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40 64 SSEC T ON 12. Amending Section 4,03 of the 1986 Bond Resolution. Section 4.03 of the 1986 Bond Resolution shall be amended to read as follows: 114,03 Arbitrage, The Issuer covenants to and with the purchasers of the issue that is comprised of the Bonds that it will make no use of the proceeds of such issue that will cause the Bonds to be or to become "arbitrage bonds" within the meaning of Section 103(b)(2) and Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"), and the regulations implementing said Sections that duly have been published in the Federal Register or with any other applicable regulations implementing said Sections, and the Issuer further covenants to comply with all other requirements of the Code if and to the extent applicable to maintain continuously the Federal income tax exemption of interest on the Bonds, including without limitation the full and timely payment of any rebate amount due and payable with respect to the Water and Sewer Revenue Bonds, Series 1986, Anticipation Notes of the Issuer." SECTION 13. Severability of Invalid provisions.,,.If any one or more of the provisions contained herein shall be held contrary to the express provisions of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such provisions shall be null and void and shall be deemed severable from the remaining provisions and shall in no way affect the validity of any of the other provisions hereof. SECTION 14,_ Repealing Clause. Any and all prior resolutions and other actions of the Board, or parts thereof, in conflict with the provisions herein contained are, to the extent of such conflict, hereby superseded and repealed. SECTION 15, Effective Date, This Resolution shall take effect immediately. - 15 -