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26. Taxable Status of the Bonds. It is hereby <br />determined that the Bonds are to be issued as fully taxable <br />obligations, and all interest received on the Bonds is to be <br />included in the gross income of the Holder of any Bond for <br />federal income taxation purposes and, to the same extent, in both <br />gross income and taxable net income for state income taxation <br />purposes. <br />27. Payment of Issuance Expenses. The City authorizes <br />the Purchaser to forward the amount of Bond proceeds allocable to <br />the payment of issuance expenses to Resource Bank & Trust <br />Company, Minneapolis, Minnesota on the closing date for further <br />distribution as directed by the City's financial advisor, Ehlers. <br />28. Severability. If any section, paragraph or <br />provision of this resolution shall be held to be invalid or <br />unenforceable for any reason, the invalidity or unenforceability <br />of such section, paragraph or provision shall not affect any'of <br />the remaining provisions of this resolution. <br />29. Headings. Headings in this resolution are <br />included for convenience of reference only and are not a part <br />hereof, and shall not limit or -define the meaning of any <br />provision hereof. <br />The motion for the adoption of the foregoing resolution <br />was duly seconded by member Andrew Goif fon and, after a full <br />discussion thereof and upon a vote being taken thereon, the <br />following voted in favor thereof: <br />Warren Arcand, Debra Barnes, Andrew Goiffon, James Leroux, Fran Miron <br />and the following voted against the same: NONE <br />Whereupon said resolution was declared duly passed and <br />adopted. <br />ATTEST: <br />1-11 <br />/ A4t,L" Ax_� &A-vnet <br />Mary An reager, City C6tk <br />934183.1 <br />23 <br />