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I <br />Issuance; Purpose; General Obligation. This Bond is <br />one of an issue in the total principal amount of $1,055,000, <br />all of like date of original issue and tenor, except as to <br />registration number, maturity, interest rate, denomination and <br />redemption privilege, which Bond has been issued pursuant to <br />and in full conformity with the Constitution and laws of the <br />State of Minnesota and pursuant to,a resolution adopted by the <br />City Council on August 22, 1988 (the "Resolution"), for the <br />purpose of providing money to finance certain costs of <br />assessable public improvements within the City. This Bond is <br />payable out of the General Obligation Improvement Bonds, <br />Series 1988A, Fund of the City. This Bond constitutes a <br />general obligation of the City, and to provide moneys for the <br />prompt and full payment of its principal, premium, if any, and <br />interest when the same become due, the full faith and credit <br />and taxing powers of the City 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 <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 <br />Registered Owner in person or by the Registered Owner's <br />attorney duly authorized in writing at the principal office of <br />the Bond Registrar upon presentation and surrender hereof to <br />the Bond Registrar, all subject to the terms and conditions <br />provided in the Resolution and to reasonable regulations of <br />the City contained in any agreement with the Bond Registrar.. <br />Thereupon the City shall execute and the Bond Registrar shall <br />authenticate and deliver, in exchange for this Bond, one or <br />more new fully registered Bonds in the name of the transferee <br />(but not registered in blank or to "bearer" or similar <br />designation), of an authorized denomination or denominations, <br />in aggregate principal amount equal to the principal amount of <br />this Bond, of the same maturity and bearing interest at the <br />same rate. <br />12 <br />