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Authentication. This Certificate shall not be valid or become obligatory for any purpose <br /> or be entitled to any security unless the Certificate of Registration hereon shall have been executed <br /> by the Registrar. <br /> Qualified Tax-Exempt Obligation. This Certificate has been designated by the Issuer as a <br /> "qualified tax-exempt obligation" for purposes of Section 265(b)(3)of the Internal Revenue Code <br /> of 1986, as amended. <br /> IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required <br /> by the Constitution and laws of the State of Minnesota to be done,to happen and to be performed, <br /> precedent to and in the issuance of this Certificate,have been done,have happened and have been <br /> performed, in regular and due form, time and manner as required by law and that this Certificate, <br /> together with all other debts of the Issuer outstanding on the date of original issue hereof and the <br /> date of its issuance and delivery to the original purchaser, does not exceed any constitutional or <br /> 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 Certificate to be executed on its behalf by the manual of its Mayor <br /> and its City Administrator, the corporate seal of the Issuer having been intentionally omitted as <br /> permitted by law. <br /> Date of Registration: CITY OF PEQUOT LAKES <br /> CROW WING COUNTY <br /> February 15,2022 MINNESOTA <br /> REGISTRABLE BY AND <br /> PAYABLE AT: <br /> [Do not sign] <br /> Office of the City Clerk Mayor <br /> City of Pequot Lakes,Minnesota <br /> f Do not sign] <br /> City Administrator <br /> 5 <br /> 72511616v1 <br />