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paid shall cease to be payable to the person who is the Holder <br />hereof as of the Regular Record Date, and shall be payable to <br />the person who is the Holder hereof at the close of business <br />on a date (the "Special Record Date") fixed by the Bond <br />Registrar whenever money becomes available for payment of the <br />defaulted interest. Notice of the Special Record Date shall <br />be given to Bondholders not less than ten days prior to the <br />Special Record Date. The principal of and premium, if any, <br />and interest on this Bond are payable in lawful money of the <br />United States of America. <br />REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS <br />OF THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS <br />SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH <br />HERE. <br />IT IS HEREBY CERTIFIED AND RECITED that all acts, <br />conditions and things required by the Constitution and laws of <br />the State of Minnesota to be done, to have happened and to be <br />performed, precedent to and in the issuance of this Bond, have <br />been done, have happened and have been performed, in regular <br />and due form, time and manner as required by law, and that <br />this Bond, together with all other debts of the Issuer <br />outstanding on the date of original issue hereof and the date <br />of its issuance and delivery to the original purchaser, does <br />not exceed any constitutional or statutory limitation of <br />indebtedness. <br />IN WITNESS WHEREOF, the City of Hugo, Washington <br />County, Minnesota, by its City Council has caused this Bond to <br />be executed on its behalf by the facsimile signatures of its <br />Mayor and its City Administrator; has caused the corporate <br />seal of the Issuer to be omitted heref rom as permitted by law; <br />and has caused this Bond to be executed manually by the Bond <br />Registrar, acting as the Issuer's duly appointed <br />authenticating agent for the Bonds. <br />7 <br />