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. . . Sections 469.174 to 469.179 (formerly Sections 273.71 to 273.78) and Chapters 472A and 475. This Bond and the principal installment due hereunder are subject to redemption and prepayment at the option of the City, in whole or in part, and if in part in inverse order of due dates, at a price equal to the principal amount thereof plus interest accrued to the date of redemption or prepayment. Thirty (30) days prior to the date chosen for the redemption or prepayment of the Bond or any principal installment, the City will notify the Holder of the Bond of such redemption or prepayment. This Bond 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 attorn~y duly authorized in writing, upon surrender of this Bond, 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 Bond or Bonds 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 Bond is last registered upon the books of the City as the absolute owner of this Bond, 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 Bond 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, CONVENANTED 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 precedent to and in the issuance of this Bond, in order to make it a valid and binding general obligation of the City in accordance with its terms, have been done, do exist, have happened, and have been performed in regular and due form, time, and manner as so . required; that the Bonds are payable from tax increments resulting from increases in assessed valuation of real property within Tax Increment Financing District No. 3 (the District) in the City of Elk River, Minnesota, appropriated to a separate debt service account of the City; that, if necessary for payment of principal of and interest on the bonds of this issue, additional ad valorem taxes may be levied upon all taxable property within the corporate limits of the Issuer without limitation as to rate or amount; and that the issuance of this Bond does not cause the indebtedness of the Issuer to exceed any constitutional or statutory limitation. B-2