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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />CERTIFICATE OF REGISTRATION <br /> <br />It is hereby certified that the foregoing Certificate was on <br />the date specified below registered in the name of Bank of Elk <br />River and that, at the request of the Registered Owner of this <br />Certificate, the undersigned has this day registered the <br />Certificate as to principal and interest in the name of such <br />Registered Owner, as indicated in the registration blank below, on <br />the books kept by the undersigned for such purposes. <br /> <br />NAME OF <br />REGISTERED OWNER <br /> <br />DATE OF <br />REGISTRATION <br /> <br />SIGNATURE OF CITY <br />FINANCE DIRECTOR <br /> <br />Bank of Elk River, <br />Elk River, Minnesota <br /> <br />, 1993 <br /> <br />(End of Form of Certificate) <br /> <br />6. The City Finance Director shall obtain a copy of the <br />proposed approving legal opinion of bond counsel for the <br />Certificate, Briggs and Morgan, st. Paul, Minnesota, and shall <br />cause such opinion to be filed in the offices of the city. <br /> <br />7. The Certificate shall be executed on behalf of the City by <br />the manual signatures of the Mayor and the City Administrator and <br />shall be duly registered by the manual signature of the City <br />Finance Director as Certificate Registrar. The official seal of <br />the City shall be impressed upon the certificate. The Certificate, <br />when fully executed and sealed, shall be delivered by the City <br />Finance Director to the Purchaser upon receipt of the purchase <br />price thereof, and the Purchaser shall not be obligated to see to <br />the proper application thereof. <br /> <br />8. The proceeds of the Certificate shall be deposited in and <br />expended from a separate capital account or subaccount of the City <br />to provide financing for the Equipment. The City Finance Director <br />shall establish and maintain a separate debt service account or <br />subaccount (the "Debt Service Account") for the payment of the <br />Certificate. The Debt Service Account shall be maintained to pay <br />the debt service on the Certificate and any additional obligations <br />of the City which may hereafter be made payable therefrom. <br /> <br />9. The Debt Service Account shall be held in trust by the <br />City for the benefit of the Registered Owner from time to time of <br />the Certificate, as hereinafter provided. Until the principal of <br />and interest on the Certificate are paid, or until the Certificate <br /> <br />245850 <br /> <br />6 <br />