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Issuance; Purpose; General. Obi i ag tion. This nond is <br />one of an issue in the total principal amount of $180,000, all <br />of like date of original issue and tenor, except as to number, <br />maturity, interest rate, denomination and redemption <br />privilege, which Bond has been issued pursuant to and in full <br />conformity with the Constitution and laws of the State of <br />Minnesota and pursuant to a certain resolution adopted by the <br />City Council (the "Resolution"), for the purpose of providing <br />money to finance the construction of various improvements <br />within the jurisdiction of the Issuer. This Bond is payable <br />out of the General Obligation Improvement Bonds of 1988 Fund <br />of the Issuer. This Bond constitutes a general obligation of <br />the Issuer, and to provide moneys for the prompt and full <br />payment of its principal, premium, if any, and interest when <br />the same become due, the full faith and credit and taxing <br />powers of the Issuer have been and are hereby irrevocably <br />pledged. <br />Denominationsi Exchange; Resolution. The Bonds are <br />issuable solely as fully registered bonds in the denominations <br />of $5,000 and integral multiples thereof of a single maturity <br />and are exchangeable for fully registered bonds of other <br />authorized denominations in equal aggregate principal amounts <br />at the principal office of the Bond Registrar, but only in the <br />manner and subject to the limitations provided in the <br />Resolution. Reference is hereby made to the Resolution for a <br />description of the rights and duties of the Bond Registrar. <br />Copies of the Resolution are on file in the principal office <br />of the Bond Registrar. <br />Transfer. This Bond is transferable by the Holder <br />in person or by his, her or its attorney duly authorized in <br />writing at the principal office of the Bond Registrar upon <br />presentation and surrender hereof to the Bond Registrar, all <br />subject to the terms and conditions provided in the Resolution <br />and to reasonable regulations of the Issuer contained in any <br />agreement with the Bond Registrar. Thereupon the Issuer shall <br />execute and the Bond Registrar shall authenticate and deliver, <br />in exchange for this Bond, one or more new fully registered <br />Bonds in the name of the transferee (but not registered in <br />blank or to "bearer" or similar designation), of an authorized <br />denomination or denominations, in aggregate principal amount <br />equal to the principal amount of this Bond, of the same <br />maturity and bearing interest at the same rate. <br />Fees upon Transfer or Loss. The Bond Registrar may <br />require payment of a sum sufficient to cover any tax or other <br />10 <br />