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than repayment of the bonds or the acquisition of the library building; (ii) all funds remaining in the Acquisition Account after and payment of the costs and expense payable therefrom; (iii) all investment earnings on funds held in the Debt Service Account; and (iv) any and all other moneys which are properly available and are appropriated by the governing body of the City to the Debt Service Account (collectively, the "Pledged Revenues"). The Pledged Revenues shall be applied first to pay the principal of and interest on the Series 2009A Bond when due and thereafter to pay the principal of the Series 2009B Bonds on a prorata basis. The Bonds and interest thereon do not constitute a debt of the City within the meaning of any constitutional or statutory provision, are not payable from or a charge upon any funds or property of the City other than Pledged Revenues, and do not give rise to a pecuniary liability of the City or, to the extent permitted by law, of any of the City's officers, agents or employees, and no holder of the Bonds shall ever have the right to compel any exercise of the taxing power of the City to pay the Bonds or the interest hereon, or to enforce payment thereof against any property of the City and the Bonds do not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City, other than Pledged Revenues. Optional Redemption. The Bonds are subject to redemption and prepayment without penalty at the option of the City, in whole or in part, on any date, at a redemption price equal to the principal amount to be redeemed as designated by the City. Transfer. This Bond is transferable, as provided in the Resolution, upon the Register kept by the City Clerk-Treasurer upon surrender of this Bond together with a written instrument of transfer duly executed by the Owner or the Owner's attorney duly authorized in writing, and thereupon a new, fully registered Bond in the same aggregate principal amount shall be issued to the transferee in exchange therefor (or the transfer shall be duly recorded on the Register and the Certificate of Registration hereof), upon the payment of charges and satisfaction of applicable conditions, if any, as therein prescribed; provided that such transfer may occur only with respect to the entire Bond and only upon receipt of a certificate of the purchaser in a form acceptable to the City. The City may treat and consider the person in whose name this Bond is registered as the absolute Owner hereof for the purpose of receiving payment of or on account of the principal on this and for all other purposes whatsoever. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed, precedent to and in the issuance of this Bond, have been done, have happened and have been performed, in regular and due form, time and manner as required by law, and that this Bond, together with all other debts of the City outstanding on the date of original issue hereof and the date of its issuance and delivery to the original purchaser, does not exceed any constitutional or statutory limitation of indebtedness. 2369329v1 C-2