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the proceeds shall not exceed three years from the date of the <br />bonds. <br />43. Premiums and Accrued Interest. Any premium and <br />accrued interest received from the sale of bonds shall be paid <br />into the interest and redemption fund and shall be used for the <br />payment of principal of and interest on said bonds. <br />44. Surplus Bond Proceeds . After the acquisition and im- <br />provements have been accomplished, any unexpended bond proceeds <br />shall be placed in the fund for the payment of principal and <br />interest on the outstanding bonds and shall be used for no other <br />purpose. <br />45. Performance of Essence. The performance of the duties <br />prescribed in this resolution and in the law pursuant to which <br />it was adopted, by the City or its proper officers, agents or <br />employees, is of thz essence of the City's contract with the <br />bondholders. <br />46. Bond Law. Each taker and subsequent holder of the <br />bonds and attached or detached coupons has recourse to all of <br />the provisions of this resolution and of the Parking District Law <br />of 1951 and said Ordinance, and is bound by their terms. <br />47. Resolution is Covenant. Each and all of the terms of <br />this resolution shall be and constitute a covenant on the part of <br />the City to and with each and every* bondholder from the time the <br />bonds are issued hereunder. <br />48. Legality. If any section, paragraph, subdivision, <br />sentence, clause or phrase of this resolution shall for an p rea- <br />d b an Court of co be <br />son be adjudge y y etent jurisdiction to P <br />unconstitutional, unenforceable or invalid, such judgment shall <br />not affect the validity of the remaining portion of this resolu- <br />tion. The City Council of said City hereby declares it would <br />have adopted this resolution and each and every other section, <br />paragraph subdivision sentence clause or phrase hereof and <br />would have authorized the issuance of the bonds pursuant hereto, <br />irrespective of the fact that any one or more sections, paragraphs, <br />subdivisions sentences clauses or phrases of this resolution may <br />be held to be unconstitutional, unenforceable or invalid. <br />_25- <br />