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5313747v2 <br /> <br /> 8 <br />No Optional Redemption. All Bonds of this i ssue (the "Bonds") sha ll not be subject to <br />redemption and prepayment prior to their stated maturity dates. <br />Issuance; Purpose; General Obligation. This B ond is one of an issue in the total principal <br />amount of $4,145,000, all of like date of original i ssue and tenor, except as to number, maturity, <br />interest rate, redemption privilege and denominati on, issued pursuant to and in full conformity <br />with the Constitution and laws of the State of Minnesota and pursuant to a resolution adopted by <br />the City Council on March 11, 2013 (the "Resol ution"), for the purpose of providing funds <br />sufficient for a crossover refunding on March 1, 2014, of the Issuer's General Obligation <br />Municipal Building Bonds, Series 2003A, da ted March 1, 2003, which mature on and after <br />March 1, 2015. This Bond is payable out of the Escrow Account and the Debt Service Account <br />established by the City pursuant to the Resolutio n. This Bond constitutes a general obligation of <br />the Issuer, and to provide moneys for the prompt and full payment of its principal, premium, if <br />any, and interest when the same become due, the full faith and credit and taxing powers of the <br />Issuer have been and are hereby irrevocably pledged. <br />Denominations; Exchange; Resolution. The Bonds are issuable solely in fully registered <br />form in Authorized Denominations (as defined in the Resolution) and are exchangeable for fully <br />registered Bonds of other Authorized Denominati ons in equal aggregate pr incipal amounts at the <br />principal office of the Bond Registrar, but onl y in the manner and subject to the limitations <br />provided in the Resolution. Reference is hereby made to the Resolution for a description of the <br />rights and duties of the Bond Registrar. Copies of the Resolution are on file in the principal <br />office of the Bond Registrar. <br />Transfer. This Bond is transferable by the Ho lder in person or by th e Holder's attorney <br />duly authorized in writing at the principal o ffice of the Bond Registrar upon presentation and <br />surrender hereof to the Bond Registrar, all subj ect to the terms and conditions provided in the <br />Resolution and to reasonable regul ations of the Issuer contained in any agreement with the Bond <br />Registrar. Thereupon the Issuer shall execute and the Bond Registrar shall authenticate and <br />deliver, in exchange for this Bond, one or more new fully registered Bonds in the name of the <br />transferee (but not registered in blank or to "bearer" or simila r designation), of an Authorized <br />Denomination or Denominations, in aggregate principal amount equa l to the principal amount of <br />this Bond, of the same maturity and bearing interest at the same rate. <br />Fees upon Transfer or Loss. The Bond Re gistrar may require payment of a sum <br />sufficient to cover any tax or ot her governmental charge payable in connection with the transfer <br />or exchange of this Bond and any legal or unus ual costs regarding tran sfers and lost Bonds. <br />Treatment of Registered Owner s. The Issuer and Bond Registrar may treat the person in <br />whose name this Bond is registered as the owne r hereof for the purpose of receiving payment as <br />herein provided and for all other purposes, whethe r or not this Bond shall be overdue, and neither <br />the Issuer nor the Bond Regi strar shall be affected by notice to the contrary. <br />Authentication. This Bond sha ll not be valid or become ob ligatory for any purpose or be <br />entitled to any security unless th e Certificate of Auth entication hereon shall have been executed <br />by the Bond Registrar.