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IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED <br /> that all acts, conditions and things required by the Constitution and laws of the State <br /> of Minnesota to be done, to exist, to happen, and to be performed in order to make <br /> this Bond a valid and binding special obligation of the City according to its terms <br /> have been done, do exist, have happened and have been performed as so required; <br /> and that the issuance of this Bond does not cause the indebtedness of the City to <br /> exceed any constitutional or statutory limitation of indebtedness; that the City has <br /> established and will maintain in its Liquor Store Fund a Revenue Bond Account <br /> and Reserve Account and has irrevocably appropriated and pledged thereto, out of <br /> the Net Revenues, as defined in the Resolution, to be received from its ownership <br /> and operation of the municipal liquor store, including any additions thereto and <br /> improvements thereof, periodic payments to be made at times and in amounts <br /> sufficient to pay from the principal and interest on all bonds payable therefrom, <br /> including the Bonds of this series and the 1987 Bonds, as such payments become <br /> due, and to establish and maintain the required reserve balance therein, and will <br /> use the moneys in said Accounts solely for said purposes; that the City and its <br /> officers and employees will establish and maintain operating policies governing <br /> purchase and sale of merchandise and will do all other things necessary and feasible <br /> to assure that the gross receipts of the municipal liquor store will at all times be <br /> adequate to pay all costs of operation and maintenance thereof and to produce Net <br /> Revenues in the amounts so appropriated and pledged; and that in and by the <br /> Resolution other covenants, agreements and stipulations are prescribed for the <br /> security and enforcement of the bonds of this series, each and all of which will be <br /> faithfully and promptly performed by the City and its officers and agents. <br /> (Form of certificate to be printed on the reverse side of <br /> each Bonds, following a full copy of the legal opinion) <br /> We certify that the above is a full, true and correct copy of the legal <br /> opinion rendered by bond counsel on the issue of Bonds of the City of St. Anthony, <br /> Minnesota, which includes the within Bond, dated as of the date of delivery of and <br /> payment for the Bonds. <br /> (Facsimile Signature) (Facsimile Signature) <br /> City Manager Mayor <br /> -6- <br />