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IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, <br />conditions and things required by the Constitution and laws of the State of Minnesota to be done, <br />to exist, to happen and to be performed precedent to and in the issuance of this Bond in order to <br />make it a valid and binding general obligation of the Issuer in accordance with its terms, have <br />been done, do exist, have happened and have been performed as so required; that the Issuer has <br />established its General Obligation Refunding Bonds, Series 2009A Bond Fund and has <br />appropriated thereto certain earnings from the escrow account established for a portion of the <br />refunding, allotments to be received by the Issuer from its account in the Municipal State-Aid <br />Street Fund of the State of Minnesota, net revenues of the municipal water utility system and ad <br />valorem taxes heretofore duly levied on all taxable property in the City, which are estimated to <br />be receivable in years and amounts not less than five percent in excess of the principal of and <br />interest on the Bonds when due; that if necessary for the payment of such principal and interest <br />when due, additional ad valorem taxes are required to be levied upon all taxable property in the <br />Issuer, without limitation as to rate or amount and that the issuance of this Bond, together with <br />all other indebtedness of the Issuer outstanding on the date hereof and on the date of its actual <br />issuance and delivery, does not cause the indebtedness of the Issuer to exceed any constitutional <br />or statutory limitation of indebtedness. <br />This Bond shall not be valid or become obligatory for any purpose or be entitled to any <br />security or benefit under the Resolution until the Certificate of Authentication hereon shall have <br />been executed by the Bond Registrar by manual signature of one of its authorized <br />representatives, <br />IN WITNESS WHEREOF, the Issuer, by its City Council, has caused this Bond to be <br />executed on its behalf by the facsimile signatures of the Mayor and City Administrator and has <br />caused this Bond to be dated as of the date set forth below. <br />ADOPTED by the Lake Elmo City Council on April 7, 2009. <br />/A <br />. ......... <br />M", <br />ministrator <br />HE <br />Dean A. Johnston, Mayor <br />