CC RES 92-039 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE OF $405,000 LIQUOR STORE REVENUE REFUNDING BONDS

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[Reverse of the Bonds] This Bond is one of a series in the total principal amount of $405,000, all of like date and tenor except as to serial number, denomination and maturity dat, which Bonds have been issued for the purpose of providing money to refund a portion of the outstanding principal amount of the City's Liquor Store Revenue Refunding Bonds, Series 1987 (the 1987 Bonds). Said Bonds and the interest thereon are payable solely and exclusively from the net revenues of the-municipal liquor store pledged to the payment thereof and do not constitute a debt of the City within the meaning of any constitutional or statutory limitation of indebtedness, and the full faith and credit and taxing power of the City are not pledged to the payment of the principal of or interest on the Bonds. The lien and charge upon the net revenues of the municipal liquor store of the City to pay the principal and interest of the Bonds of this issue is on a parity with the lien upon such net revenues to pay the 1987 Bonds. Additional revenue obligations may be issued on a parity of lien upon the net revenues of the municipal liquor store with the Bonds of this issue and the 1987 Bonds as provided in Resolution No. 87-021, adopted May 26, 1987 by the City Council, as amended and supplemented by Resolution No. 92- adopted August 25, 1992 by the City Council (collectively the "Resolution"). The Bonds are issuable only as fully registered bonds, in denominations of $5,000 or any multiple thereof, of single maturities. Bonds of this series are designated by the City 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 City at the principal office of the Bond Registrar, by the registered owner hereof in person or by his attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner or his attorney; and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange, the City 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 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. is -5-