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Qualified Tax -Exempt Obligation. This Bond has been designated by the Issuer as a <br />"qualified tax-exempt obligation" for purposes of Section 265(b)(3) of the Internal Revenue <br />Code of 1986, as amended. <br />IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things <br />required by the Constitution and laws of the State of Minnesota to be done, to happen and to be <br />performed, precedent to and in the issuance of this Bond, have been done, have happened and <br />have been performed, in regular and due form, time and manner as required by law, and that this <br />Bond, together with all other debts of the Issuer outstanding on the date of original issue hereof <br />and the date of its issuance and delivery to the original purchaser, does not exceed any <br />constitutional or statutory limitation of indebtedness. <br />IN WITNESS WHEREOF, the City of Hugo, Washington County, Minnesota, by its City <br />Council has caused this Bond to be executed on its behalf by the facsimile signatures of its <br />Mayor and its City Administrator, the corporate seal of the Issuer having been intentionally <br />omitted as permitted by law. <br />Date of Registration: Registrable by: U.S. BANK NATIONAL <br />ASSOCIATION <br />Payable at: U.S. BANK NATIONAL <br />BOND REGISTRAR'S <br />ASSOCIATION <br />CERTIFICATE OF <br />AUTHENTICATION <br />This Bond is one of the <br />CITY OF HUGO, <br />Bonds described in the <br />WASHINGTON COUNTY, MINNESOTA <br />Resolution mentioned <br />within. <br />/s/ Facsimile <br />U.S. BANK NATIONAL <br />Mayor <br />ASSOCIATION <br />St. Paul, Minnesota, <br />Bond Registrar <br />/s/ Facsimile <br />City Administrator <br />By: <br />Authorized Signature <br />10 <br />53590415v1 <br />