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24. NO Continuinq Disclosure Obliqation. Based upon <br />the representations made by th~Pu~hasers in their respective <br />Bond Purchase Agreements and upon the fact that the authorized <br />denominations of the Bonds exceed $!00,000, Rule 15c2-12(b) (5) of <br />the Securities and Exchange Commission, respecting continuing <br />disclosure, does not apply to the Bonds. <br /> <br />Adopted on July 15, 1996, by the Elk River City <br /> <br />Council. <br /> <br /> The motion for the adoption of th-~ foregoing resolution was <br /> duly seconded by Councilmember Holmgren and upon a vote <br /> being taken thereon, the ~ol!~wing voted in favor thereof: <br />Duitsman, Dietz, Farber and Ho£mgren <br /> <br />and the foi!owin~ voted against the same: <br />Scheel <br /> <br /> Whereupon said resolution was declared duly passed and <br />adopted. <br /> <br />324502.1 ! 4 <br /> <br /> <br />