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owner, of the same aggregate principal amount, bearing interest at the same rate and <br /> maturing on the same date, subject to reimbursement for any tax, fee or <br /> governmental charge required to be paid with respect to such transfer or exchange. <br /> The City and the Bond Registrar may deem and treat the person in <br /> whose name this Bond is registered as the absolute owner hereof, whether this <br /> Bond is overdue or not, for the purpose of receiving payment and for all other <br /> purposes, and neither the City nor the Bond Registrar shall be affected by any notice <br /> to the contrary. <br /> 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 Enterprise Fund a Revenue Bond <br /> Account and Reserve Account and has irrevocably appropriated and pledged <br /> thereto, out of the Net Revenues, as defined in the Resolution, to be received from <br /> its ownership and operation of the municipal liquor enterprise, including any <br /> additions thereto and improvements thereof, periodic payments to be made at times <br /> • and in amounts sufficient to pay from the principal and interest on all bonds <br /> payable therefrom, including the Bonds of this series, as such payments become due, <br /> and to establish and maintain the required reserve balance therein, and will use the <br /> moneys in said Accounts solely for said purposes; that the City and its officers and <br /> employees will establish and maintain operating policies governing purchase and <br /> sale of merchandise and will do all other things necessary and feasible to assure that <br /> the gross receipts of the municipal liquor enterprise of the City 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 /> • <br /> -7- <br />