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<br />. <br />I <br /> <br />I <br /> <br />I <br /> <br />. <br /> <br />liability shall attach to the Agency or any of the officers or <br />agents because of or on account of said numbers, Any error or <br />omission with respect to the numbers shall not constitute cause <br />for refusal by the successful bidder to accept delivery of and <br />pay for the Bonds, <br /> <br />Section 26. Severability. If any covenant, agreement or <br />provision, or any portion thereof, contained in this <br />Resolution, or the application thereof to any person or <br />circumstance, is held to be unconstitutional, invalid or <br />unenforceable, the remainder of this Resolution and the <br />application of any covenant, agreement or provision, or portion <br />thereof, to other persons or circumstances, shall be deemed <br />severable and shall not be affected, and this Resolution and <br />the Bonds issued pursuant hereto shall remain valid and the <br />Bondholders shall retain all valid rights and benefits accorded <br />to them under this Resolution and the Constitution and the laws <br />of the State of California. If the provisions relating to the <br />appointment and duties of a Fiscal Agent are held to be <br />unconstitutional, invalid or unenforceable, the duties shall be <br />performed by the Treasurer. <br /> <br />Section 27, Official Statement, Bond Purchase <br />Agreement. The Official Statement prepared in connection with <br />the offer and sale of the Bonds is substantially in the form <br />presented to the Agency at this meeting is hereby approved and <br />the Chairman is hereby authorized and directed to execute the <br />same on behalf of the Agency. The Bond Purchase Agreement in <br />substantially the form this date presented to the Agency is <br />hereby approved and the Executive Director and Secretary are <br />hereby authorized to execute and attest said Agreement with <br />such additions, insertions, deletions or modifications as are <br />necessary to accomplish the timely sale of the Bonds. The <br />Executive Director is hereby authorized to insert the interest <br />rates and final principal amounts for each maturity of Bonds in <br />the Agreement provided the interest rate shall not exceed 7,5% <br />per annum. <br /> <br />05-23-86 <br />1665k/228l/06 <br /> <br />-35- <br />