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Transfer. This Bond is transferable by the Holder in person or by the Holder's <br />attorney duly authorized in writing at the principal office of the Bond Registrar upon presentation <br />and surrender hereof to the Bond Registrar, all subject to the terms and conditions provided in the <br />Resolution and to reasonable regulations of the City contained in any agreement with the Bond <br />Registrar. Thereupon the City shall execute, and the Bond Registrar shall authenticate and deliver, <br />in exchange for this Bond, one or more new fully registered Bonds in the name of the transferee (but <br />not registered in blank or to "bearer" or similar designation), of an authorized denomination or <br />denominations, in aggregate principal amount equal to the principal amount of this Bond, of the <br />same maturity and bearing interest at the same rate. <br /> <br /> Fees upon Transfer or Loss. The Bond Registrar may require payment of a sum <br />sufficient to cover any tax or other governmental charge payable in connection with the transfer or <br />exchange of this Bond and any legal or unusual costs regarding transfers and lost Bonds. <br /> <br /> Treatment of Registered Owners. The City and Bond Registrar may treat the person <br />in whose name this Bond is registered as the owner hereof for the purpose of receiving payment as <br />herein provided (except as otherwise provided on the reverse side hereof with respect to the Record <br />Date) and for all other purposes, whether or not this Bond shall be overdue, and neither the City nor <br />the Bond Registrar shall be affected by notice to the contrary. <br /> <br /> Authentication. This Bond shall not be valid or become obligatory for any purpose <br />orbe entitled to any security unless the Certificate of Authentication hereon shall have been executed <br />by the Bond Registrar. <br /> <br /> Taxable Obligations. The City is not issuing the Bonds as tax-exempt obligations and <br />accordingly makes no representation and intends to convey no expectation that the interest on this <br />Bond will be excluded from gross income for purposes of United States income taxation or from <br />either gross income or taxable net income for purposes of State of Minnesota income taxation. <br /> <br />1218143.1 13 <br /> <br /> <br />