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I The City may elect on February 1, 2015, and on any day thereafter to prepay Bonds due on or er February 1, 2016. Redemption may be in whole or in part and if in part, at the option of the ity and in such manner as the City will determine. If less than all Bonds of a maturity are called r redemption, the City will notify Depository Trust Company (DTC) of the particular amourit of such maturity to be prepaid. DTC will determine by lot the amount of each partici is interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a price par plus accrued interest. s This Bond is one of an issue in the aggregate principal amount of $455,000 all of like origin issue date and tenor, except as to number, maturity date, redemption privilege, and intere rate, all issued pursuant to a resolution adopted by the City Council on May 22, 2007 (the R olution), for the purpose of providing money to defray the expenses incurred and to be incurred in making local improvements, pursuant to and in full conformity with the Constitution and la s of the State of Minnesota, including Minnesota Statutes, Chapter 429, and the principal hereof and interest hereon are payable from special assessments against property specially benefited by local improvements and from ad valorem taxes for the City's share of the cost of the impro ments, as set forth in the Resolution to which reference is made for a full statement of rights d powers thereby conferred. The full faith and credit of the City are irrevocably pledged for payment of this Bond and the City Council has obligated itself to levy additional ad valorem taxes all taxable property in the City in the event of any deficiency in special assessments and taxes edged, which additional taxes may be levied without limitation as to rate or amount. The Bond f this series are issued only as fully registered Bonds in denominations of $5,000 or any integr multiple thereof of single maturities. ~s IAs provided in the Resolution and subject to certain limitations set forth therein, this Bond transferable upon the books of the City at the principal office of the Bond Registrar, by the registered owner hereof in person or by the owner's attorney duly authorized in writing, upon surre er hereof together with a written instrument of transfer satisfactory to the Bond Registrar, duly ' ecuted by the registered owner or the owner's attorney; and may also be surrendered in each e for Bonds of other authorized denominations. Upon such transfer or exchange the City will c tse a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the s e aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. 9 'The City and the Bond Registrar may deem and treat the person in whose name this Bond is reg Itered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of rec ving payment and for all other purposes, and neither the City nor the Bond Registrar will be a ted by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, condi i ns and things required by the Constitution and laws of the State of Minnesota, to be done, ~ exist, to happen and to be performed preliminary to and in the issuance of this Bond in order 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 as so required, and that the I I 31008241SM NE136-215 s: j~ ~