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392573v1 JSB BL140-12 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA GENERAL OBLIGATION EQUIPMENT CERTIFICATE OF INDEBTEDNESS, SERIES 2011 The City of Mounds View, Minnesota, a duly organized and existing municipal corporation in Ramsey County, Minnesota (the “City”), acknowledges itself to be indebted and for value received hereby promises to pay to the City of Blaine, Minnesota, (“Blaine”), a principal sum not to exceed $250,000 plus interest thereon at the rates set forth in Blaine’s General Obligation Equipment Certificates of Indebtedness, Series 2011A (the “Blaine Certificates”) but payable by the City in accordance with the Formula as defined in that certain Joint Powers Agreement for the Provision of Fire Protection Services dated December 11, 1990, as previously amended and supplemented (the “Joint Powers Agreement”). Annual payments of principal and interest, in amounts determined in accordance with the Joint Powers Agreement shall be payable February 1 of each year, commencing February 1, 2013. For the prompt and full payment of such principal and interest as the same respectively become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged and the City Council has obligated itself to levy ad valorem taxes on all taxable property, which taxes may be levied without limitation as to rate or amount. This Certificate is issued pursuant to a resolution adopted by the City Council on October 24, 2011 (the “Resolution”), for the purpose of providing money to finance various items of capital equipment for municipal fire protection and firefighting purposes for the Spring Lake Park-Blaine-Mounds View Fire Department (the “Equipment”), pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Section 412.301, and the principal hereof and interest hereon are payable primarily from ad valorem taxes, as set forth in the Resolution to which reference is made for a full statement of rights and powers thereby conferred. THIS CERTIFICATE IS NOT TRANSFERABLE. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed preliminary to and in the issuance of this Certificate in order to make it a valid and binding general obligation of the City in accordance with its terms, have been done, do exist, have happened and have been performed as so required, and that the issuance of this Certificate does not cause the indebtedness of the City to exceed any constitutional, or statutory limitation of indebtedness. IN WITNESS WHEREOF, the City of Mounds View, Ramsey County, Minnesota, by its City Council, has caused this Certificate to be executed on its behalf by the facsimile or manual signatures of the Mayor and City Administrator and has caused this Certificate to be dated as of the date set forth below. Dated: October 24, 2011 CITY OF MOUNDS VIEW, MINNESOTA Joe Flaherty, Mayor James Ericson, City Administrator