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like date of original issue and tenor, except as to number, <br />maturity, interest rate, denomination and redemption privilege, <br />which Bond has been issued pursuant to and in full conformity <br />with the Constitution and laws of the State of Minnesota and <br />pursuant to a resolution adopted by the City Council of the <br />Issuer on August 18, 1997 (the "Resolution"), for the purpose of <br />providing money to finance the cost of land acquisition and <br />certain planning costs associated with the development of the <br />Bald Eagle Industrial Park within Development District No. 1. <br />This Bond is payable out of the Taxable General Obligation Tax <br />Increment Bonds, Series 1997 Fund of the Issuer. This Bond <br />constitutes a general obligation of the Issuer, and to provide <br />moneys for the prompt and full payment of its principal, premium, <br />if any, and interest when the same become due, the full faith and <br />credit and taxing powers of the Issuer have been and are hereby <br />irrevocably pledged. <br />Denominations: Exchange: Resolution. The Bonds are <br />issuable solely as fully registered bonds in the denominations of <br />$5,000 and integral multiples thereof of a single maturity and <br />are exchangeable for fully registered Bonds of other authorized <br />denominations in equal aggregate principal amounts at the <br />principal office of the Bond Registrar, but only in the manner <br />and subject to the limitations provided in the Resolution. <br />Reference is hereby made to the Resolution for a description of <br />the rights and duties of the Bond Registrar. Copies of the <br />Resolution are on file in the principal office of the Bond <br />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 />aggregate principal amount equal to the principal amount of this <br />Bond, of the same maturity and bearing interest at the same rate. <br />Rees upon Transfer or Loss. The Bond Registrar may <br />require payment of a sum sufficient to cover any tax or other <br />governmental charge payable in connection with the transfer or <br />exchange of this Bond and any legal or unusual costs regarding <br />transfers and lost Bonds. <br />360858.1 6 <br />