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• full and prompt payment of the principal and interest on the Notes as the same become due, the full faith, credit and taxing power of ,the City have been and are irrevocably pledged. The Notes are issuable only as fully registered certificates, in denominations~of X5,000 or any multiple thereof, of single maturities. The Notes are payable on their respective stated maturity dates without option of prior payment. The Notes have been designated by the City as "qualified taz-ezempt obligations" pursuant to Section 265(b) of the Internal Revenue Code of 1986, as amended. As provided in the Resolution and subject to certain limitations set forth therein, this Note is transferable upon the books of the City at the principal office of the Note Registrar, by the registered owner hereof in person or by his attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Note Registrar, duly executed by the registered owner or his attorney; and may also be surrendered in ezchange for Notes of other authorized denominations. Upon such transfer or ezchange, the City will cause a new Note or Notes to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any taz, fee or governmental charge required to be paid with respect to such transfer or ezchange. The City and the Note Registrar may deem and treat the person in whose name this Note is registered as the absolute owner hereof, whether this Note is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Note Registrar shall be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the issuance of this Note in order to make it a valid and binding general obligation of the City according to its terms have been done, do ezist, have happened and have been performed in regular and due form as so required; that prior to the issuance hereof, the City has levied ad valorem tazes upon all tazable property within the City collectible in the years and amounts required to produce sums not less than five percent in excess of the principal of and interest on the Notes as such principal and interest respectively become due, and has appropriated the same to the sinking fund in the manner specified in Minnesota Statutes, Section 475.61; that, in the event of any accumulated C -5-