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such Bonds shall be no longer in effect. For purposes of the preceding sentence, the deposit of Federal Securities, bank certificates of deposit fully secured as to principal and interest by Federal Securities, or investment agreements with banks or insurance companies rated not less than AA or As by Standard & Poor's Corporation or Moody's Investors Service, respectively, and similarly secured (or the deposit of any other securities or investments which may be authorized by law from time to time and sufficient under such law to effect such a defeasance) in irrevocable trust with a banking institution or trust company, for the sole benefit of the Registered Owners of such Bonds, the principal of and interest on which will be sufficient to pay, when due, the principal, interest and premiums, if any, on such Bonds, shall be considered "provision for payment". Nothing in this section shall be deemed to require the County to call any of the outstanding Bonds for redemption prior to maturity pursuant to any applicable optional redemption provisions, or to impair the discretion of the County in determining whether to exercise any such option for early redemption. SECTION 20. MODIFICATION OF RESOLUTION. No adverse material modification or amendment of this Resolution, or of any resolution amendatory hereof or supplemental hereto, may be made without the consent in writing of the Registered Owners of 518 or more in aggregate principal amount of the Bonds then outstanding affected by such adverse material modification or amendment; provided, however, that no modification or amendment shall permit a change in the maturity of any Bonds or a reduction in the rate of interest thereon or in the amount of the principal obligation thereof, or affect the unconditional promise of the County to levy, impose and/or collect the Assessments or other receipts and revenues, if any, pledged hereunder, as herein provided, or to pay the principal of and interest on the Bonds as the same shall become due from the Assessments, or reduce such percentage of Registered Owners of such Bonds, required above, to consent to such modifications or amendments, without the consent of the Registered Owners of all of the Bonds affected thereby. SECTION 21. 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 expressly y 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 separate from the remaining covenants, agreements and provisions hereof, and shall in no way affect the validity thereof or of the Bonds issued hereunder. SECTION 22. VALIDATION. The County Attorney is hereby authorized and directed to institute appropriate proceedings in the Circuit Court of the Nineteenth Judicial Circuit in and for Indian River County, Florida, for the validation of the Bonds. - 27 -