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(i) there shall have been deposited with the Trustee either (A) money in an <br />amount which shall be sufficient, or (B) Federal Securities, the principal of and the <br />interest on which when due, and without any reinvestment thereof, will provide moneys <br />which shall be sufficient to pay when due the interest to become due on such Bond on <br />and prior to the maturity date or redemption date thereof, as the case may be, and the <br />principal of and premium, if any, on such Bond, and <br />(ii) in the event such Bond is not by its terms subject to redemption within the <br />next succeeding 60 days, the Agency shall have given the Trustee in form satisfactory to <br />it irrevocable instructions to mail as soon as practicable, a notice to the owners of such <br />Bond that the deposit required by clause (i) above has been made with the Trustee and <br />that such Bond is deemed to have been paid in accordance with this section and stating <br />the maturity date or redemption date upon which money is to be available for the <br />payment of the principal of and premium, if any, on such Bond, <br />Neither the money nor the Federal Securities deposited with the Trustee pursuant to this <br />subsection in connection with the deemed payment of Bonds, nor principal or interest payments <br />on any such Federal Securities, shall be withdrawn or used for any purpose other than, and shall <br />be held in trust for and pledged to, the payment of the principal of and, premium, if any, and <br />interest on such Bonds. <br />(b) No Bond shall be deemed to have been paid pursuant to clause (i) of subsection <br />(a) of this section unless the Agency shall cause to be delivered (A) an executed copy of a <br />Verification Report with respect to such deemed payment, (B) a copy of the escrow agreement <br />entered into in connection with the deposit pursuant to clause (i) of subsection (a) of this section <br />resulting in such deemed payment, which escrow agreement shall be acceptable to the Bond <br />Insurer and provide that no substitution of Federal Securities shall be permitted except with other <br />Federal Securities and upon delivery of a new Verification Report and no reinvestment of <br />Federal Securities shall be permitted except as contemplated by the original Verification Report <br />or upon delivery of a new Verification Report, and (C) a copy of an opinion of counsel of <br />recognized standing in the field of law relating to municipal bonds, dated the date of such <br />deemed payment and addressed to the Agency, the Trustee and the Bond Insurer, insuring the <br />Bonds to be defeased, to the effect (hat such Bond has been paid within the meaning and with the <br />effect expressed in the Indenture, and all agreements, covenants and other obligations of the <br />Agency hereunder as to such Bond have ceased, terminated, become void and been completely <br />discharged and satisfied. <br />The 2016 Bond Insurer shall be provided with drafts of the above - referenced <br />documentation not less than five (5) business days prior to the funding of the escrow. <br />Insured Series 2016 Bonds shall be deemed to be "Outstanding" under the Indenture <br />unless and until they are in fact paid and retired or the above criteria are met, <br />(c) The Trustee is entitled to rely upon (i) an opinion of counsel of recognized <br />standing in the field of law relating to municipal bonds to the effect that the conditions precedent <br />to a deemed payment pursuant to clause (ii) of subsection (a) of this section have been satisfied, <br />54 <br />3 -72 <br />