1988-013SWDD - Laserfiche WebLink

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` o t, Y investments which may be authorized by law from time to time and sufficient under such law to effect such a defeasance ) in irrevocable trust with a banking institution or trust company , for the sole benefit of the Registered Owners of the Bonds or such series , the principal of and interest on which will be sufficient to pay , when due , the principal , interest and premiums , if any , on the outstanding Bonds or such series , shall be considered " provision for payment " . Nothing in this section shall be deemed to require the District to call any of the outstanding Bonds or any series thereof for redemption prior to maturity pursuant to any applicable optional redemption provisions , or to impair the discretion of the District in determining whether to exercise any such option for early redemption . SECTION 21 . MODIFICATION OF RESOLUTION . No adverse material modification or amendment of this Resolution , or of any resolution amendatory hereof or supplemental hereto , may be made without the consent in writing of the Registered Owners of 51 % or more in aggregate principal amount of the Bonds then outstanding affected by such adverse material modification or amendment , provided , however , that no modification or amendment shall permit a change in the maturity of any Bonds or a reduction in the rate of interest thereon or in the amount of the principal obligation thereof , or affect the unconditional promise of the District to levy , impose and/ or collect the Gross Revenues , as herein provided , or to pay the principal of and interest on the Bonds as the same shall become due from the Gross Revenues , or reduce the percentage required above for an adverse material modification or amendment , without the consent of the Registered Owners of all of the Bonds affected thereby . The foregoing shall not apply with respect to supplemental resolutions adopted for the sole purpose of issuing Additional Parity Bonds or junior and subordinate obligations issued hereunder in accordance herewith . SECTION 22 . SEVERABILITY . If any one or more of the covenants , agreements or provisions of this Resolution should be held contrary to any express provision of law or contrary to the policy of express law , though not expressly prohibited , or against public policy , or shall for any reason whatsoever be held invalid , then such covenants , agreements or provisions shall be null and void and shall be deemed separate from the remaining covenants , agreements and provisions hereof , and shall in no way affect the validity thereof or of the Bonds issued hereunder . SECTION 23 . VALIDATION . The attorney for the District is hereby authorized and directed to institute appropriate proceedings in the Circuit Court of the Nineteenth Judicial Circuit of Florida in and for Indian River County , Florida , for the validation of the Bonds . SECTION 24 . REPEALER . All resolutions or parts of resolutions in conflict herewith are hereby repealed . 27