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JAN 19 '95 04 :16PM EHLERS & ASSOCIATES <br />P.9/28 <br />"Special Record Date ") fixed by the Bond Registrar whenever money <br />becomes available for payment of the defaulted interest. Notice <br />of the Cranial Record Date shall he given to AnndholderS net less <br />than ten days prior to the Special Record Date. The principal of <br />and premium, if any, and interest on this Bond are payable in <br />lawful money of the United States of America. (So long as this <br />Bond is registered in the name of the Depository or its Nominee <br />as provided in the Resolution hereinafter described, and as those <br />terms are defined therein, payment of principal of, premium, if <br />any, and interest on this Bond and notice with respect thereto <br />shall be made as provided in the Letter of Representations, as <br />defined in the Resolution, and surrender of this Bond shall not <br />be required for payment of the redemption price upon a partial <br />redemption of this Bond. Until termination of the book -entry <br />only system pursuant to the Resolution, Bonds may only be, <br />registered in the name of the Depository or its Nominee.] <br />REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF <br />THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL <br />FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE. <br />IT IS HEREBY CERTIFIED AND RECITED that all acts, <br />conditions and things required by the Constitution and laws of <br />the State of Minnesota to be done, to happen and to be performed, <br />precedent to and in the issuance or this ttond, have been dunes, <br />have happened and have been performed, in regular and due form, <br />time and manner as required by law, and that this Bond, together <br />with all other debts of the Issuer outstanding on the date of <br />original issue hereof and the date of its issuance and delivery <br />to the original purchaser, does not exceed any constitutional or <br />statutory limitation of indebtedness. <br />IN WITNESS WHEREOF, the City of Little Canada, Ramsey <br />County, Minnesota, by its City Council has caused this Bond to be <br />executed on its behalf by the facsimile signatures of its Mayor <br />and its Administrator, the corporate seal of the Issuer having <br />been intentionally omitted as permitted by law. <br />Include only until termination of the book -entry only <br />system under paragraph 1 hereof. <br />281035.1 <br />10 <br />Page 24 <br />