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<br />-. <br /> <br />. <br /> <br />. <br /> <br />This Bond is one of an issue of a single Bond only, in the <br />total principal amount of $299,900, issued pursuant to a <br />resolution adopted by the council of the City on September 12, <br />1988 (the Resolution), to provide funds to finance the <br />purchase of certain property in Tax Increment Financing <br />District No.5 in the City, and is issued pursuant to and in <br />full conformity with the Constitution and laws of the State of <br />Minnesota thereunto enabling, including Sections 469.174 to <br />469.179 and Chapter 475 of the Minnesota Statutes. <br /> <br />The principal installments due hereunder are subject to <br />prepayment at the option of the City, in whole or in part, and <br />if in part in inverse order of due dates. The City will notify <br />the Holder of the Bond of such redemption or prepayment at <br />least thirty (30) days prior to the date chosen for the <br />prepayment. <br /> <br />This Bond lS transferable upon the books of the City at the <br />office of the City Clerk by the registered holder hereof in <br />person or by its attorney duly authorized in writing, upon <br />surrender of this Bond, together with a written instrument of <br />transfer satisfactory to the City Clerk duly executed by the <br />registered holder or its duly authorized attorney. Upon such <br />transfer, the City will cause a new Bond or Bonds to be issued <br />in the name of the transferee(s) in the principal amount then <br />remaining unpaid, bearing interest at the same rate, and <br />maturing on the same dates and the City Clerk will note the <br />date of registration and the name and address of the new <br />registered holder(s) upon the books of the City. The City may <br />deem and treat the person in whose name this Bond is last <br />registered upon the books of the City as the absolute owner of <br />this Bond, whether or not overdue, for the purpose of receiving <br />payment of the principal balance and interest and for all other <br />purposes, and all such payments so made to the registered <br />holder, or upon the order of the registered holder, shall be <br />valid and effectual to satisfy and discharge the liability on <br />this Bond to the extent of the sum or sums so paid, and the <br />City shall not be affected by any notice to the contrary. <br /> <br />IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that <br />all acts, conditions and things required by the Constitution <br />and laws of the State of Minnesota to be done, to exist, to <br />happen and to be performed precedent to and in the issuance of <br />this Bond, in order to make it a valid and binding general <br />obligation of the City in accordance with its terms, have been <br />done, do exist, have happened, and have been performed in <br />regular and due form, time, and manner as so required; that the <br />Bond is payable from tax increments resulting from increases in <br />assessed valuation of real property within Tax Increment <br />Financing District No. 5 (the District) in the City of Elk <br />River, Minnesota, appropriated to a separate debt service <br />account of the City; that, if necessary for payment of <br />principal of and interest on the bonds of this issue, ad <br />valorem taxes may be levied upon all taxable property within <br /> <br />B-2 <br />