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Certificate are to be used for initial payment, and not for such <br />reimbursement, of costs of the Equipment. <br /> 19. The Council hereby finds that the Certificate is exempt <br />from continuing disclosure requirements of Rule 15c2-12 of the <br />Securities and Exchange Commission because the Certificate is <br />issued in the aggregate principal amount of less than $1,000,000. <br />Consequently, the City is not covenanting to provide and will not <br />provide annual financial information, notices of certain material <br />events or any other disclosure or information which would <br />otherwise be required by that Rule. <br /> Adopted by the Elk River City Council on October 23, 2000. <br /> <br />1214032 .1 <br /> <br />10 <br /> <br /> <br />