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UNITED STATES OF AMERICA • STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF FALCON HEIGHTS GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1993 Date of Interest Rate Maturity Original Issue CUSIl' May 1,1993 SEE REVERSE FOR CERTAIN DEFINITIONS REGISTERED OWNER: PRINCIPAL AMOUNT: DOLLARS • THE CITY OF FALCON HEIGHTS, Ramsey County, Minnesota (the City), acknowledges itself to be indebted and, for value received, hereby promises to pay to the registered owner named above, or registered assigns, the principal amount specified above, on the maturity date specified above, with interest thereon from the date of original issue specified above, or from the most recent interest payment date to which interest has been paid or duly provided for, at the annual rate specified above. Interest hereon is payable on February 1 and August 1 in each year, commencing February 1, 1994, to the person in whose name this Bond is registered at the close of business on the 15th day (whether or not a business day) of the immediately preceding month, all subject to the provisions referred to herein with respect to the redemption of the principal of this Bond before maturity. The interest hereon and, upon presentation and surrender hereof at the office of the City Clerk, in Falcon Heights, Minnesota, as Bond Registrar, Transfer Agent and Paying Agent (the Bond Registrar), or its successor designated under the Resolution described herein, the principal hereof, are payable in lawful money of the United States of America by check or draft of the City, or the Bond Registrar if a successor to the City Clerk as Bond Registrar has been designated under the Resolution described herein. This Bond is one of an issue in the aggregate principal amount of $1,075,000 (the Bonds), issued pursuant to a resolution adopted by the City Council • -3-