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<br />. <br /> <br />. <br /> <br />. <br /> <br />contained in any agreement with the Bond Registrar. Thereupon <br />the City shall execute and the Bond Registrar shall authenticate <br />and deliver, in exchange for this Bond, one or more new fully <br />registered Bonds in the name of the transferee (but not <br />registered in blank or to "bearer" or similar designation), of an <br />authorized denomination or denominations, in aggregate principal <br />amount equal to the principal amount of this Bond, of the same <br />maturity and bearing interest at the same rate. <br /> <br />Fees u~on Transfer or Loss. The Bond Registrar may <br />require paYment of a sum sufficient to cover any tax or other <br />governmental charge payable in connection with the transfer or <br />exchange of this Bond and any legal or unusual costs regarding <br />transfers and lost Bonds. <br /> <br />Treatment of Registered Owners. The City and Bond <br />Registrar may treat the person in whose name this Bond is <br />registered as the owner hereof for the purpose of receiving <br />paYment as herein provided (except as otherwise provided on the <br />reverse side hereof with respect to the Record Date) and for all <br />other purposes, whether or not this Bond shall be overdue, and <br />neither the City nor the Bond Registrar shall be affected by <br />notice to the contrary. <br /> <br />Authentication. This Bond shall not be valid or become <br />obligatory for any purpose or be entitled to any security unless <br />the Certificate of Authentication hereon shall have been executed <br />by the Bond Registrar. <br /> <br />Taxable Obligations. The City is not issuing the Bonds <br />as tax-exempt obligations and accordingly makes no representation <br />and intends to convey no expectation that the interest on this <br />Bond will be excluded from gross income for purposes of United <br />States income taxation or from either gross income or taxable net <br />income for purposes of State of Minnesota income taxation. <br /> <br />311176.1 <br /> <br />13 <br />