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No Redem�tion. The Bonds of this issue (the "Bonds") are not subject to redemption and <br />prepaymentprior to their maturity. <br />Issuance; Purpose; General Obli�ation. This Bond is one of an issue in the total principal <br />amount of $1,760,000, all of like date of original issue and tenor, except as to number, maturity, <br />interest rate and denomination, issued pursuant to and in full conformity with the Constitution <br />and laws of the State of Minnesota and pursuant to a resolution adopted by the City Council on <br />March 8,2004 (the "Resolution"), for the purpose of providing funds for a current refunding of <br />the Issuer's General Obligation Improvement Bonds, Series 23, dated March 21, 1997, which <br />mature on and after March 1,2005. This Bond is payable out of the Debt Service Account of the <br />Issuer's General Obligation Improvement Refunding Bonds, Series 2004A Fund. This Bond <br />constitutes a general obligation of the Issuer, and to provide moneys for the prompt and full <br />payment of its principal, premium, if any, and interest when the same become due, the full faith <br />and credit and taxing powers of the Issuer have been and are hereby irrevocably pledged. <br />Denominations: Exchan�e; Resolution. The Bonds are issuable solely in fully registered <br />form in the denominations of $5,000 and integral multiples thereof of a single maturity and are <br />exchangeable for fully registered Bonds of other authorized denominations in equal aggregate <br />principal amounts at the office of the Bond Registrar, but only in the manner and subject to the <br />limitations provided in the Resolution. Reference is hereby made to the Resolution for a <br />description of the rights and duties of the Bond Registrar. Copies of the Resolution are on file <br />with the Bond Registrar. <br />Transfer. This Bond is transferable by the Holder in person or by the Holder's attorney <br />duly authorized in writing at the office of the Bond Registrar upon presentation and surrender <br />hereof to the Bond Registrar, all subject to the terms and conditions provided in the Resolution <br />and to reasonable regulations of the Issuer contained in any agreement with the Bond Registrar. <br />Thereupon the Issuer shall execute and the Bond Registrar shall authenticate and deliver, in <br />exchange for this Bond, one or more new fully registered Bonds in the name of the transferee <br />(but not registered in blank or to "bearer" or similar designation), of an authorized denomination <br />or denominations, in aggregate principal amount equal to the principal amount of this Bond, of <br />the same maturity and bearing interest at the same rate. <br />Fees u�on Transfer or Loss. The Bond Registrar may require payment of a sum <br />sufficient to cover any tax or other governmental charge payable in connection with the transfer <br />or exchange of this Bond and any legal or unusual costs regarding transfers and lost Bonds. <br />Treatment of Re�istered Owners. The Issuer and Bond Registrar may treat the person in <br />whose name this Bond is registered as the owner hereof for the purpose of receiving payment as <br />herein provided (except as otherwise provided herein with respect to the Record Date) and for all <br />other purposes, whether or not this Bond shall be overdue, and neither the Issuer nar the Bond <br />Registrar shall be affected by notice to the contrary. <br />Authentication. This Bond shall not be valid or become obligatory for any purpose or be <br />entitled to any security unless the Certificate of Authentication hereon shall have been executed <br />by the Bond Registrar. <br />���a�a�M i $ <br />