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<br />2/28/78
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<br />not discontinue, withdraw, compromise, settle or otherwise dispose of any litigation, pending at law or
<br />in equity.
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<br />No delay or omission of the Fiscal Agent or of any Holder of the Bonds or coupons to exercise
<br />any right or power arising upon the happening of any event of default shall impair any such right or
<br />power or shall be construed to be a waiver of any such event of default or any acquiescence therein,
<br />and every power and remedy given by this Section to the FIScal Agent or to the Holden of Bonds
<br />may be exercised from time to time and as often as shall be deemed expedient by the FISCal Agent or
<br />the Holders of the Bonds. No remedy herein conferred upon or served to the Fiscal Agent or to the
<br />Holders of Bonds is intended to be exclusive of any other remedy, and every such remedy shall be
<br />cumulative and sball be in addition to every other remedy given hereunder or now or hereafter existing,
<br />at law or in equity or by statute or otherwise. However, the effect of any such remedies may be limited
<br />by the laws of the State of California as affecting such remedies and may also be limited by laws
<br />governing bankruptcy, insolvency, or other matten affecting the enforcement of crediton' rights.
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<br />Section 30. Proceedings CoDStitute Contract. The provisions of this resolution, of the resolutions
<br />providing fOl" the sale of the Bonds and awarding the Bonds and fixing the interest rate or rates thereon,
<br />and of any other resolution supplementing or amending this resolution and' adopted prior to the issuance
<br />of the Bonds hereunder, shall constitute a contract between the Agency and the bondholden and the
<br />provisions thereof shall be enforceable as provided in Section, 29 hereof for the equal benefit and protec-
<br />tion of all bondholden similarly situated by mandamus, accounting, mandatory injunction or any other
<br />suit, action or proceeding at law or in equity that is now or may hereafter be authorized under the laws
<br />of the State of California in any court of competent jurisdiction. Said contract is made under and is to
<br />be construed in accordance with the laws of the State of California.
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<br />After the issuance and delivery of the Bonds this resolution and supplementary resolutions thereto
<br />shall be irrepealable, but shall be subject to modification or amendment to the extent and in the manner
<br />provided in this resolution, but to no greater extent and in no other manner.
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<br />Section 31. Defeasance. If the Agency shall payor cause to be paid, or shall have made pr0-
<br />visions to pay, or there shall have been set aside in trust funds to pay, to the holders of the Bonds and
<br />coupons, the principal and interest, and premium, if any, to become due thereon, then the pledge of
<br />the Tax Revenues and all other rights granted hereby, shall thereupon cease, terminate and become void
<br />and be discharged and satisfied.
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<br />Bonds or coupons for the payment and discharge of which upon maturity, or upon redemption
<br />prior to maturity, provision has been made through the setting apart in a reserve account or special
<br />trust account created pursuant to this resolution or otherwise to insure the payment thereof, of money
<br />sufficient for the purpose or through the irrevocable segregation for that purpose in some sinking account
<br />or other fund or trust account of moneys sufficient therefor, includilig, but not limited to, investment
<br />income earned or to be earned on direct obligations of the United States of America or bonds or other
<br />obligations for which the faith and credit of the United States of America are pledged for the payment
<br />of principal and interest, or other investments which are authorized investments of the Agency, shall
<br />as provided herein, no longer be deemed to be outstanding and unpaid; provided, however, that if any
<br />such Bonds are to be redeemed prior to the maturity thereof, the Agency shall have taken all action
<br />necessary to redeem such Bonds and notice of such redemption shall have been duly given or provision
<br />made for the giving of such notice; and provided, further, that, if the maturity or redemption date of
<br />any such Bond shall not have arrived, provision shall have been made by the Agency by deposit, for
<br />the payment to the holder of any such Bonds and coupons, upon surrender thereof, whether or not prior
<br />to the maturity or redemption date thereof, of the full amount to which they would be entitled by way
<br />of principal, premium, if any, or interest to the date of such maturity or redemption, including in the
<br />computation of said full amount any income to be earned by way of investment of said deposit, as
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