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full payment of such principal and interest as the same respectively become due, the <br />full faith and credit and taxing powers of the City have been and are hereby <br />irrevocably pledged. <br /> <br /> The City may elect on February 1, 2005, and on any day thereafter to prepay <br />Bonds due on or after February 1, 2006. Redemption may be in whole or in part and <br />if in part, at the option of the City and in such manner as the City will determine. <br />If less than all Bonds of a maturity are called for redemption, the City will notify <br />Midwest Secu~'ities Trust Company (MSTC) of the particular amount of such maturity <br />to be prepaid. MSTC will determine by lot the amount of each participant's interest <br />in such maturity to be redeemed and each participant will then select by lot the <br />beneficial ownership interests in such maturity to be redeemed. All prepayments will <br />be at a price of par plus accrued interest. <br /> <br /> The City Council has designated the issue of Bonds of which this Bond forms <br />a part as "qualified tax exempt obligations" within the meaning of Section 265(b)(3) <br />of the Internal Revenue Code of 1986, as amended (the Code) relating to disallowance <br />of interest expense for financial institutions and within the $10 million limit allowed <br />by the Code for the calendar year of issue. <br /> <br /> Additional provisions of this Bond are contained on the reverse hereof and <br />such provisions have the same effect as though fully set forth in this place. <br /> <br /> This Bond is not valid or obligatory for any purpose or entitled to ~any <br />security or benefit under the Resolution until the Certificate of Authentication <br />hereon has been executed by the Bond Registrar by manual signature of one of its <br />authorized representatives. <br /> <br /> IN WITNESS WHEREOF, the City of Ramsey, Anoka County, Minnesota, by its <br />City Council, has caused this Bond to be executed on its behalf by the facsimile or <br />manual signatures of the Mayor and City Administrator and has caused this Bond to <br />be dated as of the date set forth below. <br /> <br />Dated: <br /> <br />CITY OF RAMSEY, MINNESOTA <br /> <br /> (Facsimile) <br />City Admirdstrator <br /> <br />Mayor <br /> <br />(Facsimile) <br /> <br />SJB04538 <br />RA125-36 <br /> <br /> <br />