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may be, by the Commission. Such notice to the Commission may be <br />served personally or be sent by registered mail. The Registrar and <br />Paying Agent may be removed at any time as Registrar and Paying <br />Agent by the Commission, in which event the Commission may appoint <br />a successor Registrar and Paying Agent. The Commission shall <br />notify each registered owner of Bonds then outstanding by first - <br />class mail of the removal of the Registrar and Paying Agent. <br />Notices to registered owners of Bonds shall be deemed to be given <br />when mailed by first -class mail to the addresses of such registered <br />owners as they appear on the bond register maintained by the <br />Registrar. Any predecessor Registrar and Paying Agent shall <br />deliver all the Bonds in its possession, the bond register and all <br />the cash in its possession to the successor Registrar and Paying <br />Agent. <br />Section 15. Severability. If any provision of this <br />Resolution shall be held to be invalid or unenforceable for any <br />reason, the invalidity or unenforceability of such provision shall <br />not affect any of the remaining provisions of this Resolution. <br />Section 16. No Conflicts. All resolutions and orders, <br />or parts thereof, in conflict with the provisions of this <br />Resolution, are, to the extent of such conflict, hereby repealed, <br />and this Resolution shall be in immediate effect from and after its <br />adoption, provided, that no provision hereof shall amend or repeal <br />any provisions of the Prior Resolutions or the 1988 Resolution <br />except as set forth in Section 17 below. Upon payment in full of <br />the principal, interest and premium respecting the Bonds or upon <br />-27- <br />