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before maturity. The interest so payable on any interest Payment Date shall be paid to the person
<br />in whose name this Bond is registered at the close of business on the first day (whether or not a
<br />business day) of the calendar month in which the Interest Payment Date occurs. interest hereon
<br />shall be computed on the basis of a 360 -day year composed of twelve 30 -day months. The
<br />interest hereon and, upon presentation and surrender hereof at the principal office of the agent of
<br />the Registrar described below, the principal hereof are payable in lawful money of the United
<br />States of America by check or draft drawn on Northland Trust Services, Inc., Minneapolis,
<br />Minnesota, as Bond registrar, transfer agent and paying agent, or its successor designated under
<br />the Resolution described herein (the Registrar) or other agreed-upon means of payment by the
<br />Registrar or its designated successor. For the prompt and full payment of such principal and
<br />interest as the same respectively come due, the full faith and credit and taxing powers of the City
<br />have been and are hereby irrevocably pledged.
<br />This Bond is one of an issue (the Bonds) in the aggregate principal amount of $5,615,000
<br />issued pursuant to a resolution adopted by the City Council on September 17, 201.3 (the
<br />Resolution), to finance street improvement projects in the City and improvements to the City's
<br />water and sewer systems (collectively, the System.), and is issued by authority of and in strict
<br />accordance with the provisions of the Constitution and laws of the State of Minnesota thereunto
<br />enabling, including Minnesota Statutes, Sections 444.075 and Chapters 429 and 475. For the full
<br />and prompt payment of the principal of and interest on the Bonds as the same become due, the
<br />full faith, credit and taxing power of the City have been and are hereby irrevocably pledged. The
<br />Bonds are issuable only in fully registered farm, in the denomination of $5,000 or any integral
<br />multiple thereof, of single maturities.
<br />Bonds maturing in 2022 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 $5,000, on July 15,
<br />2021, 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 to the extent required by law, and at least thirty (30) and not more than
<br />sixty (60) days prior to the designated redemption date, shall cause notice of call for redemption
<br />to be mailed, by first class mail (or, if applicable, provided in accordance with the operational
<br />arrangements of the securities depository), to the registered holders of any Bonds, at the holders'
<br />addresses as they appear on the Bond register maintained by the Bond Registrar, but no defect in
<br />or failure to give such mailed notice of redemption shall affect the validity of proceedings for the
<br />redemption of any Bond not affected by such defect or failure. Official notice of redemption
<br />having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the
<br />redemption date, become due and payable at the redemption price therein specified and from and
<br />after such date (unless the City shall default in the payment of the redemption price) such Bonds
<br />or portions of Bonds shall cease to bear interest. Upon. partial redemption of any Bond, a new
<br />Bond or Bonds will be delivered to the owner without charge, representing the remaining
<br />principal amount outstanding.
<br />Bonds maturing in the years 2030 and 2033 shall be subject to mandatory redemption, at
<br />a redemption price equal to their principal amount plus interest accrued thereon to the
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