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NOTICE OF REDEMPTION $730,000 General Obligation Water Revenue Bonds, Series 2002B Dated as of May 1, 2002 City of Lake Elmo, Minnesota NOTICE IS HEREBY GIVEN THAT there have been called for redemption and prepayment on December 1, 2009, all outstanding Bonds of the above - referenced issue, dated, as originally issued, as of May 1, 2002, maturing December 1 in the following years and having the interest rates listed below: Maturity Amount CUSIP # Rate 2010 $30,000 * 4.10% 2011 35,000 * 4.20 2012 35,000 * 4.30 2013 35,000 * 4.40 2014 40,000 * 4.55 2015 40,000 * 4.70 2018 130,000 * 4.90 2021 155,000 * 5.00 *Indicates full call. The Bonds will be redeemed at a price of 100% of their principal amount plus accrued interest to the date of redemption. Holders of the Bonds should present them for payment to U.S. Bank National Association, St. Paul, Minnesota, on or before said date, when they will cease to bear interest, in the following manner: If by Mail: U.S. Bank National Association Corporate Trust Operations, 3rd Floor P. O. Box 64111 St. Paul, MN 55164 -0111 If by Hand or Ovemight Mail: U.S. Bank National Association 60 Livingston Avenue EP- MN -WS3C Bond Drop Window, I st Floor St. Paul, MN 55107 In compliance with the Interest and Dividend Compliance Act of 1983 and. Broker Reporting Requirements, the redeeming institutions are required to withhold 31 % of the principal amount of your holdings redeemed unless they are provided with your social security number or federal employer identification number, properly certified. This requirement is fulfilled through the submitting of a W -9 Form, which may be obtained at a bank or other financial institution. Additional information may be obtained from the undersigned or from Northland Securities, Inc., 45 S. 7"' St., Ste. 1900, Minneapolis, Minnesota 55402 (612- 851 - 5900), financial consultants to the City of Lake Elmo, Minnesota. Dated: , 2009.