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pledged. The Bonds are issuable only in fully registered form, in the denomination of $5,000 or any integral
<br />multiple thereof, of single maturities.
<br />Bonds maturing on February 1, 2036 and later years shall be subject to redemption and prepayment
<br />at the option of the City, in whole or in part, in such order of maturity dates as the City may select and,
<br />within a maturity, by lot as selected by the Registrar (or, if applicable, by the Bond depository in accordance
<br />with its customary procedures) in multiples of $5,000, on February 1, 2035 and on any date thereafter, at a
<br />price equal to the principal amount thereof and accrued interest to the date of redemption. The City shall
<br />cause notice of the call for redemption thereof to be published if and to the extent required by law, and at
<br />least thirty (30) and not more than sixty (60) days prior to the designated redemption date, shall cause notice
<br />of call for redemption to be mailed, by first class mail (or, if applicable, provided in accordance with the
<br />operational arrangements of the securities depository), to the registered holders of any Bonds, at the holders'
<br />addresses as they appear on the Bond register maintained by the Bond Registrar, but no defect in or failure
<br />to 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 owner without charge, representing
<br />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 />designated transferee or registered owner, of the same aggregate principal amount, bearing interest at the
<br />same rate and maturing on the same date; subject to reimbursement for any tax, fee or governmental charge
<br />required to be paid with respect to any such transfer or exchange.
<br />The Bonds have been designated as "qualified tax-exempt obligations" pursuant to
<br />Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.
<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 as
<br />herein provided and for all other purposes, and neither the City nor the Registrar shall be affected by any
<br />notice to the 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 Council has by the Resolution
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