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City out of other City funds, prior to the initial payment <br />thereof (or within applicable time limits thereafter) the City <br />has made or will have made a duly qualifying statement of its <br />official intent to bond for such costs (and the City will also <br />make the written "reimbursement allocation" required by the <br />Reimbursement Regulations); otherwise, the proceeds of the Bonds <br />are to be used for initial payment, and not for such <br />reimbursement, of costs of the Improvements. <br /> <br /> 26. Continuinq Disclosure Undertaking. With respect <br />to the continuing disclosure requirements under Rule 15c2- <br />12(b) (5) (the "Rule") of the Securities and Exchange Commission, <br />on the date of actual issuance and delivery of the Bonds, the <br />City will execute and deliver a Continuing Disclosure Undertaking <br />(the "Undertaking") whereunder the City will covenant to provide, <br />or cause to be provided, annual financial information, including <br />audited financial statements of the City, and notices of certain <br />material events, as specified in the Undertaking. The proposed <br />form of the Undertaking which has been submitted to the City for <br />the Council's consideration is hereby approved, and the officers <br />of the City are hereby authorized to execute and deliver that <br />Undertaking in the proposed form or in such final form thereof <br />reflecting such modifications thereof as are consistent with the <br />Rule, requested by the original purchaser of the Bonds and <br />acceptable to the City officials who shall execute the <br />Undertaking (which consent shall be conclusively evidenced by <br />their execution and delivery thereof). The Undertaking, as so <br />executed and delivered by the City, shall be as much a part of <br />this Resolution as if set forth in full herein and shall be for <br />the benefit of the owners from time to time of the Bonds. <br /> <br /> 27. 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 /> 28. Headings. 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 />Council. <br /> <br />Adopted on October 23, 2000, by the Elk River City <br /> <br /> The motion for the adoption of the foregoing resolution was <br />duly seconded by Councilmember Motin and upon a vote <br />being taken thereon, the followin9 voted in favor thereof: <br /> Mayor Klinzing; Councilmembers Dietz, Thompson, Father & Motin <br /> <br />and the following voted against the same: <br /> None <br /> <br /> <br />