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to the Bonds, then, and in that event, the pledge of and lien on <br />the Race Track Funds and the income from investments in favor of <br />the Holders of the Bonds shall be no longer in effect. For pur- <br />poses of the preceding sentence, deposit of Federal Securities or <br />bank certificates of deposit fully secured as to principal and <br />interest by Federal Securities (or deposit of any other securities <br />or investments which may be authorized by law from time to time <br />and sufficient under such law to effect such a defeasance) in <br />irrevocable trust with a banking institution or trust company, for <br />the sole benefit of the Holders of such Bonds, in an amount such <br />that the principal of and interest on such securities or certifi- <br />cates will be sufficient to pay when due the principal, interest, <br />and redemption premiums, if any, on the outstanding Bonds, shall <br />be considered "provision for payment". Nothing herein shall be <br />deemed to require the County to call any of the outstanding Bonds <br />for redemption prior to maturity pursuant to any applicable <br />optional redemption provisions, or to impair the discretion of the <br />County in determining whether to exercise any such.option for <br />early redemption. <br />SECTION 21. SALE OF BONDS. The Bonds shall be sold and <br />issued in such manner and at such price or prices consistent with <br />the provisions of the Act and this Resolution as shall be deter- <br />mined by subsequent resolution of the County adopted prior to <br />such sale and issuance, respectively. <br />SECTION 22. VALIDATION AUTHORIZED. The Attorney for <br />the County be, and he is, hereby authorized and directed to <br />institute proceedings in the Circuit Court for Indian River <br />County, Florida, for the validation of said Bonds, and the proper <br />officers of the County are hereby authorized to verify on behalf <br />of the County any pleadings in such proceedings.— <br />SECTION 23. MODIFICATION OR AMENDMENT. No adverse <br />material modification or amendment of this Resolution or of any <br />resolution amendatory hereof or supplemental hereto, may be made <br />without the consent in writing of the Registered Owners of sixty- <br />-30 - <br />'AUG 17 1983 Born 4 PAu��' <br />