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22. 23. 24. 25. modifications, if any, as such officers shall approve, as evidenced by their execution and delivery thereof. No Continuing Disclosure Undertaking. The Council hereby finds that the Bonds are exempt from continuing disclosure requirements of Rule 15c2-12 of the Securities and Exchange Commission, as recently amended and/or supplemented, because the Bonds are issued in the aggregate principal amount of less than $1,000,000. Consequently, the City is not covenanting to provide and will not provide annual financial information, notices of certain material events or any other disclosure or information which would otherwise be required by that Rule. Prior Bonds~ Security. Until retirement and full payment of the Prior Bonds, all provisions heretofore made for the security thereof shall be observed by the City. Redemption of Refunded Bonds. The outstanding Prior Bonds shall be redeemed and prepaid on February 1, 2001, and prior to said date the paying agent/registrar(s) for the Prior Bonds is (are) hereby authorized and directed to cause notice of said redemption to be published and to be given to the owners of the Prior Bonds in such manner as may be required by law and by the terms of the Prior Bonds. Severability. If any section, paragraph or provision of this Resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this Resolution. 26. Headings. Headings in this Resolution are included for convenience of reference only and are not a part hereof, and shall not limit or define the meaning of any provision hereof. Adopted on October 23, 2000, by the Elk River City Council. 1218143.1 2l