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. . . [Reverse of the Bonds] This Bond is one of an issue in the aggregate principal amount of $1,095,000, all of like date and tenor, except as to maturity date, interest rate, and denomination, issued pursuant to a resolution adopted by the City Council on June 1, 1992 (the Resolution), -to provide funds to finance certain municipal state- aid roadway projects, and is issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling, including Chapters 162 and 475. The Bonds of this series are issuable only as fully registered bonds, in denominations of $5,000 or any multiple thereof, of single maturities. The Bonds will not be subject to payment in advance of their respective stated maturity dates. The Bonds have been designated by the Issuer as llqualified tax-exempt obligationsll within the meaning of Section 265(b) (3) of the Internal Revenue Code (the Code) . As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Registrar, by the registered owner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or the owner's attorney, and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee, or governmental charge required to be paid with respect to such transfer or exchange. The City and the Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Registrar shall be affected by any notice to the contrary. (Form of certificate to be printed on the reserve side of each Bond, following a full copy of the legal opinion) We certify that the above is a full, true, and correct copy of the legal opinion rendered by bond counsel on the issue of Bonds of the City of Elk River, Minnesota, which includes the 10.