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Register not less than thirty-five (35) days prior to the redemption date of its election to apply <br /> such Bonds as a credit. <br /> At least thirty days prior to the date set for redemption of any Bond, notice of the call for <br /> redemption will be mailed to the Bond Registrar and to the registered owner of each Bond to be <br /> redeemed at his address appearing in the Bond Register, but no defect in or failure to give such <br /> mailed notice of redemption shall affect the validity of the proceedings for the redemption of any <br /> Bond not affected by such defect or failure. Official notice of redemption having been given as <br /> aforesaid, the Bonds or portions of the Bonds so to be redeemed shall, on the redemption date, <br /> become due and payable at the redemption price herein specified and from and after such date <br /> (unless the City shall default in the payment of the redemption price) such Bond or portions of <br /> Bonds shall cease to bear interest. Upon the partial redemption of any Bond, a new Bond or <br /> Bonds will be delivered to the registered owner without charge, representing the remaining <br /> principal amount outstanding. <br /> The Bonds have been designated by the City as "qualified tax-exempt obligations" <br /> 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, this <br /> Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by <br /> the registered owner hereof in person or by his attorney duly authorized in writing upon <br /> surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, <br /> duly executed by the registered owner or his attorney; and may also be surrendered in exchange <br /> for Bonds of other authorized denominations. Upon such transfer or exchange, the City will <br /> cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the <br /> same aggregate principal amount, bearing interest at the same rate and maturing on the same <br /> date, subject to reimbursement for any tax, fee or governmental charge required to be paid with <br /> respect to such transfer or exchange. <br /> The City and the Bond Registrar may deem and treat the person in whose name this Bond <br /> is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose <br /> of receiving payment and for all other purposes, and neither the City nor the Bond Registrar shall <br /> be affected by any notice to the contrary. <br /> IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, <br /> conditions and things required by the Constitution and laws of the State of Minnesota to be done, <br /> to exist, to happen and to be performed precedent to and in the issuance of this Bond in order to <br /> make this Bond a valid and binding general obligation of the City according to its terms, have <br /> been done, do exist, have happened and have been performed in regular and due form as so <br /> required; that in and by the Resolution, the City has pledged to the payment of the principal of <br /> and interest on the Bonds net revenues of the water and sewer utility of the City; that in and by <br /> the Resolution, the City has covenanted and agreed with the owner of the Bonds that it will <br /> impose and collect charges for the service, use and availability of its water and sewer utility at <br /> the time and in the amounts required to produce net revenues adequate to pay all principal of and <br /> interest on the Bonds and on all other bonds payable from net revenues of the water and sewer <br /> utility as such principal and interest respectively become due; that if needed to pay the principal <br /> and interest on this Bond, ad valorem taxes will be levied upon all taxable property in the City <br /> -5- <br />