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<br />temporarily financed by the City out of other City funds, prior to the initial payment thereof (or <br />within applicable time limits thereafter) the City has made or will have made a duly qualifying <br />statement of its official intent to bond for such costs; otherwise, the proceeds of the Certificate <br />are to be used for initial payment, and not for such reimbursement, of costs of the Equipment. <br /> <br />19. The Council hereby finds that the Certificate is exempt from continuing <br />disclosure requirements of Rule l5c2-l2 ofthe Securities and Exchange Commission because <br />the Certificate is issued in the aggregate principal amount of less than $1,000,000. <br />Consequently, the City is not covenanting to provide and will not provide annual financial <br />information, notices of certain material events or any other disclosure or information which <br />would otherwise be required by that Rule. <br /> <br />20. If any section, paragraph or provision of this resolution shall be held to be invalid <br />or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or <br />provision shall not affect any of the remaining provisions of this resolution. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by member <br />and, after a full discussion thereof and upon a vote being taken thereon, the <br />following voted in favor thereof: <br /> <br />and the following voted against the same: <br /> <br />Whereupon the resolution was declared duly passed and adopted. <br /> <br />10 <br />