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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. irrevocably 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 and special assessments pledged,. which additional taxes may be levied -without .limitation as to rate or. amount. The.Bonds of this series are issued.only as fully registered Bonds in denominations of $5,000 or any integral multiple thereof of single maturities. The City Council has designated the issue of Bonds.of which this Bond forms apart as "qualified tax-exempt obligations" within the meaning of Section 255(b)(3) of the Internal Revenue Code of 1986, as amended (the "Code") relating to disallowance of interest expense for financial institutions and within the $10 million limit allowed by the Code for the calendar year of issue. As ,provided..in the Resolution and subject to. certain limitations set forth therein, this Bond is trans ferable. upon the: books of the City at the principal 'office of the Bond Registrar, by the registered owner hereof in person or .by the owner's attorney duly authorized in writing upon surrender hereof together with a written: instrument of transfer satisfactory to the Bond Registrar,duly executed. by the registered owner or the owner's attorney; and may also be surrendered in exchange for Bonds of other authorized .denominations, Upon ,such transfer or exchange the City will cause a new Bond or Bond$ to be issued in the name of the transferee or. registered owner, of the same aggregate principal amount, bearing.intemst at the same rate and maturing on the same date, subject to reimbursement for any tax; :fee. or governmental charge required to be paid with respect to such. transfer or exchange. The City and the Bond Registrar may deem and treat the person in whose name this Bond is .registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of'receiving payment and for all other purposes; and neither the City nor the Bond Registrar will beaffected by any notice .to. the contrary. IT IS HEREBY CERTIFIED; RECITED, COVENANTED AND AGREED that all acts,. conditions. and things required by the Constitution and laws of the. State of Minnesota to be ..done, to exist.,to happen and to be performed preliminary to and in the issuance of this .Bond in order to make it a valid and.hiading general. obligation .of the City in accordance with its terins, have been done; do exist, have happened andhave been performed. as so required, and that the. issuance of this Bond. does. not cause the indebtedness ofthe City to exceed any constitutional, or statutory limitation of indebtedriess. This Bond is 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 Bond Registrar by manual signature..of one of its authorized .representatives. IN WITNESS WHEREOF, the City of Gem Lake; Ramsey County;. Minnesota, by .its City Council, has caused this Bond to be executed on its behalf by the facsimile or manual signatures of the Mayor and City Clerk and has caused this Bond..to be dated as of the date set forth -below. Dated: July 12,.2018 CITY OF GEM LAKE, MINNESOTA Facsimile Facsimile .Mayor City Clerk 526486vI GAF GF190-I4 B..2