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UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF FALCON HEIGHTS GENERAL OBLIGATION TAX INCREMENT REFUNDING BOND OF 1993 Date of Rate Maturity Original Issue CUSIP February 24, 1993 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 above named, the principal amount indicated above, on the maturity date specified above, with interest thereon from the date hereof at the annual rate specified above computed on the basis of the number of days elapsed in a 360 -day year consisting of twelve 30-day months, payable on February 1 and August 1 in each year, commencing August 1, 1993, to the person in whose name this Bond is registered at the dose 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 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 $1,200,000 (the "Bonds"), all of like date and tenor except as to serial number, interest rate, redemption privilege and maturity date, issued pursuant to a resolution -3-