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Taxable Obligation. The City is not issuing this Certificate as a tax-exempt obligation <br />and accordingly makes no representation and intends to convey no expectation that the interest <br />on this Certificate will be excluded from gross income for purposes of United States income <br />taxation or from either gross income or taxable net income for purposes of State of Minnesota <br />income taxation. <br /> <br /> IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions, and things <br />required by the Constitution and laws of the State of Minnesota to be done, to have happened, <br />and to be performed precedent to and in the issuance of this Certificate have been done, have <br />happened, and have been performed in regular and due form, time, and manner as required by <br />law; and that this Certificate, together with all other indebtedness of the City outstanding on the <br />date hereof, does not cause the indebtedness of the City to exceed any constitutional or statutory <br />limitation thereon. <br /> <br /> IN WITNESS WHEREOF, the City of Elk River, Sherburne County, Minnesota, by its <br />City Council, has caused this Certificate to be executed by the manual signatures of its Mayor <br />and City Administrator; has caused the official seal of the City to be impressed upon this <br />Certificate; and has caused this Certificate to be dated December 2, 2002. <br /> <br />City Administrator <br /> <br />Mayor <br /> <br />1464957vl 4 <br /> <br /> <br />