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with respect to certain "preliminary expenditures"), to the extent that any of the proceeds of the <br />Certificate will be used to reimburse the City for a cost of the Equipment theretofore paid and <br />temporarily financed by the City out of other City funds, prior to the initial payment thereof (or <br />within applicable time limits thereafter) the City has made or will have made a duly qualifying <br />statement of its official intent to bond for such costs; otherwise, the proceeds of the Certificate <br />are to be used for initial payment, and not for such reimbursement, of costs of the Equipment. <br /> <br /> 19. 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 March 24, 2003. <br /> <br />1511424vl 9 <br /> <br /> <br />