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National Association, in Minneapolis, Minnesota, as Bond Registrar, Transfer Agent and Paying <br /> • Agent(the "Bond Registrar"), or its successor designated under the Resolution described herein. <br /> This Bond is one of an issue in the aggregate principal amount of$585,000 (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 September 23, <br /> 2003 (the "Resolution")to refund in advance of maturity certain general obligation bonds of the <br /> City, and is issued pursuant to and in full conformity with the provisions of the Constitution and <br /> laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Chapters 429 <br /> and 475. This Bond is payable primarily from the 2003 Refunding Bond Fund (the "Fund") of <br /> the City, but the City is required by law to pay maturing principal hereof and interest thereon out <br /> of any funds in the treasury if moneys on hand in the Fund are insufficient therefor. The Bonds <br /> are issuable only as fully registered bonds, in denominations of$5,000 or any integral multiple <br /> thereof, of single maturities. <br /> Bonds maturing in the years 2005 through 2008 are payable on their respective <br /> stated maturity dates without option of prior payment, but Bonds having stated maturity dates in <br /> the years 2009 through 2011 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 by lot, <br /> assigned in proportion to their principal amount, within any maturity, on February 1, 2008 and <br /> on any date thereafter, at a price equal to the principal amount thereof to be redeemed plus <br /> interest accrued to the date of redemption. <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 proceedings for the redemption <br /> of any Bond, not affected by such defect or failure. Official notice of redemption having been <br /> given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption <br /> date, become due and payable at the redemption price herein specified and from and after such <br /> date (unless the City shall default in the payment of the redemption price) such Bond or portions <br /> of Bonds shall cease to bear interest. Upon the partial redemption of any Bond, a new Bond or <br /> Bonds will be delivered to the registered owner without charge, representing the remaining <br /> 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 /> • -3- <br />