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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, that the <br /> Issuer has covenanted and agreed with the Holder of the Bond that it will impose and collect <br /> charges for the service, use and availability of its municipal water system and municipal sanitary <br /> sewer system (together, the "Utility System") at the times and in amounts necessary to produce <br /> net revenues, together with other sums pledged to the payment of the Utility Revenue Portion of <br /> the Bond, as defined in the Resolution, adequate to pay all principal and interest when due on the <br /> Utility Revenue Portion of the Bond; and that the Issuer will levy a direct, annual, irrepealable ad <br /> valorem tax upon all of the taxable property of the Issuer, without limitation as to rate or amount, <br /> for the years and in amounts sufficient to pay the principal and interest on the Utility Revenue <br /> Portion of the Bond as they respectively become due; if the net revenues from the Utility System, <br /> and any other sums irrevocably appropriated to the Debt Service Account are insufficient <br /> therefor; and that this Bond, together with all other debts of the Issuer outstanding on the date of <br /> original issue hereof and the date of its issuance and delivery to the original purchaser, does not <br /> exceed any 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 facsimile signatures of <br /> its Mayor and its Administrator, the corporate seal of the Issuer having been intentionally <br /> omitted as permitted by law. <br /> Date of Registration: CITY OF PEQUOT LAKES, <br /> CROW WING COUNTY, MINNESOTA <br /> Apri121, 2020 <br /> REGISTRABLE BY AND <br /> PAYABLE AT: Mayor <br /> City Administrator <br /> City of Pequot Lakes, Minnesota <br /> Administrator <br /> 6 <br /> 12492107v1 <br />