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the payment of such defaulted interest. All principal of and interest on this Bond are payable in <br /> any coin or currency of the United States of America which on the date of payment is legal <br /> tender for the payment of public and private debts. <br /> Date of Payment Not a Business Day. If the nominal date for payment of any principal of <br /> or interest on this Bond shall not be a business day of the City or of the Owner, then the date for <br /> such payment shall be the next such business day and payment on such business day shall have <br /> the same force and effect as if made on the nominal date of payment. <br /> Issuance; Purpose. This Bond is issued as a single instrument under and pursuant to and <br /> in full conformity with the Constitution and laws of the State of Minnesota and pursuant to a <br /> resolution adopted by the City Council, the governing body of the City, on June 23, 2009 (the <br /> "Resolution"), together with the City's $60,000 Taxable Library Revenue Bonds, Series 2009B, <br /> for the purpose of providing money to finance the acquisition of a library (the "Project"). This <br /> Bond is payable out of the Library Revenue Bond, Series 2009 Fund of the City. <br /> Security; Limited Obligation. This Bond is payable solely out of the Debt Service <br /> Account of the Taxable Library Revenue Bonds, Series 2009 Fund (the "Fund") of the Issuer, to <br /> which Account there has been irrevocably pledged (i) any collection of donations to the City <br /> specifically for the library which are not required by the donor to be used for a purpose other <br /> than repayment of the bonds or the acquisition of the library building; (ii) all funds remaining in <br /> the Acquisition Account after and payment of the costs and expense payable therefrom; (iii) all <br /> investment earnings on funds held in the Debt Service Account; (iv) amounts held in the City's <br /> Library Endowment Fund and (v) any and all other moneys which are properly available and are <br /> �-- appropriated by the governing body of the City to the Debt Service Account (collectively, the <br /> "Series 2009A Pledged Revenues"). This Bond and interest hereon do not constitute a debt of <br /> the City within the meaning of any constitutional or statutory provision, are not payable from or <br /> a charge upon any funds or property of the City other than Pledged Revenues, and do not give <br /> rise to a pecuniary liability of the City or, to the extent permitted by law, of any of the City's <br /> officers, agents or employees, and no holder of this Bond shall ever have the right to compel any <br /> exercise of the taxing power of the City to pay this Bond or the interest hereon, or to enforce <br /> payment thereof against any property of the City and this Bond does not constitute a charge, lien <br /> or encumbrance, legal or equitable, upon any property of the City, other than Pledged Revenues. <br /> Optional Redemption. The Bond is subject to redemption and prepayment without <br /> penalty at the option of the City, in whole but not in part, on any date, upon 15 days' prior <br /> written notice to the Owner, at a redemption price of par plus accrued interest to date of <br /> prepayment. <br /> Transfer. This Bond is transferable, as provided in the Resolution, upon the Register kept <br /> by the City Clerk-Treasurer upon surrender of this Bond together with a written instrument of <br /> transfer duly executed by the Owner or the Owner's attorney duly authorized in writing, and <br /> thereupon a new, fully registered Bond in the same aggregate principal amount shall be issued to <br /> the transferee in exchange therefor (or the transfer shall be duly recorded on the Register and the <br /> Certificate of Registration hereof), upon the payment of charges and satisfaction of applicable <br /> conditions, if any, as therein prescribed; provided that such transfer may occur only with respect <br /> to the entire Bond and only upon receipt of a certificate of the purchaser in a form <br /> 2369329v1 B-2 <br />