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which Bond has been issued pursuant to and in full conformity with the Constitution and laws of the state of Minnesota and pursuant to a resolution adopted by the City Council of the Issuer on January 27, 1992 (the "Resolution"), for the purpose of providing funds sufficient for a crossover refunding on February 1, 1994, of the Issuer's (i) General Obligation Bonds of 1985, consisting of General obligation state-Aid Highway Bonds and General obligation Tax Increment Bonds, Series 1, dated December 1, 1985; and (ii) General Obligation Tax Increment Bonds, Series 2, dated December 1, 1985, which mature on February 1, 1995, and thereafter. This Bond is payable out of the Escrow Account and the Debt Service Account of the Issuer's General Obligation Tax Increment Refunding Bonds, Series 1992 Fund of the Issuer. This Bond constitutes a general obligation of the Issuer, and to provide moneys for the prompt and full paYment of its principal, premium, if any, and interest when the same become due, the full faith and credit and taxing powers of the Issuer have been and are hereby irrevocably pledged. Denominations: Exchanqe: Resolution. The Bonds are issuable originally only as Global Certificates in the denomination of the entire principal amount of the issue maturing on a single date, or, if a portion of said principal amount is prepaid, said principal amount less the prepayment. Global certificates are not exchangeable for fully registered bonds of smaller denominations except to evidence a partial prepayment or in exchange for Replacement Bonds if then available. Replacement Bonds, if made available as provided below, are issuable solely as fully registered bonds in the denominations of $5,000 and integral multiples thereof of a single maturity and are exchangeable for fully registered Bonds of other authorized denominations in equal aggregate principal amounts at the principal office of the Bond Registrar, but only in the manner and subject to the limitations provided in the Resolution. Reference is hereby made to the Resolution for a description of the rights and duties of the Bond Registrar. Copies of the Resolution are on file in the principal office of the Bond Registrar. ReDlacement Bonds. Replacement Bonds may be issued by the Issuer in the event that: (a) the Depository shall resign or discontinue its services for the Bonds, and only if the Issuer is unable to locate a substitute depository within two (2) months following the resignation or determination of non- eligibility, or 2695 7 15