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4 <br />SECTION 18. MODIFICATION OR AMENDMENT. No adverse <br />:43 <br />material modification or amendment of this Resolution or of any <br />ordinance or resolution amendatory hereof or supplemental hereto <br />• <br />may be made without the consent in writing of the Holders of fifty- <br />one percent (51%) or more in principal amount of the Bonds of each <br />series then outstanding; provided, however, that in the event the <br />Issuer obtains a policy of municipal bond insurance covering the <br />Bonds of a series, then only the consent of the Municipal Bond <br />Insurer for such Bonds shall be required; provided, further, <br />that no modification or amendment shall permit a change in the <br />maturity of the Bonds or a reduction in the rate of interest <br />thereon or in the amount of principal obligation thereof or <br />affecting the promise of the Issuer to pay the principal of and <br />interest on the Bonds as the same shall become due from the Sales <br />Tax and Investment Income or reduce the percentage of the Holders <br />of the Bonds required to consentto any adverse material modifica- <br />tion or amendment hereof without the consent of the Holders of all <br />Bonds or the Municipal Bond Insurer, if any, of each series, as the <br />case may be; and provided further that the Issuer may at any time <br />amend this Resolution to provide for the issuance or exchange of <br />Bonds in coupon form, if and to the extent that doing so will not <br />affect the tax exempt status of the interest on the Bonds. <br />SECTION 19. SALE OF BONDS. The Bonds shall be issued <br />and sold at public or private sale at one time or in installments <br />from time to time and at such price or prices consistent with the <br />provisions of the Act and the requirements of this Resolution as <br />the Issuer shall hereafter determine by resolution; provided, that <br />the first installment of the Bonds shall be sold and delivered <br />only if the proceeds will be sufficient together with other funds <br />of the Issuer, to effect the refunding program described in <br />Section 3 of this Resolution. <br />SECTION 20. SEVERABILITY OF INVALID PROVISIONS. If any <br />one or more of the covenants, agreements or provisions herein con- <br />tained shall be held contrary to any express provision of law or <br />-39- <br />