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23. Headinqs. 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 /> 24. No Continuinq Disclosure Obliqation. Based upon <br />the representations made by the Purchasers in their respective <br />Bond Purchase Agreements and upon the fact that the authorized <br />denominations of the Bonds exceed $100,000, Rule 15c2-12(b) (5) of <br />the Securities and Exchange Commission, respecting continuing <br />disclosure, does not apply to the Bonds. <br /> <br />Council. <br /> <br />Adopted on July 15, 1996, by the Elk River City <br /> <br /> The motion for the adoption of the foregoing resolution was <br />duly seconded by Councilmember and upon a vote <br />being taken thereon, the following voted in favor thereof: <br /> <br />and the following voted against the same: <br /> <br /> Whereupon said resolution was declared duly passed and <br />adopted. <br /> <br />324502.1 14 <br /> <br /> <br />