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. This bond is one of an issue in the aggregate principal amount of $1,220,000, all of like date and tenor except as to serial number, interest rate, maturity date and redemption privi- lege, issued for the purpose of paying the cost of necessary pub- lic improvements of special benefit to properties within the Vil- lage, including the retirement of temporary improvement bonds issued to finance such cost, and is issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Chap- ters 429 and 475. This bond is payable primarily from the Improve- ment Bond Sinking Fund of the Village, but the Council is required by law to pay maturing principal thereof and interest thereon out of any funds in the treasury if moneys on hand in said special fund are insufficient therefor. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the issuance of this bond in order to make it a valid and binding general obligation of said Village according to its terms have been done, do exist, have hap- pened and have been performed as so required; that prior to the issuance hereof the Village has duly levied special assessments upon all benefited property within the corporate limits and a direct, annual, irrepealable tax upon all taxable property therein, which special assessments and taxes are collectible in the years and in aggregate amounts not less than 5% in excess of the amounts required to pay the principal of and interest on the bonds of this issue as such principal and interest respectively become due, and has appropriated the same to said fund, and additional ad valorem taxes may be levied upon all taxable property within the Village, if needed for such purpose, without limitation as to rate or amount; and that the issuance of this bond did not cause the indebtedness of said Village to exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, the Village of Arden Hills, Ramsey County, Minnesota, by its Village Council, has caused this bond to be executed in its behalf by the manual signature of its Mayor, attested by the facsimile signature of the Village Treasurer and a facsimile of the official corporate seal to be printed hereon, and has caused the interest coupons appurtenant hereto and the certificate as to opinion of bond counsel on the reverse side of this bond to be executed and authenticated by the facsimile sig- natures of said officers, and has dated this bond as of January 1, 1972. (Facsimile signature) Village Treasurer ~ (Facsimile seal) Mayor -5-