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requirement of law relating to the creation of Special Improvement <br /> District No. 1986-1, the construction of said 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 required to <br /> exist and things 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 City 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 City. The payment of this Bond and <br /> the interest thereon is not secured by an encumbrance, mortgage, <br /> or other pledge of property of the City, except for such special <br /> assessaents and other moneys pledged for the payment of Bonds, as <br /> set forth above. No property of the City, 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 corporate powers. <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 issue or transfer any Binds: ( 1) during <br /> a period beginning on the Record Date and ending at the close of <br /> business on the ensuing interest payment date, or (2) during the <br /> period beginning on any date of selection of Bonds to be redeemed <br /> and ending on the day on which the applicable notice of redemption <br /> is given. The Bond Registrar shall not be required to transfer <br /> any Bonds selected or called for redemption, in whole or in part. <br /> The City, the Paying Agent, and the Bond Registrar may <br /> deem and treat the registered owner of any Bond as the absolute <br /> owner 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 registered owner hereof <br /> in person or by his attorney duly authorised in writing, at the <br /> - 30 - <br />