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SECTION 11. GENERAL AUTHORITY. The members of the Board and its officers, attorneys, engineers or other agents or employees are hereby authorized to do all acts and things required of them by this resolution, the Loan Agreement or the Guaranty Agreement, or desirable or consistent with the require- ments hereof or such Loan Agreement or Guaranty Agreement, for the full punctual and complete performance of all the terms, covenants and agreements contained in the Bonds, the Luan Agreement, the Guaranty Agreement and this resolution. SECTION 12. SALE OF BONDS. The Bonds shall be issued and sold in such manner and at such price or prices consistent with the Act, all at one time or in installments from time to time, all as shall be hereafter determined by the Board. SECTION 13. ARBITRAGE. The Issuer covenants that it will not make any investments or acquiesce in the making of any investments by the Proprietor pursuant to or under the Loan Agreement which could cause the Bonds to be "arbitrage bonds" within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, and the applicable regulations issued thereunder. SECTION 14. THIS INSTRUMENT CONSTITUTES A CONTRACT. The Issuer covenants and agrees that this instrument shall constitute a contract between the Issuer and the holders from time to time of any of the Bonds then outstanding, and that all covenants and agreements set forth herein and in the Loan Agreement to be performed by the Issuer shall be for the equal and ratable benefit and security of all holders of the Bonds without privilege, priority or distinction as to lien or other- wise of any of the Bonds over any other of the Bonds. SECTION 15. SEVERABILITY OF INVALID PROVISIONS. If any one or more of the covenants, agreements or provisions herein contained shall be held contrary to any 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 covenants, agreements or provisions shall be null and void and shall be deemed separable from the remaining covenants, agreements or provisions and shall in no way affect the validity of any of the other provisions hereof or of the Bonds issued hereunder. SECTION 16. REPEALING CLAUSE. All resolutions or parts thereof of the Board in conflict with the provisions herein con- tained are, to the extent of such conflict, hereby superseded and repealed. -5-