Laserfiche WebLink
payment and a lien senior to that of the 1989 Bonds and <br />any "Additional Parity Bonds" , as that phrase is <br />defined in the 1989 Bond Resolution, that may be issued <br />thereunder from time to time. <br />F. Upon payment or provision for payment of all <br />obligations of the Original Bonds from proceeds of the <br />1989 Bonds or other available funds, the pledge of and <br />lien on such Gross Revenues of such System in favor of <br />the holders of the Original Bonds created by the Senior <br />Lien Bond Resolution shall be no longer in effect, in <br />accordance with the provisions of Section 4.04 of the <br />Senior Lien Bond Resolution. <br />G. It is necessary and desirable that, notwithstanding <br />retirement of the Original Bonds and termination of the <br />lien of the Senior Lien Bond Resolution in favor of the <br />holder thereof, the Senior Lien Bond Resolution not be <br />deemed to have been repealed, but continue to be in <br />force and effect so that the Senior Lien Bonds may, in <br />the future, be issued and secured thereunder. <br />SECTION 3. Amendment o Senior Lien Bond Resolution The Senior Lien <br />Bond Resolution is hereby amended by adding thereto the following Section: <br />114.08 Continuing Effectiveness Notwithstanding payment or <br />provision for payment of all principal, interest and redemption <br />premiums, if any, on all of the Bonds and the Notes having been made <br />at any time in accordance with Section 4.04 hereof, and the <br />termination of the lien hereof in favor of the holders of such <br />obligations, this Resolution shall not terminate nor shall it be <br />deemed to have been repealed, but it shall continue in effect until <br />expressly repealed by due and lawful resolution of the Board. <br />Nothing in this Section shall be construed to require the Issuer to <br />maintain funds in any account created hereunder at such time as all <br />Bonds and Notes have been paid or provision for payment thereof <br />shall have been made as aforesaid." <br />_S_ECTION 4. Severability of Invalid Provisions If any one or more of the <br />provisions contained herein shall be held contrary to the express provisions of <br />law or contrary to the policy of express law, though not expressly prohibited, <br />or against public policy, or shall for any reason whatsoever be held invalid, <br />then such provisions shall be null and void and shall be deemed severable from <br />the remaining provisions and shall in no way affect the validity of any of the <br />other provisions hereof. <br />- 3 - <br />