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. . . together with interest from the date on which the funds are advanced at a rate of seven percent (7%) per annum, calculated upon the amount of the unpaid principal balance existing from time to time. Installments of interest shall be payable semi- annually on February 1 and August 1 in each year, commencing February 1, 1991. Both principal and interest are payable at the offices of the Holder at Elk River, Minnesota, or, at such place as may be designated from time to time by written notice given to the City by the Holder of this Certificate. For the prompt and full payment of such principal and interest as the same respectively become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. This Certificate is one of an issue of a single Certificate only, in the total principal amount of One Hundred One Thousand Five Hundred Dollars ($101,500), issued for the purpose of financing the purchase of various items of public safety, public works and other capital equipment by the City, and is issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota and pursuant to resolutions duly adopted by the City Council. This Certificate is transferable upon the books of the City at the office of the City Clerk, by the registered holder hereof in person or by its attorney duly authorized in writing, upon surrender of this Certificate, together with a written instrument of transfer satisfactory to the City Clerk, duly executed by the registered holder or its duly authorized attorney. Upon such transfer, the City will cause a new Certificate or Certificates to be issued in the name of the transferee(s) of the same aggregate principal amount, bearing interest at the same rate, and maturing on the same date and the City Clerk will note the date of registration and the name and address of the new registered holder(s) upon the books of the City. The City may deem and treat the person in whose name this Certificate is last registered upon the books of the City as the absolute owner of this Certificate, whether or not overdue, for the purpose of receiving payment of the principal balance and interest and for all other purposes, and all such payments so made to the registered holder or upon the order of the registered holder shall be valid and effectual to satisfy and discharge the liability on this Certificate to the extent of the sum or sums so paid, and the City shall not be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, COVENANTED, AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed preliminary to and in the issuance of this Certificate in order to make it a valid and binding general obligation of the City in accordance with its 3.