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funds appropriated by the Council for payment of debt service on the Certificate) will be in <br />amounts not less than 5% in excess of the amount needed to meet, when due, the principal of and <br />interest on the Certificate. The City Finance Director is directed to file a certified copy of this <br />Resolution with the County Auditor of Sherburne County and to obtain the certificate of the <br />County Auditor required by Minnesota Statutes, Section 475.63. <br /> <br /> 13. The officers of the City are hereby authorized and.directed to prepare and furnish <br />upon request to the Purchaser and to the attorneys approving the Certificate, certified copies of <br />proceedings and records of the City relating to the Certificate and to the financial condition and <br />affairs of the City, and to furnish such other certificates, affidavits, and transcripts as may be <br />required to show facts within their knowledge or as shown by the books and records in their <br />custody~and under their control relating to the validity and marketability of the Certificate, and <br />such instruments, including any heretofore furnished, shall be deemed representations of the City <br />as to the facts stated therein. <br /> <br /> 14. When any obligation of the Certificate has been discharged as provided in this <br />paragraph, all pledges, covenants and other rights granted by this Resolution to the registered <br />owner of the Certificate (with respect to the obligation thereof so defeased) shall, to the extent <br />permitted by law, cease. The City may at any time discharge any or all of such obligation(s) <br />with respect to the Certificate, subject to the provisions of law now or hereafter authorizing or <br />regulating such action, by depositing irrevocably in escrow, with a suitable institution qualified <br />by law as an escrow agent for this purpose, cash or securities which are backed by the full faith <br />and credit of the United States of America, bearing interest payable at such times and at such <br />rates and maturing on such dates and in such amounts as shall be required and sufficient, subject <br />to sale and/or reinvestment in like securities, to pay said obligation(s), which may include any <br />interest payment on such Certificate and/or principal amount due thereon at a stated maturity (or <br />if irrevocable provision shall have been made for permitted prior redemption of such principal <br />amount, at such earlier redemption date). <br /> <br /> 15. The Council hereby finds that the Certificate is exempt from continuing <br />disclosure requirements of Rule 15c2-12 of the Securities and Exchange Commission because <br />the Certificate is issued in the aggregate principal amount of less than $1,000,000. <br />Consequently, the City is not covenanting to provide and will not provide annual financial <br />information, notices of certain material events or any other disclosure or information which <br />would otherwise be required by that Rule. <br /> <br />Adopted by the Elk River City Council on November 12, 2002. <br /> <br />1464957vl 7 <br /> <br /> <br />