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hereon is payable until the Redemption Date primarily out of an escrow fund held by an escrow agent. Thereafter, the principal hereof -and the interest hereon are payable from ad valorem taxes, as set forth in the -Resolution to which reference is made for a full statement of rights and powers thereby conferred. The. full faith and credit -of the City are iiTevoeahly pledged for payment,.of this Bond and the 'City Council has obligated itself -to levy additional ad valorem taxes on all -taxable. property in the City .in the event -of any deficiency in taxes pledged, %which taxes may -be* levied. without limitation as to rate or amount: The Bonds. of this series are issued only as fully registered Bonds in denominatioos� of $5,000 or any integral multiple thereof of single maturities. The City Council -has designated the issue of Bonds ofwhich this Bond forms a part as "qualified tax exempt obligations" within the. meaning. of Seefign 265(b)(3) of the Internal Revenue Code of 1986, as amended (the "Code") relating to disallowance of interest expense for.- iinancial -institutions,agd within the $10 million liinit allowed by the. Code for the calendar year of issue. As provided in the Resolution 'and. subject to certain limitations set forth therein, this. Bond is transferable upon the: books of -the City at'the principal office ofthe .Registrar, by the registered owner hereof in *person or by the owner's. attorney duly authorized in writing, upon surrender hereof together with a written instrument of transfer satisfactory to the. Registrar,. duly executed by the registered owner or. -the owner's attorney; -and may also be surrendered in exchange for Bonds of other authorized denominations, Upon such transfer or exchange the City will causea new Bond or Bonds to be issued in the. -name of the transferee or registered owner, of the same aggregate principal amount, bearing. interest at the same late and maturing on. the same date, subject to reimbursemoot4or any tax, fee or governmental ,charge xquired to be paid with respect to such transfer or exchange. The City and the Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner Hereof, whetheftliis Bond. Wdverdiie or not, for the purpose of receiving.payrnent ,and for all. -other purposes, :and neither the. City -nor the Registrar will be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED,. COVENANTED AND AGREED that all acts,.. conditions and things :req4iire4 by the.City -and the Constitution. -and laws of the State of Minnesota to be done, to exist, to happen *and -to. 6d.perfoimed -preliminary wand in the. issuance of this -bond in order -to make it a valid and binding general obligation of the City in accordance with its terins,.*have been done,. do e4st,, have happened and have been performed as so. required, and that the issuance of this Bond does not cause the indebtedness of -the City to exceed any constitutional, charter, or statutory limitation of ihdolitedaess.. This. Bond- 14 not valid or obligatory for any purpose or.entitled :to any security or benefit under the Resolution -until the Certificate of Authentication hereon has. 'Been executed. by the Registrar by manual. -signature -of onapf its authorized representatives. 46ussyi a r GEI90-12 8-2