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o-.� � � . � � �: � 3 CITY of ORONO � � .. ti �� G~' RESOLUTION OF THE CITY COUNCIL `�kEs�IOg' No. � '� � � � � February 1 and August 1 of each year, commencing February 1,�2004,until said principal amount is paid. Principal is payable in lawful money of the United States of America at the office of � U.S. Bank National Association, in St. Paul,Minnesota, as Bond Registrar or of its successor as Bond Registrar designated by the City upon 60 days' notice to the registered owners at their registered addresses. Interest shall be paid on each February 1 and August 1 interest payment date by check or draft mailed�to the person in whose name this Bond is registered at the close of business on the 15th day of the month preceding each interest payment date(whether or not a business day) at said person's address set forth on the registration books maintained by the Bond Registrar. Any such interest not punctually paid or provided for will cease to be payable to the' . owner of record as of such regular record dates and such defaulted interest may be paid to the person in whose name this Bond shall be registered at the close of business on a special record � date for the payment of such defaulted interest established by the Bond Registrar. During such time as this Bond is registered in the name of Cede& Co., as nominee of Depository Trust Company New York,New York("DTC"),the method of payment, • notice of redemption and certain other matters are subject to the terms of a Blanket Letter of Representation executed by the City and DTC as such Letter may be amended from time to time. This Bond is one of an issue of Bonds in the aggregate principal amount of $885,000, all of like date and tenor except as to maturity and interest rate, issued pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota, including Section 475.67 and Chapter 429, Minnesota Statutes, for the purpose of providing funds to refund the City's outstanding General Obligation Sewer Improvement Bonds of 1993 which were issued to finance a sewer improvement identified in the Resolution described below; and this Bond is payable primarily from special assessments levied with respect to such improvement,but this Bond constitutes a general obligation of the City and to provide moneys for the prompt and full payment of said principal and interest as the same become due the full faith and credit of the City is hereby irrevocably pledged, and the City will levy ad valorem taxes on all taxable properiy in � the City, if required for such purpose,without limitation as to rate or amount. � This Bond is transferable, as provided by the Resolution of the City Council authorizing the issuance of the Bonds of this series adopted May 27, 2003 (the"Resolution") only upon books of the City kept at the office of the Bond Registrar by the Registered Owner hereof in person or by the Registered Owner's duly authorized attorney, upon surrender of this Bond for transfer at the office of the Bond Registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Bond Registrar duly executed by, the Registered Owner hereof or the Registered Owner's duly authorized attorney, and, upon payment � of any tax, fee or other governmental charge required to be paid with respect to such transfer, one or more fully registered Bonds of the series of the same principal amount, maturity and interest . Page 3 of 12