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Agreement and upon the fact that the authorized denomination of <br />each of the Bonds exceeds $100,000, Rule 15c2-12(b) (5) of the <br />Securities and Exchange Commission, respecting continuing <br />disclosure, does not apply to the Bonds. <br /> <br /> 20. 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 /> 21. 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 />Adopted by the Elk River City Council on June 30, 1997. <br /> <br />355470.1 16 <br /> <br /> <br />