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The City of Lake Elmo, Mate of Minnesota (the "Issuer ") acknowledges itself to be
<br />indebted and for value received hereby promises to pay to the registered owner specified above,
<br />or registered assigns, the principal amount specified above on the maturity date specified above,
<br />with interest thereon from the date of original issue specified above or from the most recent
<br />interest payment date to which interest has been paid or duly provided for, at the annual rate
<br />specified above, payable on December 1 and June 1 in each year, commencing December 1,
<br />2009, to the person in whose name this Bond is registered at the close of business on the fifteenth
<br />day (whether or not a business day) of the immediately preceding month, all subject to the
<br />provisions referred to herein with respect to the redemption of this Bond before maturity.
<br />Interest hereon shall be computed on the basis of a 360 -day year composed of twelve 30 -day
<br />months. The interest hereon and, upon presentation and surrender hereof, the principal hereof
<br />are payable in lawful money of the United States of America by check or draft by Northland
<br />Trust Services, .Inc., Minneapolis, Minnesota, as Bond Registrar and Paying Agent, or by other
<br />means of payment if its designated successor under the Resolution described herein. For the
<br />prompt and full payment of such principal and interest as the same respectively become due, the
<br />full faith and credit and taxing powers of the Issuer have been and are hereby irrevocably
<br />pledged.
<br />This Bond is one of an issue in the aggregate principal amount of $1,050,000 (the
<br />"Bonds ") issued pursuant to a resolution adopted by the City Council on April 7, 2009 (the
<br />"Resolution "), to provide funds to refund certain outstanding general obligation bonds of the
<br />Issuer and is issued pursuant to and in full conformity with the Constitution and laws of the State
<br />of Minnesota thereunto enabling, including Minnesota Statutes, Chapter 475. The Bonds are
<br />issuable only in fully registered form, in denominations of $5,000 or any integral multiple
<br />thereof, of single maturities.
<br />Bonds maturing in 2018 and later years shall be subject to redemption and prepayment at
<br />the option of the Issuer, in whole or in part, in such order of maturity dates as the Issuer may
<br />select and, within a maturity, by lot as selected by the Registrar (or, if applicable, by the bond
<br />depository in accordance with its customary procedures) in multiples of $5,000, on December 1,
<br />2017, and on any date thereafter, at a price equal to the principal amount thereof and accrued
<br />interest to the date of redemption. The Issuer shall cause notice of the call for redemption
<br />thereof to be published as required by law, and at least thirty and not more than 60 days prior to
<br />the designated redemption date, shall cause notice of call for redemption to be mailed, by first
<br />class mail, to the registered holders of any Bonds, at the holders' addresses as they appear on the
<br />bond register maintained by the Bond Registrar, but no defect in or failure to give such mailed
<br />notice of redemption shall affect the validity of proceedings for the redemption of any Bond not
<br />affected by such defect or failure. Official notice of redemption having been given as aforesaid,
<br />the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and
<br />payable at the redemption price therein specified and from and after such date (unless the Issuer
<br />shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease
<br />to bear interest. Upon partial redemption of any Bond, a new Bond or Bonds will be delivered to
<br />the owner without charge, representing the remaining principal amount outstanding.
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