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No. R-1 $940,000 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF WASHINGTON CITY OF LAKE ELMO GENERAL OBLIGATION EQUIPMENT CERTIFICATE OF INDEBTEDNESS, SERIES 2018A Interest MaturityDate of CUSIP RateOriginal Issue 2.70% February 1, 2028 October 15, 2018 Registered Owner: Lake Elmo Bank The City of Lake Elmo, Minnesota, a duly organized and existing municipal corporation in Washington County, Minnesota (the "City"), acknowledges itself to be indebted and for value received hereby promises to pay to the Registered Owner, or registered assigns, the principal sum of $940,000 on February 1 in the years and installment amounts as follows: Year Amount Year Amount 2020 $90,000 2026 $110,000 2021 $95,000 2027 $115,000 2022 $10%000 2028 $115,000 2023 $100,000 2024 $105,000 2025 $110,000 with interest thereon from the date hereof at the annual rate specified above (calculated on the basis of a 360 day year of twelve 30 day months), payable February 1 and August l in each year, commencing August 1, 2019, to the person in whose name this Bond is registered at the close of business on the 15th day (whether or not a business day) of the immediately preceding month. The interest hereon and the principal installments hereof are payable in lawful money of the United States of America by check or draft by the City Clerk, as .Registrar, Authenticating Agent and Paying Agent, or its designated successor under the Resolution described herein. For the prompt and full payment of such principal and interest as the same respectively become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. The City may elect on any date to prepay all or a. portion of the principal amount of this Certificate. Redemption may be in whole or in part and if in part, at the option of the City and in A-1