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<br />e <br /> <br />Minnesota and pursuant to a resolution adopted by the City <br />Council on May 23, 1994 (the "Resolution"), for the purpose of <br />providing money to finance certain costs of improvements to the <br />City's storm sewer system and utility. This Bond constitutes a <br />general obligation of the city, and to provide moneys for the <br />prompt and full payment of its principal, premium, if any, and <br />interest when the same become due, the full faith and credit and <br />taxing powers of the City have been and are hereby irrevocably <br />pledged. <br /> <br />Denominations: Exchange: Resolution. The Bonds are <br />issuable solely as fully registered bonds in the denominations of <br />$5,000 and integral multiples thereof of a single maturity and <br />are exchangeable for fully registered bonds of other authorized <br />denominations in equal aggregate principal amounts at the <br />principal office of the Bond Registrar, but only in the manner <br />,and subject to the limitations provided in the Resolution. <br />Reference is hereby made to the Resolution for a description of <br />the rights and duties of the Bond Registrar. Copies of the <br />Resolution are on file in the principal office of the Bond <br />Registrar. <br /> <br />e <br /> <br />Transfer. This Bond is transferable by the Registered <br />Owner in person or by the Registered Owner's attorney duly <br />authorized in writing at the principal office of the Bond <br />Registrar upon presentation and surrender hereof to the Bond <br />Registrar, all subject to the terms and conditions provided in <br />the Resolution and to reasonable regulations of the City <br />contained in any agreement with the Bond Registrar. Thereupon <br />the City shall execute and the Bond Registrar shall authenticate <br />and deliver, in exchange for this Bond, one or more new fully <br />registered Bonds in the name of the transferee (but not <br />registered in blank or to "bearer" or similar designation), of an <br />authorized denomination or denominations, in aggregate principal <br />amount equal to the principal amount of this Bond, of the same <br />maturity and bearing interest at the same rate. <br /> <br />Fees UDon Transfer or Loss. The Bond Registrar may <br />require payment of a sum sufficient to cover any tax or other <br />governmental charge payable in connection with the transfer or <br />exchange of this Bond and any legal or unusual costs regarding <br />transfers and lost Bonds. <br /> <br />Treatment of Reqistered Owners. The City and Bond <br />Registrar may treat the person in whose name this Bond is <br />registered as the owner hereof for the purpose of receiving <br />payment as herein provided (except as otherwise provided on the <br />reverse side hereof with respect to the Record Date) and for all <br />other purposes, whether or not this Bond shall be overdue, and <br /> <br />e <br /> <br />264048.1 <br /> <br />9 <br />