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1985-062
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1985-062
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to effect such a defeasance) in irrevocable trust with a banking <br />institution or trust company, for the sole benefit of the <br />Registered Owners, the principal of and interest on which will ba <br />sufficient to pay, when due, the principal, interest, and redemp- <br />tion premiums, if any, on the outstanding Bonds, shall be con- <br />sidered 'provision for payment.' Nothing in this section shall be <br />deemed to require the County to call any of the outstanding Bonds <br />for redemption prior to maturity pursuant to any applicable <br />optional redemption provisions, or to impair the discretion of <br />the County in determining whether to exercise any such option for <br />i <br />arty redemption." <br />SECTION 4. SEVERABILITY OF INVALID PROVISIONS. if any <br />one or more of the provisions herein contained shall be held <br />contrary to any express provision of law or contrary to the <br />Policy of expl:c:ss law, though not expressly prohibited, or <br />against public policy, or shall for any reason whatsoever be held <br />invalid, then such provisions shall be null and void and shall be <br />' deamed separable from the remaining provisions and shall in no <br />way affect the validity of any of the other provisions hereof. <br />SECTION 5. REPEALING CLAUSE. All resolutions or parts <br />thereof of the Board in conflict with the provisions herein con- <br />tained are, to the extent of such conflict, hereby superseded and <br />repealed. <br />SECTION 6. EFFECTIVE DATE. This resolution shall take <br />effect immediately upon its adoption. <br />The foregoing resolution was offered by Commissioner Scurlock <br />who moved its adoption. The motion was seconded by Commissioner <br />Bow and, upon being put to a vote, the vote was as <br />follows: <br />Patrick B. Lyons, Chairman Aye <br />Don C. Scurlock, Jr., Vice Chairman Aye <br />Richard N. Bird Ave <br />William C. Wodtke, Jr, Absent <br />Margaret C. Bowman Aye <br />-10- <br />
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