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This Note is a special, limited revenue obligation and not a <br />general obligation of the City and is payable by the City only <br />from the sources and subject to the qualifications stated or <br />referenced herein. This Note is not a general obligation of the <br />City of Little Canada, Minnesota, and neither the full faith and <br />credit nor the taxing powers of the City are pledged to the <br />payment of the principal of or interest on this Note and no <br />property or other asset of the City, save and except the <br />above- referenced Tax Increments, is or shall be a source of <br />payment of the City's obligations hereunder. <br />This Note is issued by the City in aid of financing a <br />project pursuant to and in full conformity with the Constitution <br />and laws of the State of Minnesota, including the Tax Increment <br />Act. <br />This Note may be assigned only with the consent of the City. <br />In order to assign the Note, the assignee shall surrender the <br />same to the City either in exchange for a new fully registered <br />note or for transfer of this Note on the registration records for <br />the Note maintained by the City. Each permitted assignee shall <br />take this Note subject to the foregoing conditions and subject to <br />all provisions stated or referenced herein. <br />IT IS HEREBY CERTIFIED AND RECITED that all acts, condi- <br />tions, and things required by the Constitution and laws of the <br />State of Minnesota to be done, to have happened, and to be <br />performed precedent to and in the issuance of this Note have been <br />done, have happened, and have been performed in regular and due <br />form, time, and manner as required by law; and that this Note, <br />together with all other indebtedness of the City outstanding on <br />the date hereof and on the date of its actual issuance and <br />delivery, does not cause the indebtedness of the City to exceed <br />any constitutional or statutory limitation thereon. <br />IN WITNESS WHEREOF, City of Little Canada, Minnesota, by its <br />City Council, has caused this Note to be executed by the manual <br />signatures of its Mayor and Administrator and has caused this <br />Note to be issued on and dated Fahriiary 1` , 1994. <br />Administrator Mayor <br />226247 <br />Page 3 <br />