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<br />. <br /> <br />have been done, do exist, have happened and have been performed <br />as so required; that prior to the issuance hereof the City has <br />levied ad valorem taxes on all taxable property within its <br />corporate limits which are collectible for the years and in the <br />amounts sufficient to produce sums not less than five percent <br />(5%) in excess of the principal of and interest on the <br />Certificates of this issue when due, and has appropriated such <br />taxes to the payment of such principal and interest; and that <br />if necessary for payment of such principal and interest, <br />additional ad valorem taxes are required to be levied upon all <br />property within the corporate limits, without limitation as to <br />rate or amount, and that the issuance of the Certificates does <br />not cause the indebtedness of the City to exceed any <br />constitutional or statutory limitation of indebtedness. <br /> <br />IN WITNESS WHEREOF, the City of Elk River, Minnesota, by <br />its City Council has caused this Certificate to be executed on <br />its behalf by the signatures of the Mayor and City Clerk- <br />Administrator, and by affixing the corporate seal of the City <br />hereto, as of the 1st day of March, 1988. <br /> <br />i~jj; r A~J <br /> <br />Mayor <br /> <br />~?/ Z? /~~ <br />City Clerk-Administrator <br /> <br />(SEAL) <br /> <br />PROVISIONS AS TO REGISTRATION <br /> <br />. <br /> <br />No transfer of this Certificate shall be valid unless made <br />on the Certificate Register of the City at the request of the <br />Registered Holder or its attorney duly authorized, and such <br />transfer is similarly noted in the registration blanks below. <br /> <br />Date of <br />Reqistration <br /> <br />Name of <br />Registered <br />Holder <br /> <br />Signature of <br />City Clerk <br /> <br />2.4) Execution and Delivery. The Certificates shall be <br />prepared under the direction of the City Clerk-Administrator <br />and shall be executed on behalf of the City by the signatures <br />of the Mayor and City Clerk-Administrator and be sealed with <br />the seal of the City. When the Certificates have been so <br />executed they shall be delivered by the City Clerk- <br />Administrator to the purchaser thereof upon payment of the <br />purchase price, and the purchaser shall not be required to see <br />to the application of the purchase price. <br /> <br />. <br /> <br />5 . <br />