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The Bonds have been designated by the City as "qualified tax- exempt obligations" pursuant to <br />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 Bond is <br />transferable upon the books of the City at the principal office of the Bond Registrar, by the registered owner <br />hereof in person or by his attorney duly authorized in writing upon surrender hereof together with a written <br />instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner or his <br />attorney; and may also be surrendered in exchange for Bonds of other authorized denominations. Upon <br />such transfer or exchange, the City will cause a new Bond or Bonds to be issued in the name of the transferee <br />or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing <br />on the same 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 is <br />registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving <br />payment and for all other purposes, and neither the City nor the Bond Registrar shall be affected by any <br />notice to the contrary. <br />IT IS HEREBY CERTIFIED, RECUED, COVENANTED AND AGREED that all acts, conditions <br />and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen <br />and to be performed precedent to and in the issuance of this Bond in order to make this Bond a valid and <br />binding general obligation of the City according to its terms, have been done, do exist, have happened and <br />have been performed in regular and due form as so required; that prior to the issuance hereof the City has <br />levied or agreed to levy special assessments on property specially benefited by the Improvements and ad <br />valorem taxes on all taxable property in the City, collectible in the years and amounts required to produce <br />sums not less than 5% in excess of the principal of and interest on the Bonds as such principal and interest <br />respectively become due, and has appropriated the same to the Fund in the manner specified in Minnesota <br />Statutes, Section 429.091, Subdivision 4; that, to take care of any accumulated or anticipated deficiency in <br />the Fund, additional ad valorem taxes are required by law to be levied upon all taxable property in the City <br />without limitation as to rate or amount; and that the issuance of this Bond does not cause the indebtedness <br />of the City to exceed any constitutional or statutory limitation. <br />This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or <br />benefit under the Resolution until the Certificate of Authentication hereon shall have been executed by the <br />Bond Registrar by the manual signature of a person authorized to sign on its behalf. <br />A -3 <br />4852- 7706 -1987\2 <br />