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<br />Sinking Fund Installation Date
<br />Interchange Portion Refunding Portion
<br />February 1, 2015 Term Bonds
<br />2014 _ $70,000
<br />2015 (maturity) $150,000 70,000
<br />This Bond is one of an issue in the aggregate principal amount of $2,015,000 all of like original issue
<br />date and tenor, except as to number, maturity date, redemption privilege, and interest rate, all issued pursuant
<br />to a resolution adopted by the City Council on October 22, 2012 (the "Resolution "), for the purpose of
<br />providing money to aid in financing the cost of (i) road interchange improvements within the City; and (ii)
<br />refund the February 1, 2014 through February 1, 2019 maturities of the City' s General Obligation
<br />Improvement and Refunding Bonds, Series 2003A, dated December 1, 2003, pursuant to and in full
<br />conformity with the home rule charter of the City and the Constitution and laws of the State of Minnesota,
<br />including Minnesota Statutes, Chapter 475, and (with respect to the interchange improvements) pursuant to
<br />authority granted by the voters of the City at a duly called and regularly held election, and the principal hereof
<br />and interest hereon are payable in part from special assessments and in part from ad valorem taxes, as set
<br />forth in the Resolution to which reference is made for a full statement of rights and powers thereby conferred.
<br />The full faith and credit of the City are irrevocably pledged for payment of this Bond and the City Council
<br />has obligated itself to levy additional ad valorem taxes on all taxable property in the City in the event of any
<br />deficiency in assessments or taxes, which additional taxes may be levied without limitation as to rate or
<br />amount. The Bonds of this series are issued only as fully registered Bonds in denominations of $5,000 or any
<br />integral multiple thereof of single maturities.
<br />The City Council has designated the issue of Bonds of which this Bond forms a part as "qualified
<br />tax- exempt obligations" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as
<br />amended (the "Code ") relating to disallowance of interest expense for financial institutions and within the
<br />$10 million limit allowed by the Code for the calendar year of issue.
<br />As provided in the Resolution and subject to certain limitations set forth therein, this Bond is
<br />transferable upon the books of the City at the principal office of the Registrar, by the registered owner hereof
<br />in person or by the owner's attorney duly authorized in writing, upon surrender hereof together with a written
<br />instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or the owner's
<br />attorney; and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such
<br />transfer or exchange the City will cause a new Bond or Bonds to be issued in the name of the transferee or
<br />registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on
<br />the same date, subject to reimbursement for any tax, fee, or governmental charge required to be paid with
<br />respect to such transfer or exchange.
<br />The City and the Registrar may deem and treat the person in whose name this Bond is registered-as
<br />the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment and for
<br />all other purposes, and neither the City nor the Registrar will be affected by any notice to the contrary.
<br />IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions
<br />and things required by the home rule charter of the City and the Constitution and laws of the State of
<br />Minnesota to be done, to exist, to happen and to be performed preliminary to and in the issuance of this Bond
<br />in order to make it a valid and binding general obligation of the City in accordance with its terms, have been
<br />done, do exist, have happened and have been performed as so required, and that the issuance of this Bond
<br />does not cause the indebtedness of the City to exceed any constitutional, statutory or charter limitation of
<br />indebtedness.
<br />412159v2 SJB LN140 -108
<br />B -2
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