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APR 09 '93 11 a 54RM EHLERS ASSOCIATES P. 7/23 cation), for the purpose of financing the costs of an on April 14, 1993 (the overnent), and is issued pursuant to and in full improvement with the Croy (the Pr e of and 475. c�tY with the provisions of the Constitution and Statutes, Chapters Minnesota into enabling. including frv� 1993 Improvement Bond Fund (the The Bonds are payable primarily from of the prh►c►p� and Fund) the City. In as the same become due, prompt �ull faith, credit and taxing power of interest h the Bonds irrevocably Bonds are issuable o f City have been and are hetebY only as fully registered bonds in denominations of $5,000 or any multipte thereof, of s maturities. Bonds in the years 1995 through 1999 are payable on their respective stated maturity dates without option of prior payment, but Bonds having stated maturity dates in 2000 and later years are each subject to redemption of the City and in whole or in part, and if in part, in prepayment, at the option of selected by lot within a maturity, o inverse order of maturities and in $5,44U at a price equal to the cal February '1,1999 and on any pal lintOUllt thereof to be redeemed plus accrued interest to the date of or to the date set for redemption of any Bond, redemption- At least thirty days prl notice of the call for redemption will be mailed to the Bond Registrar and to the of each Bond to be redeemed at his address appearing in the Bond registered owner ve such mailed notice of redemption shall Register, but no defect in or failure to give of any Bond. Upon the partial proceedings the redempti Y affect the validity of p Ss redemption of any Bond, a new Bond or Bonds will be delivered. to the registered owner without charge, representing the remaining principal amount outstanding. The Bonds have been designated by the City as "qualified tax-exempt obligations" pursuant to Section 265(b) of the Internal Revenue Code of 1986, as aznended. As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Bond R. trar• by the registered owner hereof in person or by his surrender hereof together with a written attorney duly authorized in executed by the instrument of transfer satisfactory to the Bond Registr, duly ex ec u ted bye for Bonds reegist registered owner or his attorney; and may also be surrendered of other authorized denomina Lions. Upon such transfer or exchange, the City will cause a new Bond or Bonds to be issued in the name of principal transferee s owner, of the same aggregate pr amount, bearing to reimbursement for any tax, fee or and maturing on the same date, paid with respect to such transfer or exchange. governmental charge The City and the Bond Registrar may deem and treat the person this whose name this Bond is register as the absolute owner hereof, whether -4r