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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 <br />and between the City of Little Canada, Ramsey County, Minnesota <br />(the Issuer) and First Trust Company, Inc. (the Registrar), a <br />corporation duly organized and existing under the laws of the <br />State of Minnesota, WITNESSETH that the :'ssuer 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 />$1,515,000 City of Little Canada General Obligation Storm Sewer <br />Improvement Bond of 1986 (the Bonds); and that the Issuer has <br />designated the Registrar as the paying agent, registrar and <br />transfer agent for the Bonds. <br />NOW TI-IEREFORE, 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 Register. The Registrar shall keep at its <br />principal corporate trust office a Bond Register 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 duly 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 writing, together with a <br />guarantee of the signature satisfactce:y to the Registrar, the <br />Registrar shall authenticate and deliver, in the name of the <br />designated transferee or transferees, one or more new Bonds of <br />a like aggregate principal amount and maturity, as <br />91 <br />