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and interest as the same become due, the full faith and credit of the City <br />is hereby irrevocably pledged, and the City Council has duly levied ad <br />valorem taxes on all taxable property in the City and will levy additional <br />ad valorem taxes, if required for such purpose, which taxes may be levied <br />on all of the taxable property in the City without limitation as to rate or <br />amount. The Certificates of this series are issued only as fully regis- <br />tered Certificates in denominations of $5,000 or any integral multiple <br />thereof, of single maturities. <br /> <br /> As provided in the Resolution and subject to certain limitations <br />set forth therein, this Certificate is transferable upon the books of the <br />City at the principal office of the Certificate Registrar, by the regis- <br />tered owner hereof in person or by his attorney duly authorized in writing <br />upon surrender hereof together with a written instrument of transfer <br />satisfactory to the Certificate Registrar, duly executed by the registered <br />owner or his attorney; and may also be surrendered in exchange for Certifi- <br />cates of other authorized denominations. Upon such transfer or exchange <br />the City will cause a new Certificate or Certificates to be issued in the <br />name of the transferee or registered o~mer, of the same aggregate principal <br />amount, bearing interest at the same rate and maturing on the same date, <br />subject to reimbursement for any tax, fee or governmental charge required <br />to be paid with respect to such transfer or exchange. <br /> <br /> The City and the Certificate Registrar may deem and treat the <br />person in whose name this Certificate is registered as the absolute owner <br />hereof, whether this Certificate is overdue or not, for the purpose of <br />receiving payment and for all other purposes, and neither the City nor the <br />Certificate Registrar shall be affected by any notice to the contrary. <br /> <br /> IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all <br />acts, conditions and things required by the Constitution and laws of the~ <br />State of Minnesota to be done, to exist, to happen and to be performed <br />preliminary to and in the issuance of this Certificate in order to make it <br />a valid and binding general obligation of the City in accordance with its <br />terms, have been done, do exist, have happened and have been performed as <br />so required, and that the issuance of this Certificate does not cause the <br />indebtedness of the City to exceed any constitutional or statutory limita- <br />tion of indebtedness. <br /> <br />8 <br /> <br /> <br />