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,JUL 17 1985 BOOK 61 FnE587 <br />the same shall come due from the Pledged Funds, or reduce the <br />percentage of the Registered Owners of the Bonds required to con- <br />sent to any material modification or amendment hereof, without <br />the consent in writing of the Registered Owners of all such <br />Bonds. <br />For the purpose of this Section, to the extent any Bonds <br />are insured by a municipal bond insurance policy, and the insurer <br />is not then in default under such policy or is not then bankrupt, <br />insolvent or in receivership, and such Bonds are then rated in as <br />high a rating category as the rating category in which such Bonds <br />were rated at the time of initial issuance and delivery thereof, <br />by either Standard & Poor's Corporation or Moody's Investors <br />Service, Inc., then the consent of the issuer of the municipal <br />bond insurance policy shall constitute the consent of the <br />Registered Owners of the Bonds so insured. <br />SECTION 22. AUTHORITY TO REPURCHASE BONDS. The Issuer <br />shall have the power to purchase its Bonds out of any funds <br />available therefor. The Issuer may hold, cancel or resell such <br />Bonds subject to and in accordance with the proceedings of the <br />Issuer constituting contracts with the Registered Owners of such <br />Bonds. Any Term Bonds so purchased and cancelled shall cause a <br />reduction, on any reasonable basis selected by the Issuer, in the <br />Amortization Installments, if any, for the Term Bonds of the same <br />maturity. <br />SECTION 23. SUPPLEMENTAL RESOLUTIONS. Any supplemental <br />resolutions of the Board which, among other things, fix the <br />-_ remaining fiscal details of the Bonds shall, to the extent <br />necessary, contain such other provisions as may be desirable to <br />facilitate interpretation of the provisions of this resolution. <br />SECTION 24. SEVERABILITY. If any one or more of the <br />covenants, agreements or provisions of this resolution shall be <br />held contrary to any express provision of law or contrary to the <br />Policy of express law, though not expressly prohibited, or <br />against public policy, or shall for any reason whatsoever be held <br />-33- <br />