CC RES 03-027 A RESOLUTION RELATING TO $1, 700,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2003A; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR AND LEVYING AD VALOREM TAXES F

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redemption of the principal of this Bond before maturity. The interest hereon and, upon • presentation and surrender hereof, the principal hereof, are payable in lawful money of the United States of America by check or draft of Wells Fargo Bank Minnesota,National Association, in Minneapolis, Minnesota, as Bond Registrar, Transfer Agent and Paying Agent (the "Bond Registrar"), or its successor designated under the Resolution described herein. This Bond is one of an issue in the aggregate principal amount of$1,700,000 (the "Bonds"), issued pursuant to a resolution adopted by the City Council on March 25, 2003 (the "Resolution"), for the purpose of financing a portion of the costs of various street improvements in the City (the "Improvements"), and is issued pursuant to and in full conformity with the provisions of the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Chapters 429 and 475. The Bonds are payable primarily from the 2003 Improvement Bond Fund (the "Fund") of the City. In addition, for the full and prompt payment of the principal and interest on the Bonds as the same become due, the full faith, credit and taxing power of the City have been and are hereby irrevocably pledged. The Bonds are issuable only as fully registered bonds in denominations of$5,000 or any multiple thereof, of single maturities. Bonds maturing in the years 2005 through 2011 are payable on their respective stated maturity dates without option of prior payment, but Bonds having stated maturity dates in 2012 and later years are each subject to redemption and prepayment, at the option of the City and in whole or in part, and if in part, in the maturities selected by the City and, within a maturity, in $5,000 principal amounts selected by lot, on February 1, 2011 and on any date thereafter, at a price equal to the principal amount thereof to be redeemed plus accrued interest to the date of • redemption. [INSERT REDEMPTION PROVISIONS FOR ANY TERM BONDS.] At least thirty days prior to the date set for redemption of any Bond, notice of the call for redemption will be mailed to the Bond Registrar and to the registered owner of each Bond to be redeemed at his address appearing in the Bond Register, but no defect in or failure to give such mailed notice of redemption shall affect the validity of the proceedings for the redemption of any Bond not affected by such defect or failure. Official notice of redemption having been given as aforesaid, the Bonds or portions of the Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price herein specified and from and after such date (unless the City shall default in the payment of the redemption price) such Bond or portions of Bonds shall cease to bear interest. Upon the partial redemption of any Bond, a new Bond or Bonds will be delivered to the registered owner without charge, representing the remaining principal amount outstanding. The Bonds have been 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 • -3-