Laserfiche WebLink
principal amount due thereon at a stated maturity (or if irrevocable provision shall have been made <br />for permitted prior redemption of such principal amount, at such earlier redemption date). <br /> <br /> 26. Continuing Disclosure Undertaking. The Council hereby acknowledges that the <br />Bonds are subject to continuing disclosure requirements under Rule 15c2-12(b)(5) (the "Rule") of <br />the Securities and Exchange Commission. Consequently, on the date of actual issuance and delivery <br />of the Bonds, the City will execute and deliver a Continuing Disclosure Undertaking (the <br />"Undertaking") whereunder the City will covenant to provide, or cause to be provided, annual <br />financial information, including audited financial statements of the City, and notices of certain <br />material events, as specified in the Undertaking. The proposed form of the Undertaking which has <br />been submitted to the City for the Council's consideration is hereby approved, and the officers of <br />the City are hereby authorized to execute and deliver that Undertaking in the proposed form or in <br />such final form thereof reflecting such modifications thereof as are consistent xvith the Rule, <br />requested by the original purchaser of the Bonds and acceptable to the City officials who shall <br />execute the Undertaking (which consent shall be conclusively evidenced by their execution and <br />delivery thereof). The Undertaking, as so executed and delivered by the City, shah be as much a part <br />of this Resolution as if set forth in full herein and shall be for the benefit of the owners from time to <br />time of the Bonds. <br /> <br /> 27. Severability. If any section, paragraph or provision of this Resolution shall be held <br />to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, <br />paragraph or provision shall not affect any of the remaining provisions of this Resolution. <br /> <br /> 28. Headings. Headings in this Resolution are included for convenience of reference <br />only and are not a part hereof, and shall not limit or define the meaning of any provision hereof. <br /> <br />Adopted on November 10, 2003, by the Elk River City Council. <br /> <br />S: ~ADMIN~Resolutions ~ 2003 Resolutions ~Unapproved~Bond2.DOC <br /> <br /> <br />