Laserfiche WebLink
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 1.150-2. <br />In particular, except where the following may not be required by <br />said Regulations (e.g., with respect to certain "preliminary <br />expenditures"), to the extent that any of the proceeds of the <br />Certificate will be used to reimburse the City for a cost of the <br />Equipment theretofore paid and temporarily financed by the City <br />out of other City funds, prior to the initial payment thereof (or <br />within applicable time limits thereafter) the City has made or <br />will have made a duly qualifying statement of its official intent <br />to bond for such costs; otherwise, the proceeds of the <br />Certificate are to be used for initial payment, and not for such <br />reimbursement, of costs of the Equipment. <br /> <br /> 19. The Council hereby finds that the Certificate is exempt <br />from continuing disclosure requirements of Rule 15c2-12 of the <br />Securities and Exchange Commission because the Certificate is <br />issued in the aggregate principal amount of less than $1,000,000. <br />Consequently, the City is not covenanting to provide and will not <br />provide annual financial information, notices of certain material <br />events or any other disclosure or information which would <br />otherwise be required by that Rule. <br /> <br />Adopted by the Elk River City Council on November 9, 1998. <br /> <br />989432.1 <br /> <br /> <br />