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such purposes by the City Council on all taxable property in the City and pledged to the payment hereof, all pursuant to and to the extent provided in the Bond Resolution; but this Bond constitutes a general obligation of the City, and, to provide moneys for the prompt and full payment of the prin- cipal of and interest on all of the Bonds as the same become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged, and the City Council will levy ad valorem taxes, if required for such purpose, which taxes may be levied on all of the taxable property in the City without limitation as to rate or amount. This Bond may be transferred or exchanged, but only upon the Bond Register and only by the Registered Owner or its attorney duly authorized in writing, upon surrender hereof together with a duly executed written instrument of transfer satisfactory to the Bond Registrar, whereupon the Bond Reg- istrar shall authenticate and deliver in the name of the designated transferees a new registered Bond or Bonds of the same aggregate amount, maturity, rate of interest, and other terms hereof. Only the Registered Owner shall be entitled to receive the principal of and interest on this Bond, and the City and the Bond Registrar may treat the Registered Owner as the absolute owner hereof for all other purposes whatsoever. IT IS HEREBY CERTIFIED AND RECITED that all acts, condi- tions, and things required by the Constitution and laws of the State of Minnesota to be done, to have happened, and to be performed precedent to and in the issuance of this Bond have been done, have happened, and have been performed in regular and due form, time, and manner as required by law; and that this Bond, together with all other indebtedness of the City outstanding on the date hereof and on the date of its actual issuance and delivery, does not cause the indebt- edness of the City to exceed any constitutional or statutory limitation thereon. IN WITNESS WHEREOF, the Ci ty of New Br ighton, Ramsey County, Minnesota, by its City Council, has caused this Bond to be executed by the manual or facsimile signatures of its Mayor and City Manager; has caused this Bond to be executed manually by the Bond Registrar, as the City's duly appointed authenticating agent for the Bonds; has caused the official seal of the City to be omitted from this Bond as permitted by law; and has caused this Bond to be dated August 1, 1986. (OMIT SEAL) City Manager Mayor - 10 -