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This Bond is one of an issue in the total principal <br /> • amount of $310,000 all of like date of original issue and <br /> tenor, except as to number, maturity, interest rate, <br /> denomination and redemption privilege, which Bond has been <br /> issued pursuant to and in full conformity with the Constitution <br /> and laws of the State of Minnesota and pursuant to a resolution <br /> adopted by the City Council on August 6, 1984 (the <br /> "Resolution" ) for the purpose of providing money to finance the <br /> construction of various improvements in the City and is payable <br /> out of the General Obligation Improvement Bonds, Series 1984 <br /> Fund of the Issuer. This Bond constitutes a general obligation <br /> of the Issuer, and to provide moneys for the prompt and full <br /> payment of the principal and interest when the same become due, <br /> the full faith and credit and taxing powers of the Issuer have <br /> been and are hereby irrevocably pledged. <br /> The Bonds are issuable solely as fully registered <br /> Bonds in the denominations of $5,000 and integral multiples <br /> thereof and are exchangeable for fully registered Bonds of <br /> other denominations in equal aggregate principal amounts and in <br /> authorized denominations at the principal office of the Bond <br /> Registrar, but only in the manner and subject to the <br /> limitations provided in the Resolution. Reference is hereby <br /> made to the Resolution for a description of the rights and <br /> duties of the Bond Registrar. Copies of the Resolution are on <br /> file in the principal office of the Bond Registrar. <br /> • This Bond is transferable by the Holder in person or <br /> by his attorney duly authorized in writing at the principal <br /> office of the Bond Registrar upon presentation and surrender <br /> hereof to the Bond Registrar, all subject to the terms and <br /> conditions provided in the Resolution and to reasonable regula- <br /> tions of the Issuer contained in any agreement with the Bond <br /> Registrar. Thereupon the Issuer shall execute and the Bond <br /> Registrar shall authenticate and deliver, in exchange for this <br /> Bond, one or more new fully registered Bonds in the name of the <br /> transferee (but not registered in blank or to "bearer" or <br /> similar designation) , of an authorized denomination or <br /> denominations, in aggregate principal amount equal to the <br /> principal amount of this Bond, of the same maturity and bearing <br /> interest at the same rate. <br /> The Bond Registrar may require payment of a sum <br /> sufficient to cover any tax or other governmental charge <br /> payable in connection with the transfer or exchange of this <br /> Bond. <br /> • <br /> 9 <br />