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Bonds having stated maturity dates in the years 2030 and thereafter are each subject to redemption
<br />and prepayment, at the option of the City and in whole or in part and if in part, in the maturities selected by
<br />the City and by lot, assigned in proportion to their principal amount, within any maturity, on February 1,
<br />2029 and on any date thereafter, at a price equal to the principal amount thereof to be redeemed plus interest
<br />accrued to the date of redemption.
<br />The Bonds have been designated as "qualified tax-exempt obligations" pursuant to Section 265(b)
<br />of the Internal Revenue Code of 1986, as amended.
<br />The City shall cause notice of the call for redemption to be published if and as required by law and,
<br />at least thirty (30) and not more than sixty (60) days prior to the date specified for redemption, will cause
<br />notice of the call thereof to be mailed, by first class mail (or, if applicable, provided in accordance with the
<br />operational arrangements of the bond depository), to the registered owner of any Bond to be redeemed at
<br />the owner's address as it appears on the register maintained by the Registrar, but no defect in or failure to
<br />give such mailed notice of redemption shall affect the validity of proceedings for the redemption of any
<br />Bond not affected by such defect or failure. Official notice of redemption having been given as aforesaid,
<br />the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable
<br />at the redemption price therein specified, and from and after such date (unless the City shall default in the
<br />payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon partial
<br />redemption of any Bond, a new Bond or Bonds will be delivered to the registered owner without charge,
<br />representing the remaining principal amount outstanding.
<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 Registrar, by the registered owner
<br />hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together with
<br />a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or the
<br />owner's attorney; and may also be surrendered in exchange for Bonds of other authorized denominations.
<br />Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in the name of the
<br />transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate
<br />and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required
<br />to be paid with respect to such transfer or exchange.
<br />The City and the Registrar may deem and treat the person in whose name this Bond is registered
<br />as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment
<br />and for all other purposes, and neither the City nor the Registrar shall be affected by any notice to the
<br />contrary.
<br />Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name
<br />of Cede & Co., as nominee of The Depository Trust Company, or in the name of any other nominee of The
<br />Depository Trust Company or other securities depository, the Registrar shall pay all principal of and interest
<br />on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in
<br />accordance with the operational arrangements of The Depository Trust Company or other securities
<br />depository as agreed to by the City.
<br />IT IS HEREBY CERTIFIED, RECITED, 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 preliminary to and in the issuance of this Bond in order to make it a valid and binding
<br />general obligation of the City in accordance with its terms, have been done, do exist, have happened and
<br />have been performed as so required; that, prior to the issuance hereof, the City has established its General
<br />Obligation Street Reconstruction Bonds, Series 2020A Bond Fund and has appropriated thereto ad valorem
<br />taxes heretofore levied on all taxable property in the City, which taxes will be collectible for the years and
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