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UNITED STATES OF AMERICA
<br />STATE OF MINNESOTA
<br />ANOKA COUNTY
<br />CITY OF LINO LAKES
<br />$294,525 GENERAL OBLIGATION CAPITAL NOTE, SERIES 2016A
<br />The City of Lino Lakes, Anoka County, Minnesota (the "City"), certifies that it is
<br />indebted and for value received promises to pay to the City of Circle Pines, Minnesota, or
<br />assigns duly certified on the Certificate of Registration attached to and made a part of this Note
<br />(the "Owner"), in the manner hereinafter set forth, the $294,525 principal amount of this Note in
<br />the principal installments due on the first day of each month in the years and in the amounts,
<br />respectively, as follows, with each such principal installment bearing interest at the rate of 2.00%
<br />per annum until paid in the amounts as follows:
<br />Principal Interest Principal Interest
<br />Month/Day/Year Installment Payment Month/Day/Year Installment Payment
<br />02/01/2017 $4,696.04 02/01/2022 33,000 $1,699.50
<br />08/01/2017 2,945.25 08/01/2022 1,369.50
<br />02/01/2018 $30,525 2,945.25 02/01/2023 33,000 1,369.50
<br />08/01/2018 2,640.00 08/01/2023 1,039.50
<br />02/01/2019 30,525 2,640.00 02/01/2024 33,825 1,039.50
<br />08/01/2019 2,334.75 08/01/2024 701.25
<br />02/01/2020 31,350 2,334.75 02/01/2025 34,650 701.25
<br />08/01/2020 2,021.25 08/01/2025 354.75
<br />02/01/2021 32,175 2,021.25 02/01/2026 35,475 354.75
<br />08/01/2021 1,699.50
<br />Interest shall be payable semiannually on the first day of each month in the years and the
<br />amounts set forth above, commencing February 1, 2017, and shall be calculated on the basis of a
<br />360 day year consisting of twelve 30 day months. At the time of final payment of all principal of
<br />and interest on this Note, the Owner shall surrender this Note to the City Clerk at the City Hall,
<br />in Lino Lakes, Minnesota. Notwithstanding anything to the contrary herein, the City's
<br />proportionate share of any amount transferred from the Capital Account to the Debt Service
<br />Account (as such terms are defined in the Issuer Note Resolution, defined hereinafter) upon
<br />completion of the Project shall be applied as a credit against the principal or interest payment or
<br />payments due on this Note after such transfer. The term "proportionate share" means the original
<br />principal amount of this Note as a share of the original principal amount of the Issuer Note.
<br />Manner of Payment. The principal of and interest on this Note are payable when due by
<br />check or draft mailed or otherwise delivered by or on behalf of the City Finance Director to the
<br />Owner hereof as of the end of the fifteenth (15th) day of the month, whether or not a business
<br />day (the "Record Date"), immediately preceding the applicable payment due date; provided that
<br />if the City shall be in default in payment of interest due on said date, whenever money becomes
<br />available for payment of such defaulted interest, the City Finance Director shall establish a
<br />special Record Date with respect to the payment thereof and shall mail written notice of the
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