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8333721v2 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF LITTLE CANADA, MINNESOTA Educational Facilities Revenue Refunding Note, Series 2017 (Saint Paul Academy and Summit School Project) $7,500,000 FOR VALUE RECEIVED the City of Little Canada, Minnesota, (the "City") hereby promises to pay to the order of Bremer Bank, National Association, a national banking association, in Minneapolis, Minnesota, its successors or registered assigns (the "Lender"), from the source and in the manner hereinafter provided, the principal sum of SEVEN MILLION FIVE HUNDRED THOUSAND DOLLARS ($7,500,000), or so much thereof as has been advanced and remains unpaid from time to time (the "Principal Balance"), with interest thereon from the date hereof until paid or otherwise discharged as set forth in Paragraph 1 below, in any coin or currency which at the time or times of payment is legal tender for the payment of public or private debts in the United States of America, in accordance with the terms hereinafter set forth. 1. Commencing on the date of this Note and continuing through _______ __, 2027 (the “Adjustment Date”) interest shall accrue on the outstanding Principal Balance at the initial rate of ____% per annum (the “Initial Rate”). On the Adjustment Date through ________ __, 2037 (the “Final Maturity Date”), the interest rate on this Note will be adjusted to a rate per annum equal to sixty-seven percent (67%) of the sum of: (i) 215 basis points plus (ii) the 10-Year LIBOR/Swap Rate (defined below) in effect as of each Adjustment Date (the “Adjusted Rate”). Such adjustment to the interest rate shall be made and become effective as of the Adjustment Date and the interest rate as adjusted shall remain in effect through and including the day immediately preceding the Final Maturity Date. Notwithstanding anything herein to the contrary, during any period of time while the 10- year LIBOR/Swap Rate would be less than zero percent (0.0%), the 10-year LIBOR/Swap Rate shall be deemed to be zero (0). As used herein, the term “10-Year LIBOR/Swap Rate” means the rate for 10-year interest rate swaps (ICE Swap Rate midmarket par swap rates) as most recently published prior to the Adjustment Date by the Federal Reserve in Federal Reserve Statistical Release H.15, Selected Interest Rates (Daily), found at www.federalreserve.gov/releases/h15/update/ (the “Index”). The rate so published shall control absent manifest error. If the Index is no longer published by the Federal Reserve on the web site address set forth above or otherwise made available, the Index shall be a substantially comparable index selected by the Lender in its sole discretion. Interest on this Note shall be payable in monthly installments on the 1st day of each month commencing on _________ __, 2017, and continuing through and including ________ __, 2019. Principal and interest on this Note shall be payable in two hundred sixteen (216) monthly installments on the 1st day of each month commencing __________ __, 2019 and continuing thereafter until the Final Maturity Date in such amounts as are required to amortize the Principal Balance, together with accrued interest thereon at the interest rate then in effect,