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REFERENCE IS HEREBY MADE TO THE ADDITIONAL PROVISIONS OF THIS BOND WHICH ARE SET FORTH ON THE REVERSE SIDE HEREOF.) All Bonds of this issue maturing after February 1, 1993, are subject to redemption at the option of the City in in- verse order of maturities on said date and on any Interest Payment Date thereafter at a price at par plus accrued in- terest to date of redemption. If the City elects to prepay a principal amount of Bonds which results in not all of the principal amount of Bonds of the same maturity being called for prepayment, the Bond Registrar shall assign a separate number to each $5,000 multiple of each Bond of that matur- ity, shall select the appropriate prepayment amount by lot therefrom, and shall authenticate and deliver to each Reg- istered Holder of a Bond partially prepaid thereby a new Bond in the principal amount not so prepaid. Notice of any prior redemption of this Bond shall be given in the manner required by law and shall be mailed to the Registered OWner no less than 15 days prior to the date of redemption. This Bond is one of an issue of fully registered Bonds without interest coupons in the total principal amount of $2,125,000, all of like date and tenor except as to matur- ity, principal amount, interest rate, redemption privilege, and registration number, all issued by the Ci ty for the purpose of providing money to defray the expenses incurred and to be incurred in making local improvements, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 429, and is payable primarily from special assessments levied or to be levied against property specially benefited thereby, but this Bond constitutes a general obligation of the Ci ty, and, to provide moneys for the prompt and full payment of the principal 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 - 6 -