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<br />e <br /> <br />e <br /> <br />e <br /> <br />\ ' <br /> <br />of law 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 Bond and/or principal <br />amount due thereon at a stated maturity (or if irrevocable <br />provision shall have been made for permitted prior redemption of <br />such principal amount, at such earlier redemption date). <br /> <br />24. Comoliance With Reimbursement Bond Requlations. <br />with respect to the Improvements, the City has complied and will <br />continue to comply with the "Reimbursement Regulations" provided <br />in United states Treasury Regulations Section 1.103-18, and any <br />successor regulations as may be applicable, including section <br />1.150-2. In particular, except where the following may not be <br />required by said Regulations (e.g., with respect to certain <br />"preliminary expenditures"), except where the following may not <br />be required by said Regulations (e.g., with respect to certain <br />"preliminary expenditures"), to the extent that any of the <br />proceeds of the Bonds will be used to reimburse the City for a <br />cost of the Improvements 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 (and with <br />respect thereto the City will make the written "reimbursement <br />allocation" required by the Reimbursement Regulations); <br />otherwise, the proceeds of the Bonds are to be used for initial <br />payment, and not for such reimbursement, of costs of the <br />Improvements. <br /> <br />25. 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 />26. Headinqs. 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 on November 28, 1994, by the Elk River City <br /> <br />Council. <br /> <br />276405. 1 <br /> <br />19 <br />