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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />now or hereafter authorizing or regulating such action, by <br />depositing irrevocably in escrow, with a suitable institution <br />qualified by law as an escrow agent for this purpose, cash or <br />securities which are backed by the full faith and credit of the <br />United states of America, bearing interest payable at such times <br />and at such rates and maturing on such dates and in such amounts <br />as shall be required and sufficient, subject to sale and/or <br />reinvestment in like securities, to pay said obligation(s), which <br />may include any interest payment on such Certificate and/or <br />principal amount due thereon at a stated maturity (or if <br />irrevocable provision shall have been made for permitted prior <br />redemption of such principal amount, at such earlier redemption <br />date) . <br /> <br />18. With respect to the Equipment, the City has complied <br />and will continue to comply with the "Reimbursement Regulations" <br />provided in United states Treasury Regulations Section 1.103-18, <br />and any successor regulations as may be applicable, including <br />Section 1.150-2. In particular, to the extent that any of the <br />proceeds of the Certificate will be used to reimburse the City <br />for a cost of the Equipment theretofore paid and temporarily <br />financed by the City out of other City funds, prior to the <br />initial payment thereof (or within applicable time limits <br />thereafter) the City has made or will have made a duly qualifying <br />statement of its official intent to bond for such costs; <br />otherwise, the proceeds of the Certificate are .to be used for <br />initial payment, and not for such reimbursement, of costs of the <br />Equipment. <br /> <br />Adopted by the Elk River City Council on August 30, 1993. <br /> <br />245850 <br /> <br />10 <br />