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the Series 1986 Bonds in order to have funds available to pay the Notes and the interest thereon. Defeasance. The pledge of the lien on the proceeds of the sale of the Bonds or any bond anticipation notes issued to extend or renew the indebtedness evidenced by the Notes and on the Commitment in favor of the holders of the Notes shall cease to be in effect upon payment by the County, or provision by the County for payment, of the principal and interestwithrespect to the Notes. The Note Resolution provides that, purposes the preceding sentence, the deposit of sufficient cash and/or tobligations principal and interestonrofandinterest on which nare dQB fully or obligations the principal guaranteed by the United States, none of which permit redemption prior to maturity at the option of the obligor (the "Federal Securities"), or bank certificates of deposit fully secured as to terest by Federal Securities (or deposit of any principal and in ents which may be authorized by law other securities or investmto from time to time and sufficient under such law institutionor a b defeasance) in irrevocable trust with a banking trust company, for the sole benefit taof the inteHesteon,the make timely payment of the principal revision for payment". outstanding Notes, shall be considered p Events of Default- Remedies. No event of default is expressly stated i;n-nderi a NotelResolution toIn denforcenanyrustee has been app to a rincipal of or interest on the failure by the County P Y P remedies provided by the Note Notes, when due, or to enforce anyAny Holder of nNote Resolution to the holders aitof b the Nsuit, action, mandamusor other may either at law or in e(T y etent jurisdiction, protect or proceeding in any court of comp der state law or granted enforce any and all rights existing under may enforce and compel and contained in the Note Resolution, the performance of all duties required by the Note Resolution or by any applicablefate ortFereral statutes to be performed by the County or any ote Resolution Sulementementaluresolutionsments. The ,Nnot inconsistentwith the adoption of supple the Note Resolution, to cure ambiguities, defects or omissions, e Notes the and/or to secure, extead trofethe oNotes Hand accrued the ers of hinterest. pledges made for the p ymen Modification the consentt. After in writinghe oftheuance HoldersdOf delivery of the Notes, material modification or amendment the Notes is required for any supplemental or amendatory of the ote Resolution or 0 resolution onwith respect thereto• 25