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<br />credit of the City are irrevocably pledged for payment of this Bond and the City <br />Council has obligated itself to levy additional ad valorem taxes on all taxable <br />property in the City in the event of any deficiency in special assessments and <br />taxes pledged, which taxes may be levied without limitation as to rate or <br />amount. The Bonds of this series are issued only as fully registered Bonds in <br />denominations of $5,000 or any integral multiple thereof of single maturities. <br /> <br />As provided in the Resolution and subject to certain limitations set forth <br />therein, this Bond is transferable upon the books of the City at the principal <br />office of th~ Bond Registrar, by the registered owner hereof in person or by the <br />owner's attorney duly authorized in writing upon surrender hereof together with <br />a written instrument of transfer satisfactory to the Bond Registrar, duly <br />executed by the registered owner or the owner's attorney; and may also be <br />surrendered in exchange for Bonds of other authorized denominations. Upon such <br />transfer or exchange the City will cause a new Bond or Bonds to be issued in the <br />name of the transferee or registered owner, of the same aggregate principal <br />amount, bearing interest at the same rate and maturing on the same date, subject <br />to reimbursement for any tax, fee or governmental charge required to be paid <br />with respect to such transfer or exchange. <br /> <br />The City and the Bond Registrar may deem and treat the person in whose name <br />this Bond is registered as the absolute owner hereof, whether this Bond is <br />overdue or not, for the purpose of receiving payment and for all other purposes, <br />and neither the City nor the Bond Registrar will be affected by any notice to <br />the contrary. <br /> <br />IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, <br />conditions and things required by the Constitution and laws of the State of <br />Minnesota, [and the City's home rule charter] to be done, to exist, to happen <br />and to be performed preliminary to and in the issuance of this Bond in order to <br />make it a valid and binding general obligation of the City in accordance with <br />its terms, have been done, do exist, have happened and have been performed as so <br />required, and that the issuance of this Bond does not cause the indebtedness of <br />the City to exceed any constitutional or statutory limitation of indebtedness. <br /> <br />(Form of certificate to be printed on the reverse side of each Bond, <br />following a full copy of the legal opinion.) <br /> <br />I certify that the above is a full, true and correct copy of the legal <br />opinion rendered by bond counsel on the issue of Bonds of the City of Clerk, <br />Minnesota, which includes the within Bond, dated as of the date of delivery of <br />and payment for the Bonds. <br /> <br />(Facsimile Signature) <br />City Clerk <br />