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This Bond is one of an issue in the aggregate principal amount of $250,000 all of like <br />original issue date and tenor issued pursuant to a resolution adopted by the City Council on <br />November 24, 2003 (Resolution), for the purpose of providing money to defray the expenses <br />incurred and to be incurred in making local improvements, pursuant to and in full conformity <br />with the home rule charter of the City and the Constitution and laws of the State of Minnesota, <br />including the City Charter and Minnesota Statutes, Chapter 429, 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 <br />a full statement of rights and powers thereby conferred. The full faith and credit of the City are <br />irrevocably pledged for payment of this Bond and the City Council has obligated itself to levy <br />additional ad valorem taxes on all taxable property in the City in the event of any deficiency in <br />special assessments pledged, which taxes may be levied without limitation as to rate or amount. <br />The Bonds of this series are issued only as fully registered Bond in the denomination of <br />$250,000. <br />As provided in the Resolution and subject to certain limitations set forth therein, this <br />Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by <br />the registered owner hereof in person or by the owner's attorney duly authorized in writing upon <br />surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, <br />duly executed by the registered owner or the owner's attorney; and may also be surrendered in <br />exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City <br />will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of <br />the same aggregate principal amount, bearing interest at the same rate and maturing on the same <br />date, subject to reimbursement for any tax, fee or governmental charge required to be paid with <br />respect to such transfer or exchange. <br />The City and the Bond Registrar may deem and treat the person in whose name this Bond <br />is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose <br />of receiving payment and for all other purposes, and neither the City nor the Bond Registrar will <br />be affected by any 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 <br />of the State of Minnesota to be done, to exist, to happen and to be performed preliminary to and <br />in the issuance of this Bond in order to make it a valid and binding general obligation of the City <br />in accordance with its terms, have been done, do exist, have happened and have been performed <br />as so required, and that the issuance of this Bond does not cause the indebtedness of the City to <br />exceed any constitutional, statutory or charter limitation of indebtedness. <br />SJB-240611v1 <br />LN 140-84 <br />