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owner of that Bond (with respect to the obligation thereof so <br />defeased) shall, to the extent permitted by law, cease. The City <br />may at any time discharge any or all of such obligation(s) with <br />respect to any Bond, subject to the provisions of law now or <br />hereafter authorizing or regulating such action, by depositing <br />irrevocably in escrow, with a suitable institution qualified by <br />law as an escrow agent for this purpose, cash or securities which <br />are backed by the full faith and credit of the United States of <br />America, bearing interest payable at such times and at such rates <br />and maturing on such dates and in such amounts as shall be <br />required and sufficient, subject to sale and/or reinvestment in <br />like securities, to pay said obligation(s), which may include any <br />interest payment on such Bond and/or principal amount due thereon <br />at a stated maturity (or if irrevocable provision shall have been <br />made for permitted prior redemption of such principal amount, at <br />such earlier redemption date). <br /> <br /> 29. No Continuinq Disclosure Undertaking. The Council <br />hereby finds that the Bonds are exempt from continuing disclosure <br />requirements of Rule 15c2-12 of the Securities and Exchange <br />Commission, as recently amended and/or supplemented, because the <br />Bonds are issued in the aggregate principal amount of less than <br />$1,000,000. Consequently, the City is not covenanting to provide <br />and will not provide annual financial information, notices of <br />certain material events or any other disclosure or information <br />which would otherwise be required by that Rule. <br /> <br /> 30. Severability. If any section, paragraph or provision <br />of this Resolution shall be held to be invalid or unenforceable <br />for any reason, the invalidity or unenforceability of such <br />section, paragraph or provision shall not affect any of the <br />remaining provisions of this Resolution. <br /> <br /> 31. Headings. Headings in this Resolution are included for <br />convenience of reference only and shall not limit or define the <br />meaning of any provision hereof. <br /> <br />Adopted on November 22, 1999, by the Elk River City Council. <br /> <br />~o79939.2 24 <br /> <br /> <br />