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and interest when the same become due, the full faith and credit and taxing powers of the Issuer <br />have been and are hereby irrevocably pledged. <br />Denominations: Exchange: Resolution. The Bonds are issuable solely as fully <br />registered bonds in Authorized Denominations (as defined in the Resolution) and are <br />exchangeable for fully registered Bonds of other Authorized Denominations in equal aggregate <br />principal amounts at the principal office of the Bond Registrar, but only in the manner and <br />subject to the limitations provided in the Resolution. Reference is hereby made to the Resolution <br />for a description of the rights and duties of the Bond Registrar. <br />Transfer. This Bond is transferable by the Holder in person or by his, her or its <br />attorney duly authorized in writing at the principal office of the Bond Registrar upon presentation <br />and surrender hereof to the Bond Registrar, all subject to the terms and conditions provided in <br />the Resolution and to reasonable regulations of the Issuer contained in any agreement with the <br />Bond Registrar. Thereupon the Issuer shall execute and the Bond Registrar shall authenticate <br />and deliver, in exchange for this Bond, one or more new fully registered Bonds in the name of <br />the transferee (but not registered in blank or to "bearer" or similar designation), of an Authorized <br />Denomination or Denominations, in aggregate principal amount equal to the principal amount of <br />this Bond, of the same maturity and bearing interest at the same rate. <br />Fees upon Transfer or Loss. The Bond Registrar may require payment of a sum <br />sufficient to cover any tax or other governmental charge payable in connection with the transfer <br />or exchange of this Bond and any legal or unusual costs regarding transfers and lost Bonds. <br />Treatment of Registered Owners. The Issuer and Bond Registrar may treat the <br />person in whose name this Bond is registered as the owner hereof for the purpose of receiving <br />payment as herein provided (except as otherwise provided on the reverse side hereof with respect <br />to the Record Date) and for all other purposes, whether or not this Bond shall be overdue, and <br />neither the Issuer nor the Bond Registrar shall be affected by notice to the contrary. <br />Authentication. This Bond shall not be valid or become obligatory for any <br />purpose or be entitled to any security unless the Certificate of Authentication hereon shall have <br />been executed by the Bond Registrar. <br />Taxable Interest. The interest on this Bond is included in the gross income of the <br />owner hereof for purposes of United States income tax and, to the same extent, in both gross <br />income and taxable net income for purposes of State of Minnesota income tax. <br />1221968.1 12 <br />