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(c) In the event the City determines that it is in the best interest of the Beneficial Owners <br />that they be able to obtain Bonds in the form of physical certificates, the City may notify DTC <br />and the Registrar, whereupon DTC shall notify the Participants of the availability through DTC <br />of Bonds in the form. of certificates. In such event, the Bonds will be transferable in accordance <br />with paragraph (e) hereof. DTC may determine to discontinue providing its services with respect <br />to the Bonds at any time by giving notice to the City and the Registrar and discharging its <br />responsibilities with respect thereto under applicable law. In such event the Bonds will be <br />transferable in accordance with paragraph (e) hereof. <br />(d) The execution and delivery of the Representation Letter to DTC, if not previously <br />filed with DTC, by the Mayor or City Administrator is hereby authorized and directed. <br />(e) In the event that any transfer or exchange of Bonds is permitted under paragraph (b) <br />or (c) hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar of <br />the Bonds to be transferred or exchanged and appropriate instruments of transfer to the permitted <br />transferee in accordance with the provisions of this resolution. In the event Bonds in the form of <br />certificates are issued to owners other than Cede & Co., its successor as nominee for DTC as <br />owner of all the Bonds, or another securities depository as owner of all the Bonds, the provisions <br />of this resolution shall also apply to all matters relating thereto, including, without limitation, the <br />Printing of such Bonds in the form of physical certificates and the method of payment of <br />principal of and interest on such Bonds in the form of physical certificates. <br />2.09. Form of Bonds. The Bonds shall be prepared in substantially the following form: <br />Interest Rate <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />CITY OF LAKE ELMO <br />GENERAL OBLIGATION BONDS, SERIES 2013A <br />Matunty Date <br />July 15, 20 <br />REGISTERED OWNER: CEDE & CO. <br />0. VV. a . ll rolei <br />Date of Original Issue CUSIP No. <br />October 1, 2013 <br />THOUSAND DOLLARS <br />CITY OF LAKE ELMO, State of Minnesota (the City) acknowledges itself to be <br />indebted and for value received hereby promises to pay to the registered owner specified above, <br />or registered assigns, the principal amount specified above on the maturity date specified above <br />and promises to pay interest thereon from the date of original issue specified above or from the <br />most recent Interest Payment Date (as hereinafter defined) to which interest has been paid or <br />duly provided for, at the annual interest rate specified above, payable on January 15 and July 15 <br />in each year, commencing July 15, 2014 (each such date, an Interest Payment Date), all subject <br />to the provisions referred to herein with respect to the redemption of the principal of this Bond <br />7 <br />