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happened and have been performed as so required, that, prior to the issuance hereof, the it Council has <br />by the Resolution covenanted and agreed to collect and apply to payment of the bonds ad valorem taxes <br />levied on all taxable property in the City, certain net revenues of its municipal water, sewer and storm <br />water systems and special assessments upon property specially benefited by the local improvements <br />financed with the Bonds, winch taxes, revenues and assessments are estimated to be collectible in years <br />and amounts sufficient to produce sums not less than 5% in excess of the principal of and interest on the <br />Bonds when due, and has appropriated such assessments, revenues and taxes to its General Obligation <br />Bonds, Series 2016 Bond Fund for the payment of such principal and interest; that if necessary for the <br />payment of such principal and interest, additional ad valorem taxes are required to be levied upon all <br />taxable property in the City, without limitation as to rate or amount; that all proceedings relative to the <br />projects financed by this Bond have been or will be taken according to law and that the issuance of this <br />Bond, together with all other indebtedness of the City outstanding on the date hereof and on the date of its <br />actual issuance and delivery, does not cause the indebtedness of the City to exceed any constitutional or <br />statutory limitation of indebtedness, <br />This Bond shall not be valid or become obligatory for any purpose or be entitled to any security <br />or benefit under the Resolution until the Certificate of Authentication hereon shall have been executed by <br />the Registrar by manual signature of one of its authorized representatives, <br />IN WITNESS WHEREOF, the City has caused this Bond to be executed on its behalf by the <br />facsimile signatures of its Mayor and City Finance Director and has caused this Bond to be dated as of the <br />date set forth below. <br />CITY OF LAKE ELMO, MINNESOTA <br />(facsimile signature — City Finance Director) {facsimile signature — Mayor) <br />This is one of the Bonds delivered pursuant to the Resolution mentioned within. <br />Date of Authentication: <br />NORTHLAND TRUST SERVICES, INC., <br />as Registrar <br />By <br />Authorized Representative <br />I <br />