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• Bonds of this series have been designated as "qualified tax-exempt obligations" pursuant to Section 2b5(b)(3) of the Internal Revenue Code of 1986. As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the Issuer at the principal office of the Registraz, by the registered owner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or the owner's attorney; anti may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange the Issuer will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, beazing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. The Issuer and the Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of • receiving payment and for all other purposes, and neither the Issuer nor the Registrar shall be affected by any notice to the contrary. TT 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 preliminary to and in the issuance of this Bond in order to make it a valid and binding general obligation of the Issuer in accordance with its tetras, have been done, do exist, have happened and have been performed as so required; that, prior to the issuance hereof the City Council has by the Resolution covenanted and agreed to Levy special assessments upon property specially benefited by the local improvements financed by the Bonds, which special assessments, together with ad valorem taxes levied by the Issuer, will be collecttble for the years and in amounts sufficient to produce sums not less than five percent in excess of the principal of and interest on the Bonds of this series when due, and has appropriated such special assessments to its Series 1999A Improvement Bond Sinking Fund for the payment of such principal and interest; that if necessary for payment of such principal and interest, ad valorem taxes are required to be levied upon alI taxable property in the Issuer, without limitation as to rate or amount; and that the issuance of this Bond, together with all other indebtedness of the Issuer outstanding on the date hereof and on the. date of its actual issuance and delivery, does not cause the indcbtcdncss of the Issuer to exceed any constitutional or statutory limitation of indebtedness. 1796687.0! • 9