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• (Reverse of the Obligations] <br /> This Certificate is one of an issue in the aggregate <br /> principal amount of $315,000, issued pursuant to a resolution <br /> adopted by the City Council on March 13 , 1990 (the Resolution) , <br /> to finance the acquisition of capital equipment, and is issued <br /> pursuant to and in full conformity with the Constitution and <br /> laws of the State of Minnesota thereunto enabling, including <br /> Minnesota Statutes, Section 412 .301 and Chapter 475 . The <br /> Certificates of this issue are issuable only in fully <br /> registered form, in denominations of $5, 000 or any multiple <br /> thereof, of single maturities . <br /> In the Resolution, the Council determined that in <br /> calendar year 1990, the Issuer does not expect to issue tax <br /> exempt obligations in an aggregate principal amount greater <br /> than $10, 000, 000 (exclusive of "private activity bonds") , and <br /> designated the Certificates as "qualified tax-exempt <br /> obligations" within the meaning of Section 265(b) of the <br /> Internal Revenue Code of 1986, as amended. <br /> As provided in the Resolution and subject to certain <br /> limitations set forth therein, this Certificate is transferable <br /> upon the books of the Issuer at the principal office of the <br /> Registrar, by the registered owner hereof in person or by the <br /> owner ' s attorney duly authorized in writing upon surrender <br /> • hereof together with a written instrument of transfer <br /> satisfactory to the Registrar, duly executed by the registered <br /> owner or the owner' s attorney, and may also be surrendered in <br /> exchange for Certificates of other authorized denominations . <br /> Upon such transfer or exchange the Issuer will cause a new <br /> Certificate or Certificates to be issued in the name of the <br /> transferee or registered owner, of the same aggregate principal <br /> amount, bearing interest at the same rate and maturing on the <br /> same date, subject to reimbursement for any tax, fee or <br /> governmental charge required to be paid with respect to such <br /> transfer or exchange. <br /> The Issuer 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 Issuer 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 preliminary to and in the <br /> issuance of this Certificate in order to make it a valid and <br /> -8- <br />