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irrevocably pledged. The Bonds are issuable only in fully registered form, in the denomination of $5,000
<br />or any integral multiple thereof, of single maturities,
<br />Bonds maturing on January 15, 2025 and later years shall be subject to redemption and
<br />prepayment at the option of the City, in whole or in part, in such order of maturity dates as the City may
<br />select and, within a maturity, by lot as selected by the Registrar (or, if applicable, by the Bond depository
<br />in accordance with its customary procedures) in multiples of $5,000, on January 15, 2024, and on any
<br />date thereafter, at a price equal to the principal amount thereof and accrued interest to the date of
<br />redemption. The City shall cause notice of the call for redemption thereof to be published if and to the
<br />extent required by law, and at least thirty (30) and not more than sixty (60) days prior to the designated
<br />redemption date, shall cause notice of call for redemption to be mailed, by first class mail or, if
<br />applicable, provided in accordance with the operational arrangements of the securities depository), to the
<br />registered holders of any Bonds, at the holders' addresses as they appear on the Bond register maintained
<br />by the Bond Registrar, but no defect in or failure to give such mailed notice of redemption shall affect the
<br />validity of proceedings for the redemption of any Bond not affected by such defect or failure. Official
<br />notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed
<br />shall, on the redemption date, become due and payable at the redemption price therein specified and from
<br />and after such date (unless the City shall default in the payment of the redemption price) such Bonds or
<br />portions of Bonds shall cease to bear interest. Upon partial redeniption of any Bond, a new Bond or
<br />Bonds will be delivered to the owner without charge, representing the remaining principal amount
<br />outstanding,
<br />As provided in the Resolution and subject to certain limitations set forth therein, this Bond is
<br />transferable upon the books of the City at the principal office of the Registrar, by the registered owner
<br />hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together
<br />with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner
<br />or the owner's attorney, and may also be surrendered in exchange for Bonds of other authorized
<br />denorninations . Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in
<br />the name of the designated transferee or registered owner, of the same aggregate principal amount,
<br />bearing interest at the same rate and maturing on the same date; subject to reimbursement for any tax, fee
<br />or governmental charge required to be paid with respect to any such transfer or exchange.
<br />The Bonds have been designated by the City as "qualified tax-exempt obligations" pursuant to
<br />Section 265(b)(3) of the Internal Revenue Code of 1986, as amended,
<br />The City and the Registrar may deem and treat the person in whose name this Bond is registered
<br />as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment
<br />as herein provided and for all other purposes, and neither the City nor the Registrar shall be aifected by
<br />any notice to the contrary.
<br />Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name
<br />of Cede & Co., as nominee of The Depository Trust Company, or in the narne of any other nominee of
<br />The Depository Trust Company or other securities depository, the Registrar shall pay all principal of and
<br />interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other
<br />nominee in accordance with the operational arrangements of The Depository Trust Company or other
<br />securities depository as agreed to by the City.
<br />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, to exist,
<br />to happen and to be performed preliminary to and in the issuance of this Bond in order to make it a valid
<br />and binding general obligation of the City in accordance with its terms, have been (lone, do exist, have
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