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. UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF MOUNDS VIEW No. R- $ GENERAL OBLIGATION TAX INCREMENT BOND, SERIES 1989B Rate Maturity Nominal Date of Original Issue C USIP November 1, 1989 Registered Owner: Principal Amount: Dollars . The City of Mounds View, Minnesota (the "City"), for value received, hereby certifies that it is indebted and hereby promises to pay to the registered owner specified above, or registered assigns, the principal amount specified above on the maturity date specified above, upon the presentation and surrender hereof, and to pay to the registered owner hereof interest on such principal sum at the interest rate specified above from November 1, 1989, or the most recent interest payment date to which interest has been paid or duly provided for as specified below, on February 1 and August 1 of each year, commencing August 1, 1990, until said principal sum is paid. Principal and the redemption price are payable in lawful money of the United States of America at American National Bank and Trust Company, as Registrar, Transfer Agent and Paying Agent, in St. Paul, Minnesota, or at the offices of such successor agent as the City may designate upon 60 days notice to the registered owners at their registered addresses (the "Registrar"). Interest shall be paid on each February 1 and August 1 by check or draft of the Registrar mailed the last business day prior to the interest payment date to the person in whose name this Bond is registered at the close of business on the preceding January 15 and July 15 (whether or not a business day) at his or her address set forth on the bond register maintained by the Registrar. Any such interest not punctually paid or provided for will be paid to the person in whose name this Bond is registered at the close of business on a special record date established by the Registrar for the payment of such defaulted interest. The Bonds of this series maturing on or after February 1, 1998, are subject to redemption at the option of the City, in whole or in part in inverse order of maturity and by lot within a maturity, on February 1, 1997 and any date thereafter at a price equal to par and accrued interest. Thirty days' prior notice of redemption will be given by first-class mail to the Registrar and to the registered owners, and notice of redemption will be published in the manner provided by Minnesota Statutes, Chapter 475. No defect in mailed notice will affect the validity of the call for redemption of any Bond. This Bond is one of a series of the City's General Obligation Tax Increment Bonds, Series 1989B issued in the aggregate principal amount of Nine Hundred Thirty Thousand Dollars ($930,000) of like date and tenor except for number, interest rate, denomination, date of maturity and redemption privilege, and is . issued for the purpose of providing funds to finance or otherwise pay pursuant to 3