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<br />which Bond has been issued pursuant to and in full conformity <br />with the Constitution and laws of the state of Minnesota and <br />pursuant to a resolution adopted by the City Council of the <br />Issuer on January 27, 1992 (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 is <br />payable out of the General Obligation Improvement Bonds, Series <br />18 Fund of the Issuer. This Bond constitutes a general <br />obligation of the Issuer, and to provide moneys for the prompt <br />and full paYment of its principal, premium, if any, and interest <br />when the same become due, the full faith and credit and taxing <br />powers of the Issuer have been and are hereby irrevocably <br />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 maturing <br />on a single date, or, if a portion of said principal amount is <br />prepaid, said principal amount less the prepayment. Global <br />certificates are not exchangeable for fully registered bonds of <br />smaller denominations except to evidence a partial prepaYment or <br />in exchange for Replacement Bonds if then available. Replacement <br />Bonds, if made available as provided below, are issuable solely <br />as fully registered bonds in the denominations of $5,000 and <br />integral multiples thereof of a single maturity and are <br />exchangeable for fully registered Bonds of other authorized <br />denominations in equal aggregate principal amounts at the <br />principal office of the Bond Registrar, but only in the manner <br />and subject to the limitations provided in the Resolution. <br />Reference is hereby made to the Resolution for a description of <br />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 />ReDlacement Bonds. Replacement Bonds may be issued by <br />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 to <br />locate a substitute depository within two (2) months <br />following the resignation or determination of non- <br />eligibility, or <br /> <br />(b) upon a determination by the Issuer in its sole <br />discretion that (l) the continuation of the book-entry <br />system described in the Resolution, which precludes the <br />issuance of certificates (other than Global certificates) to <br />any Holder other than the Depository (or its nominee), might <br />adversely affect the interest of the beneficial owners of <br /> <br />26250 <br /> <br />14 <br />