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<br />. <br /> <br />. <br /> <br />. <br /> <br />The validity of the Bonds is not and shall not be <br />dependent upon: (a) the completion of the Redevelopment Project <br />or any part thereof, or (b) the performance by anyone of <br />hisjher obligations relative to the Redevelopment Project Area, <br />or (c) the proper expenditures of the proceeds of the Bonds. <br /> <br />Nothing in this Resolution shall preclude: (a) the <br />payment of the Bonds from the proceeds of refunding bonds <br />issued pursuant to the Law, or (b) the payment of the Bonds <br />from any legally available funds. Nothing in this Resolution <br />shall prevent the Agency from making advances of its own funds, <br />however derived, for any of the uses and purposes mentioned in <br />this Resolution. <br /> <br />If the Agency shall cause to be paid, or shall have <br />made provision to pay upon maturity or upon redemption prior to <br />maturity, to the Bondholders the principal of, premium, if any, <br />and interest to become due on all of the Outstanding Bonds, <br />through setting aside in trust funds or setting apart in a <br />reserve fund or special trust account created pursuant to this <br />Resolution or otherwise, or through the irrevocable segregation <br />for that purpose in some sinking fund or other fund or trust <br />account with a fiscal agent or otherwise, moneys sufficient <br />therefor, including, but not limited to, the principal of and <br />the interest earned or to be earned on Federal Securities, then <br />the lien of this Resolution, including, without limitation, the <br />pledge of the Pledged Revenues, and all other rights granted <br />hereby, shall cease, terminate and become void and be <br />discharged and satisfied, and the principal of, premium, if <br />any, and interest on the Bonds shall no longer be deemed to be <br />outstanding and unpaid; provided, however, that nothing in this <br />Resolution shall require the deposit of more than a principal <br />amount of such Federal Securities as may be sufficient, taking <br />into account both the principal amount of such Federal <br />Securities and the interest to become due thereon, to implement <br />any refunding or defeasance of the Bonds. <br /> <br />In the event of such a refunding or defeasance of the <br />Bonds, the Fiscal Agent shall cause an accounting for such <br />period or periods as shall be requested by the Agency to be <br />prepared and filed with the Agency, and the Fiscal Agent, upon <br />the request of the Agency, shall release the rights of the <br />Bondholders under this Resolution and execute and deliver to <br />the Agency all such instruments as may be desirable to evidence <br />such release, discharge and satisfaction, and, subject to any <br />rights of the Bank under the Reimbursement Agreement, the <br />Fiscal Agent shall pay over or deliver to the Agency all moneys <br />or securities held by it pursuant to this Resolution which are <br />not required for the payment or redemption of Bonds not <br />theretofore surrendered for such payment or redemption. <br /> <br />12-02-85 <br />9553p/2281/01 <br /> <br />-9- <br />