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� • RESOLUTION #3151 as to maturity, interest rate and redemption privilege, issued • pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota, including Chapter 429, Minnesota Statutes, for the purpose of providing funds for construction of a certain local improvement known as the 1992 Stubbs Bay Sewer Improvement: Project;'sand •this Bond is payable primarily from special assessments levied and to be levied from its Improvement Bonds of 1992 Fund, but this Bond con�titutes 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 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 City Council authorizing the issuance of the Bonds of this series adopted August 10, 1992 (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 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 aggregate 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. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed precedent to and in the issuance of this Bond have been. done, . � have happened and have been performed in regular and due form, time and manner as required by law and that this Bond, together with all other indebtedness of the City outstanding on the date • - -5-