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<br />This Bond is one of an issue in the aggregate principal amount of $2,700,000 all of like <br />original issue date and tenor, except as to number, maturity date, redemption privilege, and <br />interest rate, all issued pursuant to a resolution adopted by the City Council on August 9, 2006 <br />(the Resolution), for the purpose of providing money to defray the expenses incurred and to be <br />incurred in making local improvements, pursuant to and in full conformity with the Constitution <br />and laws ofthe State of Minnesota, including Minnesota Statutes, Chapter 429, and the principal <br />hereof and interest hereon are payable from special assessments against property specially <br />benefited by local improvements as set forth in the Resolution to which reference is made for a <br />full statement of rights and powers thereby conferred. The full faith and credit of the City are <br />irrevocably pledged for payment of this Bond and the City Council has obligated itself to levy ad <br />valorem taxes on all taxable property in the City in the event of any deficiency in special <br />assessments pledged, which taxes may be levied without limitation as to rate or amount. The <br />Bonds of this series are issued only as fully registered Bonds in denominations of $5,000 or any <br />integral multiple thereof of single maturities. <br /> <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 /> <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 will <br />be affected by any notice to 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 Minnesota, to be <br />done, to exist, to happen and to be performed preliminary to and in the issuance of this Bond in <br />order to make it a valid and binding general obligation of the City in accordance with its terms, <br />have been done, do exist, have happened and have been performed as so required, and that the <br />issuance of this Bond does not cause the indebtedness of the City to exceed any constitutional or <br />statutory limitation of indebtedness. <br /> <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 /> <br />294858v3 SJB CE155-26 <br /> <br />9 <br />