CC RES 08-034 RESOLUTION RELATING TO $1,910,000 GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES 2008A; AWARIDNG THE SALE, FIXING THE FORMS AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR AND LEVYING AD VALOREM

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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 • 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. 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 precedent to and in the issuance of this Bond in order to make this Bond a valid and binding general obligation of the City according to its terms,have been done,do exist,have happened and have been performed in regular and due form as so required;that the City has established its 2008A Street Reconstruction Bond Fund and has appropriated thereto ad valorem taxes heretofore levied on all taxable property in the City,which taxes will be collectible for the years and in amounts sufficient to produce sums not less than five percent in excess of the principal of and interest on the Bonds when due; that if necessary for • payment of such principal and interest, additional ad valorem taxes are required to be levied -3-