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Principal and interest on this Certificate is payable at the <br />office of the City Clerk -Treasurer in the City of Lino Lakes, <br />Minnesota. <br />Payments of installments of principal and the interest <br />due thereon shall discharge the City of the obligation hereon to <br />the extent of the payment made. Annual payments regardless of <br />when made, shall be applied first to the interest computed to <br />the annual installment due date and next to principal due. <br />Other payments, from whatever source derived, shall be applied <br />to the principal last to become due and shall not affect the <br />obligation of the City to pay the remaining installments as <br />scheduled herein. <br />The Certificate is issued as a part of a total of five <br />Certificates of Indebtedness of Three Hundred Thousand and <br />no/100 ($300,000.00) Dollars, and it is issued by the City <br />pursuant to the Constitution and the laws of the State of <br />Minnesota, including Minnesota Statutes, §412.301 and the Lino <br />Lakes Home Rule Charter, for the purpose of financing the <br />purchase of certain equipment by the City. <br />This Certificate may be assigned but upon such assign- <br />ment the assignee shall promptly notify the City at the office <br />of the City Clerk -Treasurer by registered mail, and the assignee <br />shall furnish the same to the City Clerk -Treasurer either in <br />exchange for a new fully registered Certificate in the principal <br />amount then outstanding or for transfer on the registration book <br />kept by the Clerk -Treasurer for such purpose. <br />-3- <br />