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Bond i registe surren execut exch will ca thes date, s respec his Bond is one of an issue in the aggregate principal amount of $ all of like issue date and tenor, except as to number, maturity date, redemption privilege, and ate, all issued pursuant to a resolution adopted by the City Council on June 27, 2006 olution"), for the purpose of providing money to aid in financing the public ent costs of a project (the "Project") in the City, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, 469.174 to 469.179, Minnesota Laws 1998, Chapter 389, Article 11, Section 24, and ta Statutes, Sections 469.124 through 469.134 and the principal hereof and interest e payable primarily from tax increments resulting from increases in taxable valuation of erty in a tax increment financing district within the Project, as set forth in the Resolution reference is made for a full statement of rights and powers thereby conferred. The full credit of the City are irrevocably pledged for payment of this Bond and the City has obligated itself to levy ad valorem taxes on all taxable property in the City in the any deficiency in tax increments pledged, which taxes may be levied without limitation e or amount. The Bonds of this series are issued only as fully registered Bonds in ations of $5,000 or any integral multiple thereof of single maturities. origina interes (the "R develo the an Sectio Minne hereon real pr to whi faith Counc' event astor denom s provided in the Resolution and subject to certain limitations set forth therein, this transferable upon the books of the City at the principal office of the Registrar, by the d owner hereof in person or by the owner's attorney duly authorized in writing, upon r hereof together with a written instrument of transfer satisfactory to the Registrar, duly by the registered owner or the owner's attorney; and may also be surrendered in e for Bonds of other authorized denominations. Upon such transfer or exchange the City e a new Bond or Bonds to be issued in the name of the transferee or registered owner, of aggregate principal amount, bearing interest at the same rate and maturing on the same ~ect to reimbursement for any tax, fee or governmental charge required to be paid with o such transfer or exchange. he City and the Registrar may deem and treat the person in whose name this Bond is d as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of g payment and for all other purposes, and neither the City nor the Registrar will be by any notice to the contrary. T IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, ns and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed preliminary to and in the issuance of this Bond in order it a valid and binding general obligation of the City in accordance with its terms, have ne, do exist, have happened and have been performed as so required, and that the of this Bond does not cause the indebtedness of the City to exceed any constitutional or limitation of indebtedness. his Bond is not valid or obligatory for any purpose or entitled to any security or benefit e Resolution until the Certificate of Authentication hereon has been executed by the by manual signature of one of its authorized representatives. 8 I II IIII