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[8] This Bond is not any obligation of any kind whatsoever of <br />any public body, except that this Bond is a special and limited <br />revenue obligation but not a general or moral obligation of the <br />City and is payable by the City only from the sources and subject <br />to the qualifications and limitations stated or referenced herein. <br />Neither the full faith and credit nor the taxing powers of the City <br />are pledged to or available for the payment of this Bond, and no <br />property or other asset of the City, save and except the above <br />referenced Available Tax Increments, is or shall constitute a <br />source of payment of the City's obligations hereunder. <br /> <br /> [9] This Bond is issued by the City in aid of financing a <br />project pursuant to and in full conformity with the Constitution <br />and laws of the State of Minnesota, including Minnesota Statutes, <br />Sections 469.174 through 469.179, and including specifically but <br />without limitation Section 469.178, Subdivision 4, thereof. <br /> <br /> [10] This Bond may be assigned by the Registered Owner but <br />upon such assignment the assignor shall promptly notify the City <br />thereof in writing, and the assignee shall surrender this Bond to <br />the City either in exchange for a new fully registered Bond or for <br />transfer of this Bond on the registration records for the Bond <br />maintained by the City. The Registered Owner, by accepting <br />registration of this Bond, acknowledges that the City has not <br />qualified or registered this Bond under any state or federal <br />registration, securities or similar laws and the Registered Owner <br />covenants to comply with all securities, anti-fraud, registration, <br />and other state and federal laws and limitations applicable in <br />connection with any such proposed transfer or sale of this Bond. <br />Each such assignee shall take this Bond subject to the foregoing <br />conditions and subject to all provisions stated or referenced <br />herein. As a precondition to any such assignment or transfer of <br />this Bond, the City shall have been provided with an opinion of <br />counsel (from a firm reasonably acceptable to the City) or a <br />certificate from the transferor, in a form and of a content <br />satisfactory to the City (including, in the City's discretion, an <br />SEC Regulation Deed certification), that such transfer is exempt <br />from registration and prospectus delivery requirements of federal <br />and state securities and similar laws and regulations. <br /> <br /> [11] This Bond has been issued as a taxable and not as a tax- <br />exempt obligation, and the City makes no representation, express or <br />implied, that the interest on this Bond is or may be excludable <br />from gross or taxable net income of the Registered Owner for income <br />tax purposes. <br /> <br />~98072.2 B-3 <br /> <br /> <br />