CC RES 90-043 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR PAYMENT OF $1,500,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 1991A

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[Reverse of the Bonds] This Bond is one of an issue in the aggregate principal amount of $1,550,000, all of like date and tenor, except as to maturity date, interest rate and denomination, issued pursuant to a resolution adopted by the City Council on December 18, 1990 (the Resolution), to refund certain of the Issuer's outstanding General Obligation Tax Increment Bonds, Series 1985B, dated as of December 1, 1985, and is issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Chapter 475. The Bonds of this issue are issuable only in fully registered form, in denominations of $5,000 or any integral multiple thereof, of single maturities. Bonds of this issue have been designated as "qualified tax-exempt obligations" pursuant to Section 265(b) of the Internal Revenue Code of 1986, as amended. As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the Issuer at the principal office of the Registrar, by the registered owner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or the owner's attorney; and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange the Issuer will • cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. The Issuer and the 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 Issuer nor the 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 preliminary to and in the issuance of this Bond in order to make it a valid and binding general obligation of the Issuer in accordance with its terms, have been done, do exist, have happened and have been performed as so required; that in and by the Resolution, the Issuer has estimated that the collections of tax increments to be received by the Issuer from a tax increment financing district (Tax Increment Financing District No. 1) created within the Kenzie Terrace Redevelopment Project in the Issuer will produce sums not less than five percent in excess of the principal and interest when • -8-