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This Bond is one of an issue in the aggregate principal amount of$1,385,000 all of like <br /> original issue date and tenor, except as to number, maturity date, and interest rate, all issued <br /> pursuant to a resolution adopted by the City Council of the City on December 10, 2015, (the <br /> "Resolution"), for the purpose providing funds to finance the current refunding of the City's <br /> General Obligation Improvement Crossover Refunding Bonds, Series 2009B, which bonds were <br /> issued to refund bonds that were issued to pay authorized public costs incurred by the City, <br /> pursuant to and in full conformity with the Constitution and laws of the State of Minnesota. The <br /> full faith and credit of the City are irrevocably pledged for payment of this Bond and the City <br /> Council has obligated itself to levy ad valorem taxes on all taxable property in the City, which <br /> taxes may be levied without limitation as to rate or amount. The Bonds of this series are issued <br /> only as fully registered bonds in Authorized Denominations (as defined in the Resolution <br /> described above). <br /> As provided in the Resolution and subject to certain limitations set forth therein, this <br /> Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by <br /> the registered owner hereof in person or by the owner's attorney duly authorized in writing upon <br /> surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, <br /> duly executed by the registered owner or the owner's attorney; and may also be surrendered in <br /> exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City <br /> will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of <br /> the same aggregate principal amount, bearing interest at the same rate and maturing on the same <br /> date, subject to reimbursement for any tax, fee or governmental charge required to be paid with <br /> respect to such transfer or exchange. <br /> The City and the Bond Registrar may deem and treat the person in whose name this Bond <br /> is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose <br /> of receiving payment and for all other purposes, and neither the City nor the Bond Registrar shall <br /> be affected by any notice to the contrary. <br /> This Bond is not valid or obligatory for any purpose or entitled to any security or benefit <br /> under the Resolution until the Certificate of Authentication hereon has been executed by the <br /> Bond Registrar by manual signature of one of its authorized representatives. <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 have happened, <br /> and to be performed precedent to and in the issuance of this Bond have been done, have <br /> happened, and have been performed in regular and due form, time, and manner as required by <br /> law; and that this Bond, together with all other indebtedness of the City outstanding on the date <br /> hereof and on the date of its actual issuance and delivery, does not cause the indebtedness of the <br /> City to exceed any constitutional or statutory limitation thereon. <br /> 12 <br />