I talked with Chief Christensen a few moments ago. His interpretation of the ordinance is that it does (as worded) allow the open-carry of a firearm in a holster because a holster constitutes "a suitable container"
His interpretation is because the sentence uses the word "or" it doesn't, in its text as written, a gun in a holster does not have to be unloaded or knocked down. Here is the text:
is unlawful for any person, except an authorized police officer to fire or discharge any firearm, rifle, spring or air gun of any description or tipped arrow within the City, or to have any firearm, rifle, spring or air gun in his possession or under his control unless it is unloaded and knocked down or enclosed within a carrying case or other suitable container.
He interprets the statute as "it is unlawful for any person to have any firearm, rifle, spring or air gun in his possession or under his control unless it is unloaded and knocked down OR
enclosed within a carrying case OR
other suitable container.
The Chief's comment to me was that they viewed a holster as a "suitable container" and that since it is a suitable container it could also be loaded because the ordinance doesn't say it has to be unloaded and knocked down AND in a suitable container but rather it says unloaded and knocked down OR in a suitable container.
Regardless, I think its a poorly worded ordinance, I think its rife for mis-interpretation, but I DID ask the chief if his officers had been trained that open-carry of a loaded firearm absent any unlawful behavior was completely legal in Elkhorn and he verified that his officers were trained as to the legality of open-carry.
So Carry-On in Elkhorn!