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THE CITY OF LAKE ELMO, MINNESOTA (the "City "), acknowledges itself to be
<br />indebted and hereby promises to pay to the registered owner named above, or registered assigns,
<br />the principal amount specified above on the maturity date specified above and promises to pay
<br />interest thereon from the date of original issue specified above or from the most recent Interest
<br />Payment Date (as hereinafter defined) to which interest has been paid or duly provided for, at the
<br />annual rate specified above, payable on.February I and August 1 of each year, commencing.
<br />August 1, 2011 (each such date, an "Interest Payment Date "), all subject to the provisions
<br />referred to herein with respect to the redemption of the principal of this Bond before maturity.
<br />The interest so payable on any Interest Payment Date shall be paid to the person in whose name
<br />this Bond is registered at the close of business on the fifteenth day (whether or not a business
<br />day) of the immediately preceding month. Interest hereon shall be computed on the basis of a
<br />360 -day year composed of twelve 30-day months. The interest hereon and, upon presentation
<br />and surrender hereof at the principal office of the Registrar described below, the principal hereof
<br />are payable in lawful money of the United States of America by check or.draft drawn on
<br />Northland Trust Services, Inc; Minneapolis, Minnesota, as bond registrar,: transfer agent and
<br />paying agent, or its successor designated under the Resolution described herein (the "Registrar ")
<br />For the prompt and fall paymentof such principal and-interest as the same respectively become
<br />due, the full faith and credit -and taxing powers of the City have been and are hereby irrevocably
<br />pledged.
<br />This Bond is one of an issue in the aggregate principal amount of $1,975,000 issued
<br />pursuant to a resolution adopted by the City Council on October 19, 2010 (the "Resolution "), to
<br />provide funds together with other available funds of the City, to refund the 2014;1hrough 2025
<br />maturities; aggregating $2,845,000 in principal amount, of the City's $4,090,000 General
<br />Obligation Capital Improvement Plan Bonds, Series 2004A, dated November 1., 2004. This
<br />Bond is issued by authority of and in strict accordance with the provisions of the Constitution
<br />and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Section
<br />475.521 and Chapter 475. The Bonds are issuable only in fully registered form, in
<br />denominations of $5,000 or any multiple thereof, of single maturities.
<br />Bonds maturing in 2020 and later years shall be subject to redemption and prepayment at
<br />the option of the City, in whole or in part, in such order of maturity dates as the City may select
<br />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 $59000, on February 1,
<br />2019, and on any date thereafter, at a price equal to the principal amount thereof and accrued
<br />interest to the date of redemption. The City shall cause notice of the call for redemption thereof
<br />to be published if and 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 (or, if applicable, provided in accordance with the operational arrangements of the
<br />bond depository), to the registered holders of any Bonds, at the holders' addresses as they appear
<br />on the bond register maintained by the 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
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