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This Bond is one of an issue in the aggregate principal amount of$9,495,000, all <br /> of like date and tenor, except as to serial number, maturity date, interest rate, redemption <br /> privilege and denomination issued pursuant to a resolution adopted by the City Council on <br /> March 27, 2012 (the "Resolution"), to finance the 2012 road construction project of the City, to <br /> refinance certain capital projects as described in the City's Capital Improvement Plan, and to <br /> refinance costs of various street improvements in City, and is issued pursuant to and in full <br /> conformity with the provisions of the Constitution and laws of the State of Minnesota thereunto <br /> enabling, including Minnesota Statutes, Chapter 429 and Chapter 475. The Bonds are issuable <br /> only as fully registered bonds in denominations of$5,000 or any multiple thereof, of single <br /> maturities. The Bonds of this series are issuable only as fully registered Bonds, in <br /> denominations of$5,000 or any multiple thereof, of single maturities. <br /> Bonds of this issue maturing in 2020 and earlier years are payable on their <br /> respective stated maturity dates without option of prior payment, but Bonds having stated <br /> maturity dates in 2021 and later years are each subject to redemption and prepayment at the <br /> option of the City, in whole or in part, and if in part in such order as the City shall determine and <br /> by lot as to Bonds maturing on the same date, on February 1, 2020 and any date thereafter <br /> (whether or not an interest payment date), at a price equal to the principal amount thereof plus <br /> interest accrued to the date of redemption. <br /> Bonds maturing in the years 2026 and 2028 shall be subject to mandatory <br /> redemption prior to maturity by lot pursuant to the mandatory sinking fund requirements of the <br /> Resolution on February 1 in the years and in the principal amounts set forth in the Resolution at a <br /> redemption price equal to the stated principal amount thereof to be redeemed plus interest <br /> accrued thereon to the redemption date, without premium. <br /> At least thirty days prior to the date set for redemption of any Bond, notice of the <br /> call for redemption will be mailed to the Bond Registrar and to the registered owner of each <br /> Bond to be redeemed at his address appearing in the Bond Register, but no defect in or failure to <br /> give such mailed notice of redemption shall affect the validity of the proceedings for the <br /> redemption of any Bond not affected by such defect or failure. Official notice of redemption <br /> having been given as aforesaid, the Bonds or portions of the Bonds so to be redeemed shall, on <br /> the redemption date, become due and payable at the redemption price herein specified and from <br /> and after such date (unless the City shall default in the payment of the redemption price) such <br /> Bond or portions of Bonds shall cease to bear interest. Upon the partial redemption of any Bond, <br /> a new Bond or Bonds will be delivered to the registered owner without charge, representing the <br /> remaining principal amount outstanding. <br /> The Bonds have been designated by the City as "qualified tax-exempt <br /> obligations" pursuant to Section 265(b) of the Internal Revenue Code of 1986, as amended. <br /> As provided in the Resolution and subject to certain limitations set forth therein, <br /> this Bond is transferable upon the books of the City at the principal office of the Registrar, by the <br /> registered owner hereof in person or by the owner's attorney duly authorized in writing upon <br /> surrender hereof together with a written instrument of transfer satisfactory to the Registrar, duly <br /> executed by the registered owner or the owner's attorney; and may also be surrendered in <br /> -9- <br />