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February 1, 2018 Term Bonds
<br />2017 $60,000
<br />2018 (maturity) 60,000
<br />February 1, 2020 Term Bonds
<br />2019 $60,000
<br />2020 (maturity) 60,000
<br />February 1, 2022 Term Bonds
<br />2021 $60,000
<br />2022 (maturity) 65,000
<br />February 1, 2024 Term Bonds
<br />2023 $65,000
<br />2024 (maturity) 65,000
<br />This Bond is one of an issue in the aggregate principal amount of $615,000 all of like original
<br />issue date and tenor, except as to number, maturity date, and interest rate, all issued pursuant to a
<br />resolution adopted by the City Council on June 24, 2013 (the "Resolution "), for the purpose of providing
<br />money to defray the expenses incurred and to be incurred in making local improvements, pursuant to and
<br />in full conformity with the home rule charter of the City and the Constitution and laws of the State of
<br />Minnesota, including Minnesota Statutes, Chapters 429 and 475, as amended, and the principal hereof and
<br />interest hereon are payable from special assessments against property specially benefited by local
<br />improvements and ad valorem taxes, as set forth in the Resolution to which reference is made for a full
<br />statement of rights and powers thereby conferred. The full faith and credit of the City are irrevocably
<br />pledged for payment of this Bond and the City Council has obligated itself to levy additional ad valorem
<br />taxes on all taxable property in the City in the event of any deficiency in special assessments and taxes,
<br />which additional taxes may be levied without limitation as to rate or amount. The Bonds of this series are
<br />issued only as fully registered Bonds in denominations of $5,000 or any integral multiple thereof of single
<br />maturities.
<br />As provided in the Resolution and subject to certain limitations set forth therein, this Bond is
<br />transferable upon the books of the City at the principal office of the Bond Registrar, by the registered
<br />owner hereof in person or by the owner's attorney duly authorized in writing, upon surrender hereof
<br />together with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the
<br />registered owner or the owner's attorney; and may also be surrendered in exchange for Bonds of other
<br />authorized denominations. Upon such transfer or exchange the City will cause a new Bond or Bonds to
<br />be issued in the name of the transferee or registered owner, of the same aggregate principal amount,
<br />bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee
<br />or governmental charge required to be paid with respect to such transfer or exchange.
<br />The City and the Bond Registrar may deem and treat the person in whose name this Bond is
<br />registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving
<br />payment and for all other purposes, and neither the City nor the Bond Registrar will be affected by any
<br />notice to the contrary.
<br />IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
<br />conditions and things required by the home rule charter of the City and the Constitution and laws of the
<br />State of Minnesota, to be done, to exist, to happen and to be performed preliminary to and in the issuance
<br />of this Bond in order to make it a valid and binding general obligation of the City in accordance with its
<br />terms, have been done, do exist, have happened and have been performed as so required, and that the
<br />426203v2 SJB LN140 -110
<br />B -2
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