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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 matu- rity, shall select the appropriate prepayment amount by lot therefrom, and shall authenticate and deliver to each Regis- tered 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 re- quired 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 $1,000,000, all of like date and tenor except as to matu- rity, interest rate, redemption privilege, and registration number, all issued by the City for the purpose of providing money to defray the expenses incurred and to be incurred in making local improvements, pursuant to and in full confor- mi ty wi th the Consti tution and laws of the State of Min- nesota, 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 City, 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 tax- able 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 per formed in - 6 -