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• 34. Continuing Disclosure. The Authority is the issuer of the Bonds. However it is <br /> not an "obligated person" subject to the disclosure requirements under the SEC Rule 15c2- <br /> 12(b)(5) (the "Rule") because (i) the bonds are general obligations of the City and not the <br /> Authority and (ii) financial information and operating data set forth in the Official Statement <br /> relates only to the City. Pursuant to the Ordinance, the City has authorized entering into a <br /> Continuing Disclosure Undertaking. <br /> 35. Severability. If any section, paragraph or provision of this resolution shall be <br /> held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such <br /> section, paragraph or provision shall not affect any of the remaining provisions of this <br /> resolution. <br /> 36. 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 /> 37. Effectiveness. This resolution shall become effective immediately as the City <br /> Council has previously adopted the Ordinance which authorized the pledge of the City's full <br /> faith and credit to the payment of the Bonds. <br /> The motion for adoption of the foregoing resolution was duly seconded by member Westgaard, <br /> and after full discussion thereof, and upon a vote being taken thereof, the following voted in <br /> favor thereof: <br /> Acting President Pat Dwyer, Members Paul Motin, Barbara Burandt and Matt Westgaard <br /> and the following voted against the same: None <br /> Whereupon the resolution was declared duly passed and adopted. <br /> 411 <br /> 2 1 <br />