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Transfer. This Bond is transferable, as provided in <br />the Resolution, upon the Bond Register kept by the City Finance <br />Director at City Hall upon surrender of this Bond, together with <br />a written instrument of transfer duly executed by the Owner or <br />the Owner's attorney duly authorized in writing, and thereupon a <br />new, fully registered Bond in the same aggregate principal amount <br />shall be issued to the transferee in exchange therefor (or the <br />transfer shall be duly recorded on the Bond Register and the <br />Certificate of Registration section hereof), upon the payment of <br />charges and satisfaction of applicable conditions, if any, as <br />therein prescribed; provided that such transfer may occur only <br />with respect to the entire Bond and all of the remaining <br />principal amount hereof. The City may treat and consider the <br />person in whose name this Bond is registered as the absolute <br />Owner hereof for the purpose of receiving payment of or on <br />account of the principal of and interest on this Bond (except for <br />the payment of interest to the Owner as of a special record date) <br />and for all other purposes whatsoever. <br /> <br /> Qualified Tax-Exempt Obliqation. The Bonds have been <br />designated by the City as a ,'qualified tax-exempt obligations" <br />within the meaning of and pursuant to Section 265(b) (3) of the <br />Internal Revenue Code of 1986, as amended. <br /> <br /> IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, <br />conditions and things required to exist, to have happened and to <br />be performed precedent to and in the execution and delivery of <br />this Bond do exist, have happened and have been performed in due <br />form, time and manner, as required by law, and that the issuance <br />of the Bonds, together with all other indebtedness of the City, <br />does not exceed or violate any constitutional or statutory <br />limitation of indebtedness. <br /> <br /> IN WITNESS WHEREOF, the City of Elk River, Sherburne County, <br />Minnesota, by the City Council, its governing body, has caused <br />this Bond to be executed in its name and on its behalf by the <br />manual signatures of its Mayor and its City Administrator and has <br />caused the official seal of the City to be impressed hereon, all <br />as of , 1997. <br /> <br />CITY OF ELK RIVER, MINNESOTA <br /> <br />B~ <br /> Mayor <br /> <br />By. <br /> <br />City Administrator <br /> <br />355470.1 6 <br /> <br /> <br />