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This Bond is one of an issue in the aggregate principal amount of$2,200,000 (the <br /> • "Bonds") all of like date and tenor except as to serial number, interest rate, redemption privilege <br /> and maturity date, issued pursuant to a resolution adopted by the City Council on March 25, <br /> 2003 (the "Resolution"), for the purpose of financing the costs of improvements to the water and <br /> sewer utility of the City and is issued pursuant to and in full conformity with the provisions of <br /> the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota <br /> Statutes, Section 444.075 and Chapter 475. For the full and prompt payment of the principal and <br /> interest on the Bonds as the same become due, the full faith, credit and taxing power of the City <br /> have been and are hereby irrevocably pledged. The Bonds are issuable only as fully registered <br /> bonds in denominations of$5,000 or any multiple thereof, of single maturities. <br /> Bonds maturing in the years 2005 through 2013 are payable on their respective <br /> stated maturity dates without option of prior payment, but Bonds having stated maturity dates in <br /> the years 2014 through 2024 are each subject to redemption and prepayment, at the option of the <br /> City and in whole or in part, and if in part, in the maturities selected by the City and, within any <br /> maturity, in $5,000 principal amounts selected by lot, on February 1, 2013 and on any date <br /> thereafter, at a price equal to the principal amount thereof to be redeemed plus accrued interest to <br /> the date of redemption. <br /> [INSERT REDEMPTION PROVISIONS FOR ANY TERM BONDS] <br /> At least thirty days prior to the date set for redemption of any Bond, notice of the <br /> call for redemption will be mailed to the Bond Registrar and to the registered owner of each <br /> • Bond to be redeemed at his address appearing in the Bond Register, but no defect in or failure to <br /> give such mailed notice of redemption shall affect the validity of the 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 the Bonds so to be redeemed shall, on <br /> the redemption date, become due and payable at the redemption price herein specified and from <br /> and after such date (unless the City shall default in the payment of the redemption price) such <br /> Bond or portions of Bonds shall cease to bear interest. Upon the partial redemption of any Bond, <br /> a new Bond or Bonds will be delivered to the registered owner without charge, representing the <br /> remaining principal amount outstanding. <br /> As provided in the Resolution and subject to certain limitations set forth therein, <br /> this Bond is transferable upon the books of the City at the principal office of the Bond Registrar, <br /> by the registered owner hereof in person or by his attorney duly authorized in writing upon <br /> surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, <br /> duly executed by the registered owner or his attorney; and may also be surrendered in exchange <br /> for Bonds of other authorized denominations. Upon such transfer or exchange,the City will <br /> cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the <br /> same aggregate principal amount, bearing interest at the same rate and maturing on the same <br /> date, subject to reimbursement for any tax, fee or governmental charge required to be paid with <br /> respect to such transfer or exchange. <br /> The City and the Bond Registrar may deem and treat the person in whose name <br /> this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the <br /> • -3- <br />