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hereon is payable until the Redemptions Date primarily out of an escrow tofu! held hy an escrow atycrtt, ~ Tlieieafter,the principal hereof and the intere.st.hereon are payable from. --ad valorem taxes, as set Forth in the itesolut.ion to �v.h.iell referenccAs inane for a full statement of ri«tits and thereby conferEcd. The full IHitb quid QlVdlt ul' the City are irre.vrrcably pledged for- paycncEtt of this Bond and the: City Council has obligated itself to levy additional. ad v�alc�rent. taxes oil all taxable plc Jierty in .tlie City ill the' -ovent of any deficiency in taxes pledged, which. taxes may be levied without limitation as to :rate or antourit. The Bonds of this :scries are .issued ortly as fully1. registered Bonds in denominati�ns.of �' 00 or rtny intetral.mtrltiltle thereof Of single maturities. -l'he City Council has designated the. issue of.Bonds of which this Bored forms a Part as "qualffied tax-exempt obligations" within the meaning.of Section 265(b)(3) of the Internal. Revenue Code of 1986, as arxtendecl (the `Code'") ael7tin to disallc,wai1cc.6F' interest expense for iinaneittl institutions ancl`within the $ 10 million limit allowed by the Cdde l r the cai�aldat year of issue. As provided in the Resolu66n and sub cc( to certain limitations set ' -th therein, tI is Bond. is transferable upon the books cif the. City: at. tile principal off ice .pf the Registrar.,. by the re-i toed 0tivner; hereof -ill person 6r by the owner's attorney dui-' authorized in tariting upon surrender he reef tog filter *ith 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 i xchattge for Bonds of other authorized denominatie}ns, Upon such transfer Or ctshartge the. City will cause anew Bond or 801tds to be issued in the nante of the transferee or registered. owner, of the same aggregate principal Amount, bearing.. interest at the same rate and mattiring on the same date, subject to reimbursement for ally tax, fee or governor ntai c.liarge required to be paid with respect .to such*transfer or exchattge. the City and the Registrar may deem and treat the poson in whose name this'i3«nci is re tistered as the absolute owner hereof; whether this: Bond is overdue .or not; for the purpose of receiving payment and for all .other purpose s, and. ncitlte.r the City nor the Registrar Nvil.l be affected by any notice to the Contrary' IT IS FTEREBY CER`i'IFIE.'D, TZI:;CITGD, COVENANTI U AND AGREED that all acts. conditions and things required by the City and the Com ituti.on and laws pf the State of Minncs�ta tt !ae done, 1:0 exist, to happen acid to be perl'ormec[ pCeliminary to and in the issuance. .of this. Bond in order to InAke it a valid and guiding general obligatioji of the City in .ttc.c.ordance with its terms, have been clone, do eai.st, have happened and have been performed as so required, and that tile.. issuance of tltif;*Bond doe iwi. cause tite indebtedness -of the City to exceed •any constitutional.. charter, or, statutesry lirttitation c)l, indebtedness. This Bond. is .not valid Or` obligatory for arty purpose or entitled to any security or bcnelil under the Resolution until the: Certificate 'of Autltenticafioii hereon has bt:Een executed by the; Registrar by rnanital signaturebrone of its authorized representatives_ -r+;12s`5, r 0AF G'.E 9n.t2 B-2