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<br />Undertaking in the proposed form or in such final form thereof <br />reflecting such modifications thereof as are consistent with the ~ <br />Rule, requested by the original purchaser of the Bonds and <br />acceptable to the City officials who shall execute the <br />Undertaking (which consent shall be conclusively evidenced by <br />their execution and delivery thereof). The Undertaking, as so <br />executed and delivered by the City, shall be as much a part of <br />this Resolution as if set forth in full herein and shall be for <br />the benefit of the owners from time to time of the Bonds. <br /> <br />27. Tax Increment Pledge Agreement. The Council <br />hereby approves and authorizes the Mayor and City Administrator <br />to execute that certain Tax Increment Pledge Agreement, dated as <br />of July 1, 1999, respecting the TIF Bonds. Said Agreement is <br />between the City and the Elk River Economic Development <br />Authority, and a form thereof has been presented to the Council <br />for consideration. Said Agreement may be executed with such <br />modifications, if any, as such officers shall approve, as <br />evidenced by their execution and delivery thereof. It is <br />determined that the TIF Bonds are reasonably expected to be paid <br />in full by "Available Tax Increments," as defined in said <br />Agreement. <br /> <br />28. Severability. If any section, paragraph or <br />provision of this Resolution shall be held to be invalid or <br />unenforceable for any reason, the invalidity or unenforceability <br />of such section, paragraph or provision shall not affect any of . <br />the remaining provisions of this Resolution. <br /> <br />29. Headings. Headings in this Resolution are <br />included for convenience of reference only and shall not limit or <br />define the meaning of any provision hereof. <br /> <br />Council. <br /> <br />Adopted on June 28, 1999, by the Elk River City <br /> <br />The motion for the adoption of the foregoing resolution was <br />duly seconded by Councilmember and upon a vote <br />being taken thereon, the following voted in favor thereof: <br /> <br />and the following voted against the same: <br /> <br />Whereupon said resolution was declared duly passed and <br />adopted. <br /> <br />. <br /> <br />1045757.1 <br /> <br />26 <br />