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<br />requirement of law relating to the creation of Special Improvement <br />District No. 1986-1, the construction of sa id local improvements, <br />and the issuance of this Bond has been fully complied with by the <br />proper officers of the City, and that all conditions requir ed to <br />exist and t h i ng s required to be done precedent to and in the <br />issuance of this Bond to render the same lawful and valid, have <br />happened, been properly done and performed, and did exist in <br />regular and due time, form, and manner, as required by law. <br /> This Bond does not constitute a debt or an indebtedness <br />of the Ci ty within the meaning of any constitutional or statutory <br />limitation or provision, and shall not be considered or held to be <br />a general obligation of the Ci ty. The paymen t of this Bond and <br />the interest thereon is not secur ed by an encumbrance, mortgage, <br />or other pledge of property of the City, except for such special <br />assessments and other moneys pledged for the payment of Bonds, as <br />set forth above. No property of the Ci ty, subject to said <br />exception, shall be liable to be forfeited or taken in payment of <br />the Bonds. <br /> For the payment of this Bond and the interest thereon, <br />the City pledges all of its lawful corr:~)rate po we r s . <br /> The Bonds are issuable only in the form of registered <br />bonds in the denomination of $5,000 each. The Bond Registrar <br />shall not be required to is sue or transfer any Bo nds : ( 1 ) dur ing <br />a period beginning on the Record Date and ending at the close of <br />business on the ensuing interest payment date, or ( 2 ) dur ing the <br />period beginning on any date of selection of Bonds to be rede emed <br />and endi ng on the day on wh ich the applicable notice of redemption <br />is give n . The Bond Registrar shall not be required to trans fe r <br />any Bonds selected or called for redemption, in whole or in part. <br /> The Ci t Y , the Paying Agen t, and the Bond Registrar may <br />deem and treat the reg i s tered owner of any Bond as the absolute <br />owne r thereof for all purposes (whether or not such Bond shall be <br />overdue) and any notice to the contrary shall not be binding upon <br />the City, the Paying Agent, or the Bond Registrar. <br /> This Bond is transferable by the reg i s tered owner hereof <br />in person or by his attorney duly authorized in wr i t i ng, at the <br /> - 30 - <br />