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f , . , <br />JUN 19ilo BOOT( 43 PACE 949 <br />be "arbitrage bends" within the menni.ng of the Internal Revenue <br />Code. The issuer at all h_i.mes while the Bonds and the interest <br />thereon are outstanding will comply with the reyui.rements of <br />Section 103(c) of: the Internal Revenue Code and any valid and <br />applicable rules and regulations of. the Internal Revenue Service <br />issued thereunder. , <br />4.04 Severability of_Inva.li.d Provisions. If any one or <br />more of the covenants, agreements or provisions of this <br />Instrument or of the Bonds should be held contrary to any express <br />provision of law or contrary to t_he policy of express law, though <br />not expressly prohibited, or against public policy, or shall for <br />any reason whatsoever be held invalid, then such covenants, <br />agreements or provisions shall be null and void and shall be <br />deemed separate from the remaining covenants, agreements or pro- <br />visions of this Instrument_ and of the Bonds. <br />4.05 Validation Authorized. The Issuer's Attorney is <br />hereby authorized and directed to institute appropriate pro- <br />ceedings in the Circuit Court for Indian River County, Florida, <br />for the validation of t_he Bonds. <br />4.05 ConflicUfl Repealed. All reg>olut.i.ons or parts of <br />resolutions in conf:li.ct herewith are hereby repealed. <br />4.07 Effective Date. This Instrument shall take effect <br />immediately upon its passage. <br />-31- <br />