this Ordinance and which is <br />the fund in which the Pledged Revenues shall be deposited by the City for the payment of the 1999 <br />Bond and any Parity Bonds (as defined herein) in accordance with the provisions hereof. <br /> <br />(i) <br />securities: <br /> <br />"Defeasance Obligations" shall mean, to the extent permitted by law, the following <br /> <br />(1) U.S. Obligations; <br /> <br />(2) Any bonds or other obligations of any state of the United States of America <br />or of any agency, instrumentality or local governmental unit of any such state (i) which are <br />not callable prior to maturity or as to which irrevocable instructions have been given to the <br />trustee of such bonds or other obligations by the obligor to giye due notice of redemption <br />and to call such bonds for redemption on the date or dates specified in such instructions, (ii) <br />which are secured as to principal and interest and redemption premium, if any, by a fund <br />consisting only of cash or bonds or other obligations of the character described in clause (1) <br />hereof which fund may be applied only to the payment of such principal of and interest and <br />redemption premium, if any, on such bonds or other obligations on the maturity date or <br />dates thereof or the redemption date or dates specified in the irrevocable instructions <br />referred to in subclause (i) of this clause (2), as appropriate, and (iii) as to which the <br />principal of and interest on the bonds and obligations of the character described in clause (1) <br />hereof which have been deposited in such fund along with any cash on deposit in such fund <br />are sufficient to pay principal of and interest and redemption premium, if any, on the bonds <br />or other obligations described in this clause (2) to and including the maturity date or dates <br />thereof or to and including the redemption date or dates specified in the irrevocable <br />instructions referred to in subclause (i) of this clause (2), as appropriate; <br /> <br />(3) Evidences of indebtedness issued by the Federal Home Loan Banks, Federal <br />Home Loan Mortgage Corporation (including participation certificates), Federal Financing <br />Banks, or any other agency or instrumentality of the United States of America created by an <br />act of Congress provided that the obligations of such agency or instrumentality are <br />unconditionally guaranteed by the United States of America or any other agency or <br />instrumentality of the United States of America or of any corporation wholly-owned by the <br />United States of America; and <br /> <br />(4) Evidences of ownership of proportionate interests in future interest and <br />principal payments on obligations described in clause (1) above held by a bank or trust <br />company as custodian. <br /> <br />5 <br />