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10 <br />4854-7635-7637.1 <br />construction of various capital improvement projects identified in the City’s 2022 to 2026 <br />Supplemental Capital Improvement Plan adopted November 8, 2021. This Bond is payable from <br />ad valorem taxes levied under the Resolution. This Bond constitutes a general obligation of the <br />City and to provide moneys for the prompt and full payment of said principal and interest as the <br />same become due the full faith and credit of the City is hereby irrevocably pledged, and the City <br />will levy additional ad valorem taxes on all taxable property in the City, if required for such <br />purpose, without limitation as to rate or amount. <br /> <br />This Bond is transferable, as provided by the Resolution of the City Council authorizing <br />the issuance of the Bonds of this series adopted December 13, 2021 (the “Resolution”), only upon <br />books of the City kept at the office of the Bond Registrar by the Registered Owner hereof in person <br />or by the Registered Owner’s duly authorized attorney, upon surrender of this Bond for transfer at <br />the office of the Bond Registrar, duly endorsed by, or accompanied by a written instrument of <br />transfer in form satisfactory to the Bond Registrar duly executed by, the Registered Owner hereof <br />or the Registered Owner’s duly authorized attorney, and, upon payment of any tax, fee or other <br />governmental charge required to be paid with respect to such transfer, one or more fully registered <br />Bonds of the series of the same principal amount, maturity and interest rate will be issued to the <br />designated transferee or transferees. The Registered Owner of this Bond may be treated as the <br />absolute owner hereof for all purposes. <br /> <br />The Bonds of this series are issuable only as fully registered bonds without coupons in <br />denominations of $5,000 or any integral multiple thereof not exceeding the principal amount <br />maturing in any one year. As provided in the Resolution and subject to certain limitations therein <br />set forth, the Bonds of this series are exchangeable for a like aggregate principal amount of Bonds <br />of this series of a different authorized denomination, as requested by the Registered Owner or the <br />owner’s duly authorized attorney upon surrender thereof to the Bond Registrar. <br /> <br />IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required <br />by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed <br />precedent to and in the issuance of this Bond have been done, have happened and have been <br />performed in regular and due form, time and manner as required by law and that this Bond, together <br />with all other indebtedness of the City outstanding on the date of its issuance, does not exceed any <br />constitutional or statutory limitation of indebtedness. <br /> <br />This Bond shall not be valid or become obligatory for any purpose until the Certificate of <br />Authentication and Registration hereon shall have been signed by the Bond Registrar. <br /> <br />IN WITNESS WHEREOF, the City of Orono, Minnesota, by its City Council, has caused <br />this Bond to be executed in its behalf by the facsimile signature of the Mayor and by the facsimile <br />signature of the City Clerk, all as of the Date of Original Issue specified above. <br /> <br /> Dennis Walsh, Mayor