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<br />". <br /> <br />. <br /> <br />This Bond is one of an issue in the total principal <br />amount of $2,515,000 all of like date of original issue and <br />tenor, except as to number, maturity, interest rate, <br />denomination and redemption privilege, which Bond has been <br />issued pursuant to and in full conformity with the Constitution <br />and laws of the State of Minnesota and purs\lant to a resolution <br />adopted by the City Council on March 25, 1985 (the <br />"Resolution") for the purpose of providing money to refund at <br />maturity the Issuer's outstanding General Obligation Temporary <br />Improvement Bonds of 1982, dated May 1, 1982, and to provide <br />funds to finance the construction of various improvements in <br />the City and is payable out of the General Obligation <br />Improvement Bonds of 1985 Fund of the Issuer. This Bond <br />constitutes a general obligation of the Issuer, and to provide <br />moneys for the prompt and full payment of the principal and <br />interest when the same become due, the full faith and credit <br />and taxing powers of the Issuer have been and are hereby <br />irrevocably pledged. <br /> <br />The Bonds are issuable solely as fully registered <br />Bonds in the denominations of $5,000 and integral multiples <br />thereof and are exchangeable for fully registered Bonds of <br />other denominations in equal aggregate principal amounts and in <br />authorized denominations at the principal office of the Bond <br />Registrar, but only in the manner and subject to the <br />limitations provided in the Resolution. Reference is hereby <br />made to the Resolution for a description of the rights and <br />duties of the Bond Registrar. Copies of the Resolution are on <br />file in the principal office of the Bond Registrar, <br /> <br />This Bond is transferable by the Holder in person or <br />by his attorney duly authorized in writing at the principal <br />office of the Bond Registrar upon presentation and surrender <br />hereof to the Bond Registrar, all subject to the terms and <br />conditions provided in the Resolution and to reasonable regula- <br />tions of the Issuer contained in any agreement with the Bond <br />Registrar. Thereupon the Issuer shall execute and the Bond <br />Registrar shall authenticate and deliver, in exchange for this <br />Bond, one or more new fully registered Bonds in the name of the <br />transferee (but not registered in blank or to "bearer" or <br />similar designation), of an authorized denomination or <br />denominations, in aggregate principal amount equal to the <br />principal amount of this Bond, of the same maturity and bearing <br />interest at the same rate. <br /> <br />. <br /> <br />9 <br />