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<br />~ <br /> <br />Issuance; Purpose; General Obliqation. This Bond is <br />one of an issue in the total principal amount of $3,500,000, <br />all of like date of original issue and tenor, except as to <br />number, maturity, interest rate, denomination and redemption <br />privilege, which Bond has been issued pursuant to and in full <br />conformity with the Constitution and laws of the State of <br />Minnesota and pursuant to a resolution adopted by the Issuer <br />on February 22, 1989 (the "Resolution"), for the purpose of <br />providing money to finance the construction of various <br />improvements within the jurisdiction of the Issuer. This Bond <br />is payable out of the General Obligation Improvement Bonds, <br />Series 15, Fund of the Issuer. This Bond constitutes a <br />general obligation of the Issuer, and to provide moneys for <br />the prompt and full payment of its principal, premium, if any, <br />and interest when the same become due, the full faith and <br />credit and taxing powers of the Issuer have been and are <br />hereby irrevocably pledged. <br /> <br />Denominations; Exchanqe; Resolution. The Bonds are <br />issuable originally only as Global Certificates in the <br />denomination of the entire principal amount of the issue <br />maturing on a single date, or, if a portion of said principal <br />amount is prepaid, said principal amount less the prepayment. <br />Global Certificates are not exchangeable for fully registered <br />bonds of smaller denominations except to evidence a partial <br />prepayment or in exchange for Replacement Bonds if then <br />available. Replacement Bonds, if made available as provided <br />below, are issuable solely as fully registered bonds in the <br />denominations of $5,000 and integral multiples thereof of a <br />single maturity and are exchangeable for fully registered <br />Bonds of other denominations in equal aggregate principal <br />amounts and in authorized denominations at the principal <br />office of the Bond Registrar, but only in the manner and <br />subject to the limitations provided in the Resolution. <br />Reference is hereby made to the Resolution for a description <br />of the rights and duties of the Bond Registrar. Copies of the <br />Resolution are on file in the principal office of the Bond <br />Registrar. <br /> <br />Replacement Bonds. Replacement Bonds may be issued <br />by the Issuer in the event that: <br /> <br />(a) the Depository shall resign or discontinue its <br />services for the Bonds, and only if the Issuer is unable <br />to locate a substitute depository within two (2) months <br />following the resignation or determination of non- <br />eligibility, or <br /> <br />L' <br />