(a) Effective on the date that any Bonds are first issued, if any provision of this Chapter is held to be invalid or is invalidated, superseded, replaced, repealed or expires for any reason, that occurrence does not affect any action allowed under this chapter that is taken by the Government, the Public Finance Authority, the Corporation, any financing entity, a Bondholder or a party to an Ancillary Agreement prior to the provision being held to be invalid, or being invalidated, superseded, replaced, repealed or expired, and any such action remains in full force and effect.
(b) If a provision of this chapter or its application to a person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provisions, and to this end the provisions of this chapter are declared to be severable. It is the intent of the Legislature that this chapter would have been enacted even if the invalid provisions had not been included.