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regulations promulgated thereunder. The County will comply with the requirements of the Internal Revenue Code of 1986, as amended, and any valid and applicable rules and regulations promulgated thereunder necessary to maintain the exclusion from gross income of interest on the Bonds, including the creation of any funds and/or accounts required in that regard. The County covenants and agrees to make any and all payments required to be made to the United States Department of the Treasury in connection with the Bonds pursuant to Section 148(f) of the Code from amounts on deposit in the funds and accounts established in connection with the Bonds or from other legally available funds of the County. SECTION 18. OWNERS NOT RESPONSIBLE FOR APPLICATION OF BOND PROCEEDS. The Owners of the Bonds issued hereunder shall have no responsibility for the use of the proceeds of said Bonds, and the use of such Bond proceeds by the County shall in no way affect the rights of such Owners. The County shall be irrevocably obligated to continue to levy and collect the ad valorem taxes as provided herein to pay the principal of and interest on said Bonds annually as they become due and to make all other payments provided for herein from said ad valorem taxes notwithstanding any failure of the County to use and apply such Bond proceeds in the manner provided herein. SECTION 19. MODIFICATION OR AMENDMENT. No 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 Owners of two-thirds (2/3) or more in the principal amount of the Bonds then outstanding responding to the County's written request for such- consent provided by certified mail; provided, however, that no modification or amendment shall permit a change in the maturity of such Bonds or a reduction in the rate of interest thereon or in the amount of the principal obligation thereof or affecting the promise of the County to pay the principal of and interest on the Bonds as the same shall become due or reduce the percentage of the Owners of the Bonds required to consent to any material modification or amendment hereof without the consent of the Owner or Owners of all such Bonds. Notwithstanding the foregoing, this Resolution may be amended, changed, modified and altered without the consent of the Owners of the Bonds, (i) to cure any ambiguity, correct or supplement any provision contained herein which may be defective or inconsistent with any other provision contained herein, (ii) to provide other changes which will provide additional security to the Owners of the Bonds, or (iii) to maintain the exclusion of interest on the Bonds from gross income for Federal income tax purposes. SECTION 20 DEFEASANCE. If the County shall pay or cause to be paid or there shall otherwise be paid to the Owners of all Bonds the principal or redemption price, if applicable, and interest due or to become due thereon, at the times and in the manner stipulated therein and in this Resolution, then the pledge of the full faith and credit and taxing power of the County, and all covenants, agreements and other obligations of the County to the Owners, shall thereupon cease, terminate and become void and be discharged and satisfied. In such event, the Paying Agent shall pay over or deliver to the County all money or securities held by them pursuant to this Resolution which are not required for the payment or redemption of Bonds not theretofore surrendered for such payment or redemption. 9