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<br />(i) "Defeasance Obligations" shall mean, to the extent permitted by law, the <br />following securities: <br /> <br />(1) U.S. Obligations; <br /> <br />(2) Any bonds or other obligations of any state of the United States of <br />America or of any agency, instrumentality or local governmental unit of any such state (i) <br />which are not callable prior to maturity or as to which irrevocable instructions have been <br />given to the trustee of such bonds or other obligations by the obligor to give due notice of <br />redemption and to call such bonds for redemption on the date or dates specified in such <br />instructions, (ii) which are secured as to principal and interest and redemption premium, <br />if any, by a fund consisting only of cash or bonds or other obligations of the character <br />described in clause (1) hereof which fund may be applied only to the payment of such <br />principal of and interest and redemption premium, if any, on such bonds or other <br />obligations on the maturity date or dates thereof or the redemption date or dates specified <br />in the irrevocable instructions referred to in subclause (i) of this clause (2), as <br />appropriate, and (iii) as to which the principal of and interest on the bonds and <br />obligations of the character described in clause (1) hereof which have been deposited in <br />such fund along with any cash on deposit in such fund are sufficient to pay principal of <br />and interest and redemption premium, if any, on the bonds or other obligations described <br />in this clause (2) to and including the maturity date or dates thereof or to and including <br />the redemption date or dates specified in the irrevocable instructions referred to in <br />subclause (i) of this clause (2), as appropriate; <br /> <br />(3) Evidences of indebtedness issued by the Federal Home Loan Banks, <br />Federal Home Loan Mortgage Corporation (including participation certificates), Federal <br />Financing Banks, or any other agency or instrumentality of the United States of America <br />created by an act of Congress provided that the obligations of such agency or <br />instrumentality are unconditionally guaranteed by the United States of America or any <br />other agency or instrumentality of the United States of America or of any corporation <br />wholly-owned by the 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 />(j) "Interest Rate" shall mean the rate of interest per annum on the 2002 Bond which, <br />when calculated on the basis of a 365/366-day year, as the case may be, shall be determined one <br />day prior to the original issuance and delivery of the 2002 Bond and which shall equal the <br />Bank's cost of fund, plus 0.95%, divided by 1.5054. <br /> <br />(k) "Maturity Date" shall mean, with respect to the unpaid principal of and interest on <br />the 2002 Bond, June 30, 2022. <br /> <br />5 <br /> <br />02002- $3 Million Bond Golden Shores Stormwater Utility <br />