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"Special Record Date") fixed by the Bond Registrar whenever <br />money becomes available for payment of the defaulted interest. <br />Notice of the Special Record Date shall be given to Bondholders <br />not less than ten days prior to the Special Record Date. The <br />principal of and premium, if any, and interest on this Bond are <br />payable in lawful money of the United States of America. <br />REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF <br />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 happen 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 this <br />Bond, together with all other debts of the Issuer outstanding <br />on the date of original issue hereof and the date of its <br />issuance and delivery to the original purchaser, does not <br />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 the <br />Mayor and the City Clerk -Treasurer, the corporate seal of the <br />Issuer having been intentionally omitted as permitted by law. <br />-5- <br />