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•• SECTION 13. GENERAL AUTHORITY. The members of the governing body of the Issuer and its officers, attorneys, engineers or other agents or employees are hereby authorized to do all acts and things required of them by this instrument, the Loan Agreement, the Remarketing Agreement, the Guarantee or the Indenture, or desirable or consistent with the requirements hereof or such Loan Agreement, the Remarketing Agreement, the Guarantee or Indenture, for the full, punctual and complete performance of all the terms, covenants and agreements containr i in the Bonds, the Loan Agreement, the Remarketing Agreement, the Guarantee, the Indenture, and this instrument. SECTION 14. SALE OF BONDS. The Bonds shall be issued and sold at one time or in installments from time to time to such persons and upon such terms as shall be set forth and approved by subsequent resolution of the Issuer adopted prior to the sale of the applicable installment of the Bonds. SECTION 15. ARBITRAGE. The Issuer covenants that it will not direct the Trustee to make any investments pursuant to or under the Loan Agreement or the Indenture which could cause the Bonds to be "arbitrage bonds" within the meaning of Section 103(c)(2) of the Internal Revenue Code of 1954, as amended, and the applicable regulations issued thereunder. SECTION 16. THIS INSTRUMENT CONSTITUTES A CONTRACT. The Issuer covenants and agrees that this instrument shall constitute a contract between the Issuer and the owners 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, the Remarketing Agreement, the Guarantee and the Indenture to be performed by the Issuer shall be for the equal and ratable benefit and security of all owners of the Bonds without privilege, priority or distinction as to lien or otherwise of any of the Bonds over any other of the Bonds. SECTION 17. 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, through 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 18. REPEALING CLAUSE. All resolutions or parts thereof of the Issuer in conflict with the provisions herein contained are, to the extent of such conflict, hereby superseded and repealed. SECTION 19. EFFECTIVE DATE. This instrument shall take effect immediately upon its adoption. LKL-9/15/83-#218BA -5-