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County from such investments may be used by the County for any lawful purpose. The foregoing covenants and provisions shall be no longer in effect when no Bonds are outstanding or when all of the Bonds have been defeased pursuant to Section 26. Nothing in this Resolution shall constitute or be construed to constitute a conveyance or mortgage of the Recreational Facilities. SECTION 8. Section 16 (L) of the Authorizing Resolution is hereby amended to read as follows: L. ADDITIONAL PARITY BONDS. No Additional Parity Bonds, payable on a parity from the Pledged Funds with the Bonds, may be issued hereunder, except for the purpose of refunding outstanding Bonds, but no refunding may be undertaken in accordance with this provision if it shall result in an increase in the maximum amount of principal and interest on all outstanding Bonds becoming due in any ensuing Fiscal Year. Each resolution authorizing the issuance of Additional Parity Bonds shall recite that all of the covenants herein contained will be applicable to such Additional Parity Bonds. Additional Parity Bonds may not be issued hereunder at any time while the County is in default in performing any of the covenants and obligations assumed hereunder, or all payments herein required to have been made into the accounts and funds, as provided hereunder, have not been made to the full extent required. The County covenants for the benefit of the Registered Owners of the Bonds issued and outstanding hereunder that the County shall, at the time of issuance of any Additional Parity Bonds, make a deposit to the Reserve Account in the Sinking Fund created hereunder so that the Reserve Account shall have a value of cash and investments at such time equal to the Reserve Account Requirement (giving effect to the Additional Parity Bonds and the retirement of any Bonds being refunded with proceeds of the Additional Parity Bonds), unless at such time all or a portion of the Series 2003 Bonds are outstanding and the Bond Insurer for the Series 2003 Bonds shall agree otherwise. Provided, however, in no event shall such deposit be required to exceed an amount equal to the maximum amount which if deposited from the proceeds of the Additional Parity Bonds would not adversely affect the exclusion of the interest on the Additional Parity Bonds from the gross income of the Registered Owners thereof for purposes of federal income taxation. SECTION 8. The Issuer hereby covenants and agrees that, in order to provide for compliance by the Issuer with the secondary market disclosure requirements of the Rule, that it will comply with and carry out all of the provisions of that certain Continuing Disclosure Certificate in substantially the form attached hereto as Exhibit "F", to be executed by the Issuer and dated the date of issuance and delivery of the Bonds, as it maybe amended from time to time in accordance with the terms thereof (the "Continuing Disclosure Certificate"). Notwithstanding any other provision of this Resolution, failure of the Issuer to comply with such Continuing Disclosure Certificate shall not be considered an event of default; however, any Bondholder may take such actions as may be 5