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2 517257v1 JSB NE136-259 an interest rate per annum equal to the Fixed Rate multiplied by the Margin Rate Factor . In accordance with the foregoing clause (iii), the Fixed Rate was adjusted to 2.10% per annum January 1, 2018, provided that the City and Wells Fargo Bank, National Association have agreed to further adjust the Fixed Rate to 1.99% per annum effective March 1, 2018. This Bond is issued in a single Authorized Denomination in the principal amount of $5,040,000 pursuant to a resolution adopted by the City Council on September 12, 2017 (the “Resolution”), for the purpose of providing money to refund the outstanding principal amount of certain general obligation bonds of the City, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Sections 475.67 and the principal hereof and interest hereon are payable primarily from Available Tax Increments resulting from increases in the taxable value of real property in the City’s Tax Increment Financing Districts Nos. 31 and 32 in the City, and taxes pledged on all taxable property in 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 and taxing powers of the City are irrevocably pledged for payment of the principal of and interest on this Bond as the same respectively become due 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 Available Tax Increments pledged, which taxes may be levied without limitation as to rate or amount. Capitalized terms used in this Bond and not otherwise defined herein have the meanings assigned thereto in the Resolution. The City may elect on any date to prepay the principal amount of this Bond. Redemption may be in whole or in part and if in part, at the option of the City and in su ch manner as the City will determine and within a maturity by lot as selected by the registrar. Prepayments will be at a price of par plus accrued interest plus a Breakage Fee as set forth in Schedule I attached hereto. As provided in the Resolution, including without limitation Section 3.04 thereof, and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the 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 Registrar, duly executed by the registered Owner or the Owner’s attorney; and may also be surrendered in exchange for a Bond of a like aggregate principal amount and maturity. Upon such transfer or exchange the City will cause a new Bond of the outstanding principal amount, bearing interest at the same rate and maturing on the same date, to be issued, or cause this Bond to be registered by the Registrar, in the name of the transferee or registered Owner, subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. The City Council has designated this Bond a “qualified tax exempt obligation” within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the “Code”). The City and the Registrar may deem and treat the Person in whose name this Bond is registered as the absolute Owner hereof, whether this Bond is overdue or not, for the purpose of