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ON RMRSE OF BOND <br />No Redemption. The Bonds of this issue (the "Bonds") <br />are not subject to redemption and prepayment prior to their <br />maturity. <br />Issuance: Puruose: General Obligation. This Bond is <br />one of an issue in the total principal amount of $1,225,000, all <br />of like date of original issue and tenor, except as to number, <br />maturity;,interest rate and denomination, which Bond has been <br />issued pursuant to and In full conformity with the Constitution <br />and laws of -the State of Minnesota and pursuant to a resolution <br />adopted by -"the City Council of the Issuer on March 16, 1998 (the <br />"Resolution"), for the purpose of providing money, together with <br />other available funds, to refund in advance of maturity the <br />outstanding General Obligation Improvement Bonds, Series 1988A, <br />dated September 1, 1988 and General Obligation Improvement Bonds <br />of 1991, dated January 16, 1991, which mature in 1999, and <br />thereafter: This Bond is payable out of the Debt Service Account <br />of the Issuer's General Obligation Improvement Refunding Bonds, <br />Series 1998A Fund. This Bond constitutes a general obligation of <br />the Issuer, and to provide moneys for the prompt and full payment <br />of its principal, premium, if any, and interest when the same <br />become due, the full faith and credit and taxing powers of the <br />Issuer have been and are hereby irrevocably pledged. <br />Denominations: Exchange: Resolution. The Bonds are <br />issuable solely as fully registered bonds in Authorized <br />Denominations (as defined in the Resolution) and are exchangeable <br />for fully registered Bonds of other Authorized Denominations in <br />equal aggregate principal amounts at the principal office of the <br />Bond Registrar, but only in the manner and subject to the <br />limitations provided in the Resolution. Reference is hereby made <br />to the Resolution for a description of the rights and duties of <br />the Bond Registrar. Copies of the Resolution are on file int eh <br />principal office of the Bond Registrar. <br />Transfer. This Bond is transferable by the Holder in <br />person or by his, her or its attorney duly authorized in writing <br />at the principal office of the Bond Registrar upon presentation <br />and surrender hereof to the Bond Registrar, all subject to the <br />terms and conditions provided in the Resolution and to reasonable <br />regulations of the Issuer contained in any agreement with the <br />Bond Registrar. Thereupon the Issuer shall execute and the Bond <br />Registrar shall authenticate and deliver, in exchange for this <br />Bond, one or more new fully registered Bonds in the name of the <br />transferee (but not registered in blank or to "bearer" or similar <br />designation), of an Authorized Denomination or Denominations, in <br />913727.01 12 <br />