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• The City and the Bond Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Bond Registrar shall be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the issuance of this Bond in order to make this Bond a valid and binding general obligation of the City according to its terms, have been done, do exist, have happened and have been performed in regular and due form as so required; that in and by the Resolution, the City has pledged to the payment of the principal of and interest on the Bonds net . revenues of the storm sewer utility of the City; that in and by the Resolution, the City has covenanted and agreed with the owner of the Bonds that it will impose and collect charges for the service, use and availability of its storm sewer utility at the time and in the amounts required to produce net revenues adequate to pay all principal of and interest on the Bonds and on all other bonds payable from net revenues of the storm sewer utility as such principal and interest respectively become due; that if needed to pay the principal and interest on this Bond, ad valorem taxes will be levied upon all taxable property in the City without limitation as to rate or amount; and that the issuance of this Bond does not cause the indebtedness of the City to exceed any constitutional or statutory limitation. This Bond shall not'be valid or become.obligatory for any purpose or be entitled to any • security or benefit under the Resolution until the Certificate of Authentication-hereon shall have been executed by the Bond Registrar by the manual signature of the Bond Registrar, or in the event the City Finance Director is no longer acting as Bond Registrar, one of the authorized representatives of the Bond Registrar. IN WITNESS WHEREOF, the City of St. Anthony, Hennepin and Ramsey Counties, Minnesota, by its City Council, has caused this Bond to be executed by the facsimile signatures of the Mayor and the City Manager and has caused this Bond to be dated as of the date set forth,below.. Date of Authentication: CITY OF ST. ANTHONY City Manager Mayor • -5-