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AGREEMENT RELATING TO PAYING AGENCY, <br />REGISTRAR AND TRANSFER AGENCY <br />THIS AGREEMENT made this 31st day of July, 1986 by and <br />between the City of Little Canada, County of Ramsey, Minnesota <br />(the Issuer) and First Trust Company, 'Inc. (the RegistLrar), a <br />corporation duly organized and existing under the laws of the <br />State of Minnesota, WITNE.SSITH that the Issuer has by <br />resolution adopted July 23, 1986, a certified copy of which is <br />attached hereto as Exhibit A, authorized the issuance of <br />$490,000 General Obligation Improvement Bond of 1986 (the <br />Bonds); and that the Issuer has designated the Registrar as the <br />paying agent, registrar and transfer agent for the Bords. <br />NOW THEREFORE, the Issuer and the Registrar, each in <br />consideration of the representations, covenants and agreements <br />of the other as set forth herein, mutually represent, covenant <br />and agrees as follows: <br />Section 1. Registrar's Duties. <br />1.1 R.eg,.ste.r. the Registrar shall keep at its <br />principal corporate trust office a Bond Registrar in which the <br />Register shall provide for the registration of ownership of the <br />Bonds and the registration of transfers and exchanges of the <br />Bonds entitled to be registered, transferred or exchanged. <br />1.2 Transfer of Bonds. Upon surrender to the <br />Registrar for transfer of any Bond cluly endorsed by the <br />registered owner thereof or accompanied by a written instrument <br />of transfer, in form satisfactory to the Registrar duly <br />executed by the registered owner thereof or by an attorney duly <br />authorized by the registered owner in uniting, together with a <br />guarantee of the signature satisfactory to the Registrar, the <br />Registrar shall authenticate: and deliver, in the name of the <br />designated transferee or transferees, one or more neu Bonds of <br />a like aggregate principal amount and maturity, as <br />83 <br />