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t <br />JUN 2 51900 -BOOK 43 ?9E949 <br />be "arbitrage bonds" within the meaning of the Internal Revenue <br />Code. The Issuer at all times while the Bonds and the interest <br />thereon are outstanding will comply with the requirements of <br />Section 103(c) of the Internal Revenue Code and any valid and <br />applicable rules and regulations of the Internal Revenue Service <br />issued thereunder. <br />4.04 Severability of Invalid Provisions. If any one or <br />more of the covenants, agreements or provisions of this <br />Instrument or of the Bonds should be held contrary to any express <br />provision of law or contrary to the policy of express law, though <br />not expressly prohibited, or against public policy, or shall for <br />any reason whatsoever be held invalid, then such covenants, <br />agreements or provisions shall be null and void and shall be <br />deemed separate from the remaining covenants, agreements or pro- <br />visions of this Instrument and of the Bonds. <br />4.05 Validation Authorized. The Issuer's Attorney is <br />hereby authorized and directed to institute appropriate pro- <br />ceedings in the Circuit Court for Indian River County, Florida, <br />for the validation of the Bonds. <br />4.06 Conflicts Repealed. All resolutions or parts of <br />resolutions in conflict herewith are hereby repealed. <br />4.07 Effective Date. This Instrument shall take effect <br />immediately upon its passage. <br />M <br />-31- <br />