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TreatmenK of Reqistered_OwnDr.s. The Issuer and <br />Certificate Registrar may treat the person in whose name this <br />Certificate is registered as the owner hereof for the purpose of <br />receiving payr~ent as herein provided (except as otherwise <br />provided above with respect to the Record Dmte) and for. all other <br />purposes, whether or not this Certificate shall be overdue, and <br />neither the Issuer nor the Certificate Registrar shall be <br />affected by notice to the contrary. <br /> <br /> Oualif~e~ TaxrExe~pt.0bligation. This Certificate has <br />been designated by the Issuer as a "qualified tax-exempt <br />obligation" for purposes of Section 2gt(b) (3) of the Internal <br />Revenue Code of 1986, as amended. <br /> <br /> IT IS HEREBY CERTIFIED AND RECITED that all acts, <br />conditions and things required by the Constitution and laws of <br />the State of Minnesota and the Charter of the Issuer to be done, <br />to happen and to be performed, precedent to and in the issuance <br />of this Certificate, have been done, have happened and have been <br />performed, in regular and due form, time and manner as required <br />by law, and that this Certificate, together with all other debts <br />of the Issuer outstanding on the date of original issue hereof <br />and the date of its issuance and delivery to the original <br />purchaser, does not exceed any constitutional or statutory or <br />Charter limitation of indebtedness. <br /> <br /> <br />