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<br />PROVISIONS AS TO REGISTRATION <br /> <br />The ownership of the principal of and interest on the within Bond has been registered on <br />the books of the Registrar in the name of the person last noted below. <br /> <br />Date of Registration <br /> <br />Registered Owner <br /> <br />Signature of <br />Officer of the Registrar <br /> <br />Cede & Co. <br />Federal ID #13-2555119 <br /> <br />3.02. The City Finance Director-Clerk is directed to obtain a copy of the proposed <br />approving legal opinion of Kennedy & Graven, Chartered, Minneapolis, MilUlesota, which will <br />be complete except as to dating thereof and will cause the opinion to be printed on or accompany <br />each Bond. <br /> <br />Section 4. <br /> <br />Payment: Security: Pledges and Covenants. <br /> <br />4.01. (a) The City will create and continue to operate its Utility Fund to which will <br />be credited all gross revenues of the utility plant and system and out of which will be paid <br />all normal and reasonable expenses of current operations of the utility plant and system. <br />Any balance therein are deemed net revenues and will be transferred, from time to time, <br />to a General Obligation Utility Revenue Bonds, Series 1997 A Debt Service Fund (Debt <br />Service Fund) hereby created in the Utility Fund, which fund will be used only to pay <br />principal of and interest on the Bonds and any other bonds similarly authorized. There <br />will always be retained in the Debt Service Fund a sufficient amount to pay principal of <br />and interest on all the Bonds and the City Finance Director~Clerk must report any current <br />or anticipated deficiency in the Debt Service Fund to the City Council. There is <br />appropriated to the Debt Service Fund (i) capitalized interest financed from Bond <br />proceeds, if any, (ii) any amount over the minimum purchase price of the Bonds paid by <br />the Purchaser, and (iii) the accrued interest paid by the Purchaser upon closing and <br />delivery of the Bonds. <br /> <br />(b) The proceeds of the Bonds, less the appropriations made in paragraph (a), <br />together with any other funds appropriated during the construction of the projects financed <br />by the Bonds will be deposited in a separate construction fund to be used solely to defray <br />expenses of the projects and the payment of principal and interest on the Bonds prior to <br />the completion and payment of all costs of the Projects. When the projects are completed <br />and the cost thereof paid, the construction account is to be closed and any balance therein <br />is to be deposited in the Debt Service Fund. <br /> <br />DJK1l5934 <br />NE136-137 <br />