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Laderttt~re, and surrender of tkis Bond shall not be required for payment of the redemption price
<br />upon ~]. partial redemption of this Bond or for optional or mandatory purchases of this Bond or
<br />porti()ns thereof. Until termination of the book-entry only system pursuant to the Indenture,
<br />Bor~ds may be registered only in the name of DTC or its nominee, and notwithstanding express
<br />provisions of tiffs Bond providing other or contrary results, the Representation Letter (which
<br />include:~ the applicable practices and procedures of DTC) shall apply to this Bond.
<br />
<br /> This Bond is issued pursuant to Minnesota Statutes, Sections 469.090 through 469.I082
<br />and. f~ections 469.00 l through 469.047 and in conformity with the provisions, resix'ictions and
<br />limitations thereof, in aid of financing a certain project thereunder. This Bond does not
<br />constitute an indebtedness of the Issuer, within the meaning of'any constitutional or statutory
<br />limita, tion, does not give rise to a charge against the general credit, properties or taxing powers of
<br />the Issuer or the City of Ramsey, Minnesota (the ."City"_) and does not grant to the Holder any
<br />tright to have the Issuer or the City lew any taxes or appropriate any funds for the payment of the'
<br />principal hereof or interest hereon. This Bond is payable solely from the moneys received under
<br />the Lease hereinafter described, or held by the Trustee in a Fund appropr/ated to the payment of
<br />the Bonds under the Indenture, including payments of Rental Payments to be made by the City
<br />u~d~r the Lease.
<br />
<br /> This Bond is one of an issue in the aggregate principal amount of $19,200,000, eaCh in
<br />th~ denomination oi" $5,000, or an integral multiple thereof, and numbered from R-1 upwards, all
<br />o~: like tenor and effect, except as to number, denomination, interest rate, maturity and right of
<br />rede~r~ption, and all issued for the purpose of financing the costs of constructing, fm-nishing and
<br />equlr~ping a municipal center consisting of a city'hall, administration, police and related parking
<br />(Lhe "t~roject"). The land on which the Project is located is to be ground leas.ed to the Issuer
<br />under a Ground Lease from the City (the "Ground Lease"). The Project is to be leased to the
<br />CIO:, by the issuer pursuant to a Lease Agreement, dated as of June 1, 2005 (the "Lease").
<br />Ptrrsuant to the Indenture, the Issuer has assigned to the Trustee its rights and interests in the
<br />I.ease, including its rights to rental payments fi.om the City but excluding certain rights to
<br />pa.yment of expenses and indemnification. Reference is made to the Lease, the Ground Lease
<br />and the Indenture, copies of which are on file with the Trustee, for a complete description of the
<br />a_greements and covenants contained therein. Capitalized terms not defined herein shall have the
<br />mea~Eng given them in the Lease.
<br />
<br /> The Bonds are issued pursuant to a resolution ("the Bond Resolution") adopted by the
<br />governing body of the Issuer on May 24, 2005, and a Indenture of Trust, dated as of June 1, 2005
<br />(the "Indenture"), executed and delivered by the Issuer and the Trustee. The Bonds are equally
<br />a~d ratably secured by the Lease, the Indenture, and the Bond Resolution. The obligation of the
<br />Ci~>j under the Lease to make Rental Payments sufficient to pay the principal of and interest On
<br />the: 13onds, when due, is a limited obligation of the City which can be terminated, by non-
<br />appropriation, at the end of any fiscal year of the City. More specifically, the City has the right
<br />t~ cancel and terminate the Lease at the end of _any fiscal year of the City i£the City Council, the
<br />governing body of the City, determines not to appropriate moneys sufficient to pay the Rental
<br />Payn~ents coming due in the next fiscal year.
<br />
<br /> Ail the Bonds maturing on or after December 15, 2015, are subject to pr/or r~demption at
<br />thc <~ption of the Issuer, upon direction of the City, on December 15; 2014, and on any date
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