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� < During such time as this Bond is registered in the name of Cede& Co., as nominee of � the Depository Trust Company of New York, New York ("DTC"), the method of payment, notice of redemption and certain other matters are subject to the terms of the Operational Arrangements of DTC as of the date of issuance of the Bonds as such Operational Arrangements may be amended from time to time. This Bond is one of an issue of Bonds in the aggregate principal amount of $1,910,000, 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, Minnesota Statutes, for the purpose of providing funds to refund the redeemable portions of the City's outstanding General Obligation Improvement Bonds of 1985 (the"Series 1985 Bonds") and its outstanding General Obligation Water and Sewer Bonds of 1989 (the"Series 1989 Bonds" and together with the Series 198� Bonds, the "Prior Bonds"); and this Bond is payable primarily from and is secured by a lien on and pledge of the net revenues of the Water and Sewer System of the City and from special assessments levied for Improvement Project No. 85-1; but this Bond constitutes a general obli�ation 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 pled�ed, and the City will levy ad valorem taxes on all taxable property 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 Cit�• Council authorizing the issuance of the Bonds of this series adopted December 11; 1995 (the "Resolution") only upon books of the City kept at the office of the Bond Re�istrar 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 rate will be issued to the designated transferee or transferees. The Registered Owner of this Bond may be treated as the absolute owner hereof for all purposes. The Bonds of this series are issuable only as fully registered bonds without coupons in � denominations of$5,000 or any integral multiple thereof not exceeding the principal amount maturing in any one year. As provided in the Resolution and subject to certain limitations therein set forth, the Bonds of this series are exchangeable for a like aggre�ate principal amount of Bonds of this series of a different authorized denomination, as requested by the Registered Owner or the owner's duly authorized attorney upon surrender thereof to the Bond Registrar. �. �' _ -5-