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40 40 necessary for or are not applied to the payment of such costs, then such moneys shall be deposited by the County into the Sinking Fund and used only to pay the principal of and interest on the Bonds. Anything to the contrary contained herein notwithstanding, the Construction Fund shall be and constitute a trust fund for the purposes provided herein therefor. Any moneys in the Construction Fund which, in the opinion of the County, are not immediately necessary for expenditure, as hereinabove provided, may be 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 Construction Fund; provided, however, that any income which will be required to be rebated under Section 148 of the Code shall be transferred to the Rebate Account created hereunder. SECTION 16. BONDHOLDERS NOT AFFECTED BY APPLICATION OF BOND PROCEEDS. The Registered Owners of the Bonds issued hereunder shall have no responsibility for the use of the proceeds of the Bonds, and the use of such proceeds shall in no way affect the rights of. the Registered Owners, The Board shall be irrevocably obligated to continue to levy and collect the ad valorem taxes as provided herein and to pay the principal of the interest on the Bonds, notwithstanding any failure of. the County to use and apply such proceeds in the manner provided herein. SECTION 17. REBATE. Anything to the contrary contained herein notwithstanding, the County shall at least annually transfer appropriate amounts from the funds and accounts hereunder to which income on investments has been deposited into an account to be known as the "Rebate Account" sufficient to pay to the United States of America all amounts due with respect to the 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 Rebate Account shall be added to and become a part of the Rebate Account. Moneys in the Rebate Account shall only be used to pay the amounts due to the United States of America under said Section of the Code 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 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 18, SALE OF BONDS. The 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 19. 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 516 or more in aggregate principal amount of the Bonds then outstanding affected by such adverse material modification or amendment; 15