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• As provided in the Resolution and subject to certain <br /> limitations set forth therein, this Certificate is transferable <br /> upon the books of the City at the principal office of the <br /> Registrar, by the registered owner hereof in person or by his <br /> attorney duly authorized in writing upon surrender hereof <br /> together with a written instrument of transfer satisfactory to <br /> the Registrar, duly executed by the registered owner or his <br /> attorney; and may also be surrendered in exchange for <br /> Certificates of other authorized denominations . Upon such <br /> transfer or exchange, the City will cause a new Certificate or <br /> Certificates to be issued in the name of the transferee or <br /> registered owner, of the same aggregate principal amount, <br /> bearing interest at the same rate and maturing on the same <br /> date, subject to reimbursement for any tax, fee or governmental <br /> charge required to be paid with respect to 'such transfer or <br /> exchange. <br /> The City and the Registrar may deem and treat the <br /> person in whose name this Certificate is registered as the <br /> absolute owner hereof, whether this Certificate is overdue or <br /> not, for the purpose of receiving payment and for all other <br /> purposes, and neither the City nor the Registrar shall be <br /> affected by any notice to the contrary. <br /> IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED <br /> that all acts, conditions and things required by the <br /> Constitution and laws of the State of Minnesota to be done, to <br /> exist, to happen and to be performed precedent to and in the <br /> issuance of this Certificate in order to make it a valid and <br /> _binding general obligation of the City according to its terms <br /> have been done, do exist, have happened and have been performed <br /> in regular and due form as so required; that prior to the <br /> issuance hereof, the City has levied ad valorem taxes upon all <br /> taxable property within the City collectible in the years and <br /> amounts required to produce sums not less than five percent in <br /> excess of the principal of and interest on the Certificates as <br /> such principal and interest respectively become due, and has <br /> appropriated the same to the sinking fund in the manner <br /> specified in Minnesota Statutes, Section 475. 61 ; that, in the <br /> event of any accumulated or anticipated deficiency in the <br /> sinking fund, additional ad valorem taxes are required by law <br /> to be levied upon all taxable property in the City without <br /> limitation as to rate or amount; and that the issuance of this <br /> Certificate does not cause the indebtedness of the City to <br /> exceed any constitutional or statutory limitation. <br /> i <br /> -4- <br />