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(c) In the event the City determines that it is in the best interest of the Beneficial Owners that they be able to obtain Bonds in the formof physical certificates. the City may notify D and the Registrar, whereupon DTC shall n TC notify the Participants of the availability through DTC of Bonds in the form. of certificates. In such event, the Bond will be transferable in accor i e with paragraph (e) hereof DTC may determine to discontinue providing its services with respect 0 to the Bonds at any time by giving notice to the City and the Registrar and discharging its responsibilities with respect thereto under applicable law. In such event the Bonds will be transferable in accordance with paragraph (e) hereof (d) The execution and delivery of the Representation Letter to DTC, if not previously filed with DTC, by the Mayor or City Administrator is hereby authorized and directed. (e) In the event that any transfer or exchange of Bonds is permitted under paragraph (b) or (c) hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar of 4-- the Bonds to be transferred or exchanged and appropriate insti uments of transfer to the permitted 11 e rm transferee in accordance with the provisions of this resolution. In the event Bonds i th f oof certificates are issued to owners other than Cede & Co., its successor as nominee for DTC as owner of all the Bonds, or another securities depository as owner of all the Bonds, the provisions of this resolution shall also apply to all matters relating thereto, including without limitation, the Printing of such Bonds in the form of physical certificates and the method of payment of principal of and interest on such Bonds in the form of physical certificates. 2.09. Form of Ron& The Bonds shall be prepared in substantially the following form- Ier_MgwLtv Date % July 15, 20_ Date of a Original Issue October 1, 2013 UMEAx�M • CITN' OF LAKE ELMO, State of Minnesota (the City) acknowledges itself to be indebted and for value received hereby promises to pay to the registered owner specified above, or registered assigns, the principal amount specified above on the maturity date specified above and promises to Pay interest thereon from the date of original issue specified above or from the most recent Interest Payment Date (as hereinafter defined) to which interest has been paid or duly provided for, at the annual interest rate specified above, payable on January 15 and July 15 , I in each year, commencing July 15, 2014 (each such date, an Interest Payment Date) al subject to the provisions referred to herein with respect to the redemption of the principal of this Bond 7