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12 Authority on April 10, 2007 (the "Resolution"), and is issued pursuant to and in full conformity with the provisions of the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Section 469.178 and Chapter 475. The Bonds are special obligations of the Authority payable solely from Available Tax Increment (as defined in the Resolution) and certain other funds pledged by the Resolution to the payment of the Bonds and interest thereon. The Bonds are issuable only as fully registered bonds in denominations of $25,000 or any multiple of $5,000 in excess thereof, of single maturities. The Bonds are issued by the Authority to aid in financing a project under Minnesota Statutes, Section 469.174 through 469.179, as amended . The Bonds do not constitute a general or moral obligation of the State of Minnesota or its political subdivisions, including the Authority or the City of St. Anthony, Minnesota. The Bonds, including interest thereon, are payable solely from the revenues and assets expressly pledged to the payment thereof. The Bonds sliall not constitute a debt of the Authority within the meaning of any constitutional or statutory limitation of indebtedness. THE AUTHORITY MAKES NO REPRESENTATION OR WARRANTY THAT THE AVAILABLE TAX INCREMENT WILL BE SUFFICIENT TO PAY THE PRINCIPAL OF AND INTEREST ON THIS BOND. The Bonds may be redeemed at the option of the Authority on or after August 1, , on any date for which timely notice of redemption can be given, from any source, including proceeds of refunding bonds, at a redemption price equal to the principal amount of the Bonds so redeemed plus interest accrued thereon to the Redemption Date. The Bonds are required to be redeemed on any April I at par, solely from Available Tax Increment in excess of amounts (i) applied to the payment of principal of and interest due on the preceding August 1 and February 1, and (ii) required to be deposited in the Reserve Fund established by the Resolution on such date. The Bonds are subject to scheduled mandatory redemption on the dates set forth immediately below in the principal amounts set forth immediately below, at a redemption price equal to the principal amount thereof plus accrued interest to the date fixed for redemption, without premium, subject to pro rata reduction of the scheduled mandatory redemption payments to the extent that the Bonds are redeemed prior to maturity otherwise than pursuant to such scheduled mandatory redemption: Term Bonds Due February 1, 20 February I Principal February 1 Principal of Year Amount of Year Amount -7-