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<br />Signature Guaranteed: <br /> <br />Signature{s) must be guaranteed by a national bank or trust company or by a <br />brokerage firm having a membership in one of the major stock exchanges. <br /> <br />The Bond Registrar will not effect transfer of this Bond unless the information <br />concerning the assignee requested below is provided. <br /> <br />Name and Address: <br /> <br />(Include information for all joint owners if <br />this Bond is held by joint account.) <br /> <br />Please insert social security or <br />other identifying number of assignee <br /> <br />-. <br /> <br />3.02. The City Clerk-Treasurer shall obtain a copy of the proposed approving <br />legal opinion of Holmes & Graven, Chartered, Minneapolis, Minnesota, which shall <br />be complete except as to dating thereof and shall cause the opinion to be printed on <br />each Bond, together with a certificate to be signed by the facsimile signature of the <br />Clerk-Treasurer in substantially the form set forth in the form of Bond. The Clerk- <br />Treasurer is hereby authorized and directed to execute such certificate in the name <br />of the City upon receipt of such opinion and to file the opinion in the City offices. <br /> <br />Section 4. Payment; Security; Plede:es and Covenants. <br /> <br />4.01. The City will create and continue to operate its Sewer and Water Fund <br />to which will be credited all gross revenues of the sewer and water plant and system <br />and out of which will be paid all normal and reasonable expenses of current <br />operations of the sewer and water plant and system. Any balance therein are <br />deemed net revenues and will be transferred, from time to time, to a General <br />Obligation Sewer and Water Revenue Bonds, Series 1994B Debt Service Fund {Debt <br />Service Fund} hereby created in the Sewer and Water Fund, which fund will be used <br />only to pay principal of and interest on the Bonds and any other bonds similarly <br />authorized. There will always be retained in the Debt Service Fund a sufficient <br />amount to pay principal of and interest on all the Bonds, and the Clerk-Treasurer <br />must report any current or antiCipated deficiency in the Debt Service Fund to the <br />City Council. There is appropriated to the Debt Service Fund all capitalized interest <br />financed from Bond proceeds, if any, any amount over the minimum purchase price <br />of the Bonds paid by the Purchaser and all accrued interest paid by the Purchaser <br />upon closing and delivery of the Bonds. <br /> <br />811071738 <br />JlE136-118 <br />