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as aforesaid, shall be pledged to the payment of the principal of, premium, if any, and interest on the Series 1991 Bonds. Any moneys in the 1991 Construction Fund which, in the opinion of the County, are not immediately necessary for expenditure, as hereinabove provided, maybe invested in Authorized Investments maturing at such time or times as will make the proceeds thereof available when needed. All income derived therefrom shall be deposited into the 1991 Rebate Account to the extent required and the excess, if any, into the 1991 Construction Fund. All expenditures or disbursements from the 1991 Construction Fund shall be made only after such expenditures or disbursements shall have been approved in writing by the County. The date of completion of each phase of the 1991 Project shall be determined by the County Administrator, who will certify such facts in writing to the Board. SECTION 13. REBATE. Anything to the contrary contained herein notwithstanding, the County shall at least annually transfer appropriate amounts from the funds and accounts under the Master Bond Resolution and hereunder to which income on investments attributable to the Series 1991 Bonds has been deposited into an account to be known as the "Recreational Revenue Bonds, Series 1991, Rebate Account" (herein the "1991 Rebate Account") sufficient to pay to the United States of America all amounts due with respect to the Series 1991 Bonds under the provisions of Section 148 (f) of the Internal Revenue Code of 1986, as amended and supplemented, or under similar provisions of subsequent federal revenue laws. The earnings on the 1991 Rebate Account shall be added to and become a part of the 1991 Rebate Account. Moneys in the 1991 Rebate Account shall only be used to pay the amounts due to the United States of America under said Section of the Code with respect to the Series 1991 Bonds as the same shall become due and payable. It is the intent of this paragraph to provide for payment of all amounts due under said Section of the Code with respect to the Series 1991 Bonds, in such installments and at such times as may be required by said Section of the Code. In the event of any amendment to the Code or the promulgation of regulations under the Code which provide or require otherwise than as provided or required in this paragraph, this paragraph shall be deemed to be amended to incorporate such amendments or regulations, to the extent applicable, and any provisions hereof which conflict with the provisions thereof shall be deemed to be null and void. SECTION 14. SALE OF THE SERIES 1991 BONDS. The Series 1991 Bonds may be sold at public or private sale pursuant to the Act, all at one time or from time to time, as shall be provided by subsequent resolution of the Board. SECTION 15. VALIDATION. The attorney for the County is hereby authorized and directed to institute appropriate proceedings in the Circuit Court of the Nineteenth Judicial District of Florida in and for Indian River County, Florida, for the validation of the Series 1991 Bonds. SECTION 16. MODIFICATION OF RESOLUTION. No adverse material modification or amendment of this Resolution, or of any resolution amendatory hereof or supplemental hereto, may be made except as permitted under Section 21 of the Master Bond Resolution. SECTION 17. SEVERABILITY. If any one or more of the covenants, agreements or provisions of this Resolution should be held contrary to any express provision of law or contrary to the policy of express law, though not Fi