2. Street Improvement District #2007-1

Section 18. Transfer. 18.01. Except as provided above, the Bonds are transferable upon the books of the Issuer at the principal office of the Bond Registrar, Mandan, North Dakota, by the registered owner thereof in person or by his attorney duly authorized in writing upon surrender thereof together with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner or his attorney; and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange the Issuer will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to such transfer or exchange. No transfer of Bonds shall be required to be made during the 15 days next preceding an interest payment date, nor during the 45 days next preceding the date fixed for redemption of such Bonds. 18.02. The Issuer and the Bond Registrar may deem and treat the person in whose name any Bond is registered as the absolute owner thereof, whether the Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the Issuer nor the Bond Registrar shall be affected by any notice to the contrary. Section 19. Qualified Tax Exempt. 19.01. The Issuer reasonably anticipates the amount of qualified tax-exempt obligations which will be issued by such Issuer, and all subordinate entities thereof during such calendar year shall not exceed $10,000,000. The Issuer does hereby designate the Bonds as a qualified tax-exempt obligation pursuant to Section 265(b) (3) of the Internal Revenue Code of 1986. Chairman of the Board of County Commissioners Attest: County Auditor -10-