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1 I' Iii I, 'I . , ,) . f a project (Project) in the City, pursuant to and in full conformity with the Constitution and laws f the State of Minnesota, including Minnesota Statutes, Sections 469.174 to 469.179, the innesota Tax Increment Financing Act, and Minnesota Statutes, Sections 469.124 through 69.134, and the principal hereof and interest hereon are payable primarily from tax increments esulting from increases in taxable valuation of real property in certain tax increment financing istricts within the Project, as set forth in the Resolution to which reference is made for a full tatement of rights and powers thereby conferred. The full faith and credit of the City are rrevocably pledged for payment of this Bond and the City Council has obligated itself to levy ad alorem taxes on all taxable property in the City in the event of any deficiency in tax increments ledged, which taxes may be levied without limitation as to rate or amount. The Bonds of this eries are issued only as fully registered Bonds in denominations of $5,000 or any integral multiple hereof of single maturities. As provided in the Resolution and subject to certain limitations set forth therein, this Bond s transferable upon the books of the City at the principal office of the Bond Registrar, by the egistered owner hereof in person or by the owner's attorney duly authorized in writing, upon urrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, uly executed by the registered owner or the owner's attorney; and may also be surrendered in xchange for Bonds of other authorized denominations. Upon such transfer or exchange the City ill cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of he same aggregate principal amount, bearing interest at the same rate and maturing on the same te, subject to reimbursement for any tax, fee or governmental charge required to be paid with espect to such transfer or exchange. The City and the Bond Registrar may deem and treat the person in whose name this Bond s registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of eceiving payment and for all other purposes, and neither the City nor the Bond Registrar will be ffected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, onditions and things required by the Constitution and laws of the State of Minnesota to be done, o exist, to happen and to be performed preliminary to and in the issuance of this Bond in order to ake it a valid and binding general obligation of the City in accordance with its terms, have been one, do exist, have happened and have been performed as so required, and that the issuance of his Bond does not cause the indebtedness of the City to exceed any constitutional or statutory imitation of indebtedness. ' This Bond is not valid or obligatory for any purpose or entitled to any security or benefit der the Resolution until the Certificate of Authentication hereon has been executed by the Bond egistrar by manual signature of one of its authorized representatives. IN WITNESS WHEREOF, the City of New Brighton, Ramsey County, Minnesota, by its ity Council, has caused this Bond to be executed on its behalf by the facsimile or manual S18-252 vI NE136-I