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will levy a direct, annual, irrepealable ad valorem tax upon all of the taxable property of the <br />`-- Issuer, without limitation as to rate or amount, for the years and in amounts sufficient to pay the <br />principal and interest on the Bonds as they respectively become due, if the net revenues from the <br />municipal water system, and any other sums irrevocably appropriated to the Debt Service <br />Account are insufficient therefor; and that this Bond, together with all other debts of the Issuer <br />_ outstanding on the date of original issue hereof and the date of its issuance and delivery to the <br />original purchaser, does not exceed any constitutional or statutory limitation of indebtedness. <br />� <br />� <br />IN WIT`NESS WHEREOF, the City of Pequot Lakes, Crow Wing County, Minnesota, by <br />its Ciiy Council has caused this Bond to be executed on its behalf by the facsimile signatures of <br />its Mayor and its Clerk-Treasurer. <br />Date of Registration: Registrable by: U.S. BANK NATIONAL <br />ASSOCIATION <br />Payable at: U.S. BANK NATIONAL <br />BOND REGISTRAR'S <br />CERTIFICATE OF <br />AUTHENTICATION <br />This Bond is one of the <br />Bonds described in the <br />Resolution mentioned <br />within. <br />U.S. BANK NATIONAL <br />ASSOCIATION, <br />St. Paul, Minnesota <br />Bond Registrar <br />: <br />Authorized Signature <br />ASSOCIATION <br />CITY OF PEQUOT LAKES, <br />CROW WING COUNTY, <br />MINNESOTA <br />/s/ facsimile <br />Mayor <br />/s/ facsimile <br />Clerk-Treasurer <br />10 <br />4767714v1 <br />