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acceptable to the City. The City may treat and consider the person in whose name this Bond is <br /> �-- registered as the absolute Owner hereof for the purpose of receiving payment of or on account of <br /> the principal of and interest on this Bond (except for the payment of interest to the Owner as of a <br /> Record Date) and for all other purposes whatsoever. <br /> Taxable Interest. The interest on this Bond is included in the gross income of the owner <br /> hereof for purposes of United States income tax and to the same extent in both gross income and <br /> taxable net income for purposes of State of Minnesota income tax. <br /> IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things <br /> required by the Constitution and laws of the State of Minnesota to be done, to happen and to be <br /> performed, precedent to and in the issuance of this Bond, have been done, have happened and <br /> have been performed, in regular and due form, time and manner as required by law, and that this <br /> Bond, together with all other debts of the City outstanding on the date of original issue hereof <br /> and the date of its issuance and delivery to the original purchaser, does not exceed any <br /> constitutional or statutory limitation of indebtedness. <br /> IN WITNESS WHEREOF, the City of Pequot Lakes, Crow Wing County, Minnesota, by <br /> its City Council has caused this Bond to be executed on its behalf by the manual signatures of its <br /> Mayor and its Clerk-Treasurer, the corporate seal of the City having been intentionally omitted <br /> as permitted by law. <br /> Date of Registration: Registrable by: OFFICE OF THE CITY <br /> CLERK-TREASURER, OF THE <br /> `-- CITY OF <br /> PEQUOT LAKES, <br /> MINNESOTA <br /> Payable at: OFFICE OF THE CLERK- <br /> TREASURER, <br /> CITY OF PEQUOT LAKES, <br /> MINNESOTA <br /> CITY OF PEQUOT LAKES, CROW WING <br /> COUNTY, MINNESOTA <br /> Mayor <br /> Clerk-Treasurer <br /> 2369329v1 B-3 <br />