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SECTION 18. RESOLUTION CONSTITUTES A CONTRACT. The Issuer covenants and agrees that this resolution shall constitute a contract between the Issuer and the holders from time to time of any of the Bonds then outstanding, and that all covenants and agreements set forth herein and in the Loan Agreement and the Indenture to be performed by the Issuer shall be for the equal and ratable benefit and security of all holders of the Bonds without privilege, priority or distinction as to lien or other- wise of any of the Bonds over any other of the Bonds. SECTION 19. SEVERABILITY OF INVALID PROVISIONS. If any one or more of the covenants, agreements or provisions herein con- tained shall be held contrary to any express provisions 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 separable from the remaining covenants, agreements or provisions and shall in no way affect the validity of any of the other provisions hereof or of the Bonds issued hereunder. SECTION 20. REPEALING CLAUSE. All resolutions or parts thereof of the Issuer in conflict with the provisions herein con- tained are, to the extent of such conflict, hereby superseded and repealed. SECTION 21. EFFECTIVE DATE. This resolution shall take effect immediately upon its adoption. The foregoing resolution was offered by Commissioner Lyons who moved its adoption. The motion was seconded by Commissioner Wodtke and, upon being put to a vote, the vote was as follows: Chairman Don C. Scurlock, Jr. Aye Vice -Chairman Patrick B. Lyons Ave Commissioner Richard N. Bird Aye Commissioner Margaret C. Bowman Absent Commissioner William C. Wodtke, Jr. Aye -7- JUN 13 1984 40 BOOK 5 7 FacE 4P32