08.01 - Approve Lease-Lakes State Bank-Police Vehicles

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Date of Payment Not a Business Day. If the nominal date for payment of any principal of �-- or interest on this Certificate shall not be a business day of the Issuer or of the Owner, then the date for such payment shall be the next such business day and payment on such business day shall have the same force and effect as if made on the nominal date of payment. Transfer. This Certificate is transferable, as provided in the Resolution, upon the Register kept by the Clerk- Treasurer upon surrender of this Certificate 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 Certificate 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 Certificate and all of the remaining principal amount of the sole final maturity hereof. The Issuer may treat and consider the person in whose name this Certificate is registered as the absolute Owner hereof for the purpose of receiving payment of or on account of the principal of and interest on this Certificate (except for the payment of interest to the Owner as of a Record Date) and for all other purposes whatsoever. Qualified Tax - Exempt Obli ag tion. This Certificate has been designated by the Issuer as a "qualified tax- exempt obligation" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. 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 Certificate, have been done, have happened and have been performed, in regular and due form, time and manner as required by law and that this Certificate, together with all other debts of the Issuer 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. IN WITNESS WHEREOF, the City of Pequot Lakes, Crow Wing County, Minnesota, by its City Council has caused this Certificate to be executed on its behalf by the manual signatures of its Mayor and its Clerk- Treasurer, the corporate seal of the Issuer having been intentionally omitted as permitted by law. Date of Registration: CITY OF PEQUOT LAKES, CROW WING COUNTY, MINNESOTA May 12, 2010 REGISTRABLE BY AND PAYABLE AT: Its: City Clerk- Treasurer Mayor City of Pequot Lakes, Minnesota 2504596v1 Its: Clerk - Treasurer