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. . . IN WITNESS WHEREOF, the City of Elk River, Minnesota, by its City Council has caused this Certificate to be executed on its behalf by the signatures of the Mayor and City Clerk, and by affixing the corporate seal of the City hereto, as of the 1st day of July, 1992. '- ~~<l4 d7C~ Mayor" (SEAL) J~~a~~r ~ity Clerk PROVISIONS AS TO REGISTRATION No transfer of the Certificate shall be valid unless made on the Certificate Register of the City at the request of the registered holder or its attorney duly authorized, and such transfer is similarly noted in the registration blanks below. Date of Registration Name of Registered Holder Signature of City Clerk 2.4) Execution and Delivery. The Certificates shall be prepared under the direction of the City Clerk and shall be executed on behalf of the City by the signatures of the Mayor and City Clerk and be sealed with the seal of the City. When the Certificates have been so executed they shall be delivered by the City Clerk to the purchaser thereof upon payment of the purchase price, and the purchaser shall not be required to see to the application of the purchase price. 2.5) Designation Under Section 265(b)(3). The Certificates are hereby designated as "qualified tax-exempt obligations" as such term is defined in Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. Section 3. 1992 Police, Street, and Miscellaneous Equipment Fund. A separate fund is hereby established which shall be called the "1992 Police, Street, and Miscellaneous Equipment Fund." The proceeds of the sale of the Certificates shall be credited to such fund, which shall be used solely to pay the cost of the public safety, public works, and other capital equipment purchased, or to be purchased, and expenses incurred in the issuance of the Certificates. After payment of all costs of such equipment and such expenses of issuance, such fund shall be discontinued and any monies remaining therein