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CERTIFICA IE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Resolution mentioned within. By Authorized Representative [Reverse of the Bond] This Bond is one of an issue in the aggregate principal amount of $320,000 all of like original issue date and tenor, except as to number, maturity date, and interest rate, all issued pursuant to a resolution adopted by the City Council on January 14, 1997 (the Resolution), for the purpose of providing money to aid in financing various improvements to the utility system of the City, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Mirmesota Statutes, Section 115.46 and Chapters 444 and 475 and the principal hereof and interest hereon are payable primarily from the net revenues of the City utility system in a special debt service fund of the City, as set forth in the Resolution to which reference is made for a full statement of rights and 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 ad valorem taxes on all taxable property in the City in the event of any deficiency in net revenues pledged, which taxes may be levied without limitation as to rate or amount. The Bonds of this series are issued only as fully registered Bonds in denominations of $5,000 or any integral multiple thereof of single maturities. IT IS HEREBY CERTIFIED AND RECIIED That in and by the Resolution, the City has covenanted and agreed that it will continue to own and operate the utility plant and system free from competition by other like utilities; that adequate insurance on said plant and system and suitable fidelity bonds on employees will be carried; that proper and adequate books of account will be kept showing all receipts and disbursements relating to the Utility Fund, into which it will pay all of the gross revenues from the utility plant and system; that it will also create and maintain a General Obligation Utility Revenue Bonds, Series 1997 A Debt Service Fund, into which it will pay, out of the net revenues from the utility system a sum sufficient to pay principal hereof and interest thereon when due; and that it will provide, by ad valorem tax levies, for any deficiency in required net sewer system revenues. As provided in the Resolution and subject to certain limitations set forth therein, this Bond is 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 surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner or the owner's attorney; and may also be surrendered in OJKllS934 NE136~137