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rc: 61) rii71-71 <br /> n, L; L& ii <br /> It <br /> 2 7 2012 • <br /> li IL <br /> SECTION 2.Bonding Autho- <br /> rization. <br /> (a)Pursuant to and in accor- <br /> dance with the provisions of <br /> this Ordinance and the provi- <br /> sions of Minnesota Statutes, <br /> Section 469.102 and Chapter <br /> 475 and Section 147(f)of the <br /> Internal Revenue Code of 1986, <br /> as amended(the "Code") the <br /> consent of the City Council is <br /> hereby given to the EDA to <br /> issue and sell the EDA's gen- <br /> eral obligation bond or bonds to <br /> which the full faith,credit and <br /> resources orthe City may and <br /> shall be pledged as payment <br /> and security therefor,in one or,/ <br /> more series,in fully registered <br /> form,and in an aggregate prin- <br /> cipal amount not to exceed <br /> $10,000,000(the"Bonds"),for <br /> the purpose of providing funds <br /> to assist in refunding the Prior <br /> Bonds,together with such costs <br /> of issuance and related costs as <br /> may be incidental to the issu- <br /> ance of the Bonds. The EDA <br /> shall set the date,denomina- <br /> tions,place of payment,form, <br /> content, interest rates and <br /> details of the Bands,and the <br /> City Council hereby consents to <br /> the issuance and details of the <br /> Bonds,as so determined by the <br /> EDA.The City Council hereby <br /> • <br /> gives specific consent to the <br /> pledge of the City's full faith, <br /> credit, and resources to the <br /> payment and security of the <br /> Bonds. <br /> (b)The Mayor and City Clerk, <br /> or any other officers of the City <br /> authorized to act in their place, <br /> (the"City Officials")are autho- <br /> rized and directed to execute on <br /> behalf of the City,as the obli- <br /> gated person with respect to <br /> the Bonds,a continuing disclo- <br /> sure undertaking in accor- <br /> dance with the provisions of <br /> Rule 15c2-12 promulgated by <br /> the Securities and Exchange <br /> Commission pursuant to the <br /> Securities Exchange Act of <br /> 1934,as amended. <br /> SECTION 3.Publication.This <br /> Ordinance, as adopted on the <br /> date hereof,shall be published <br /> in the official newspaper of the <br /> City and the EDA. <br /> SECTION 4. Effective Date. <br /> The effective date of this Ordi- <br /> nance shall be the date of its <br /> adoption. <br /> THIS ORDINANCE was <br /> introduced and adopted by the <br /> City Council of the City of Elk <br /> River,Minnesota on the 17th <br /> day of December,2012. <br /> (D22) <br />