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As provided in the Resolution and subject to certain limitations set forth therein, this Bond <br /> is transferable upon the books of the City at the principal office of the Registrar, by the registered <br /> owner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof <br /> together with a written instrument of transfer satisfactory to the Registrar, duly executed by the <br /> registered owner or the owner's attorney; and may also be surrendered in exchange for Bonds of <br /> other authorized denominations. Upon such transfer or exchange, the City will cause a new Bond or <br /> Bonds to be issued in the name of the transferee or registered owner, of the same aggregate <br /> principal amount, bearing interest at the same rate and maturing on the same date, subject to <br /> reimbursement for any tax, fee or governmental charge required to be paid with respect to such <br /> transfer or exchange. <br /> The City and the Registrar may deem and treat the person in whose name this Bond is <br /> registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of <br /> receiving payment and for all other purposes, and neither the City nor the Registrar will be affected <br /> by any notice to the contrary. <br /> ff IS I IEREBY cExrIFIED, RECITED, COVENANTED AND AGREED that all acts, <br /> conditions and things required by the Constitution and laws of the State of Minnesota to be done,to <br /> exist, to happen and to be performed preliminary to and in the issuance of this Bond in order to <br /> make it a valid and binding general obligation of the City in accordance with its terms, have been <br /> done, do exist, have happened and have been performed as so required, and that the issuance of this <br /> Bond does not cause the indebtedness of the City to exceed any constitutional or statutory limitation <br /> of indebtedness. <br /> This Bond is not valid or obligatory for any purpose or entitled to any security or benefit <br /> under the Resolution until the Certificate of Authentication hereon has been executed by the <br /> Registrar by manual signature of one of its authorized representatives. <br /> IN WIINESS WHEREOF, the City of Elk River, Minnesota, by its City Council, has <br /> caused this Bond to be executed on its behalf by the facsimile or manual signatures of the Mayor <br /> and City Clerk and has caused this Bond to be dated as of the date set forth below. <br /> Dated: August 21,2014 <br /> CITY OF ELK RIVER, MINNESOTA <br /> (Facsimile)— (Facsimile) <br /> Mayor City Clerk <br /> 445655v4 JSB ELI 85-27 B-3 <br />