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.' , . . PROVISIONS AS TO REGISTRATION The ownership of the principal of and interest on the within Bond has been registered on the books of the Registrar in the name ofthe person last noted below. Date of Registration Registered Owner Signature of Officer of the Registrar Cede & Co. Federal ill #13-2555119 3,02. The City Manager is authorized and directed to obtain a copy of the proposed approving legal opinion of Kennedy & Graven, Chartered, Minneapolis, Minnesota, which will be complete except as to dating thereof and to cause the opinion to be printed on or accompany on each Certificate. Section 4. Payment: Security: Pledges and Covenants. 4.01. The Certificates are payable from the General Obligation Equipment Certificates of Indebtedness, Series 2003B Debt Service Fund (Debt Service Fund) hereby created, and the proceeds of the ad valorem taxes hereinafter levied described in the resolution authorizing the sale of the Certificates are pledged to the Debt Service Fund. If a payment of principal or interest on the Certificates becomes due when there is not sufficient money in the Debt Service Fund to pay the same, the City Finance Director will pay such principal or interest from the general fund of the City, and the general fund may be reimbursed for those advances out of the proceeds of the taxes levied by this resolution, when collected. There is hereby appropriated to the Debt Service Fund (i) capitalized interest financed from Certificate proceeds, if any, (ii) any amount over the minimum purchase price of the Certificates paid by the Purchaser, and (iii) the accrued interest paid by the Purchaser upon closing and delivery of the Certificates. 4.02. For the purpose of paying the principal of and interest on the Certificates, there is levied a direct annual irrepealable ad valorem tax upon all of the taxable property in the City, which will be spread upon the tax rolls and collected with and as part of other general taxes of the City. Such tax will be credited to the Debt Service Fund above provided and will be in the years and amounts as follows (year stated being year of levy for collection the following year): Year Levv (See Attachment A) 4.03. It is detennined that the estimated collection of the foregoing taxes will produce at least five percent in excess of the amount needed to meet when due, the principal and interest payments on the Certificates. The tax levy herein provided is irrepealable until all of the SJ8-23 8958v 1 NE136-188