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r <br /> presentation and surrender hereof, the principal hereof, are payable in lawful money of the <br /> United States of America by check or draft of Wells Fargo Bank, National Association, in <br /> Minneapolis, Minnesota, as Bond Registrar, Transfer Agent and Paying Agent (the "Bond <br /> Registrar"), or its successor designated under the Resolution described herein. <br /> This Bond is one of an issue in the aggregate principal amount of$1,790,000 (the <br /> "Bonds"), issued pursuant to a resolution adopted by the City Council on May 11, 2004 (the <br /> "Resolution"), for the purpose of financing a portion of the costs of various street improvements <br /> in the City(the "Improvements"), and is issued pursuant to and in full conformity with the <br /> provisions of the Constitution and laws of the State of Minnesota thereunto enabling, including <br /> Minnesota Statutes, Chapters 429 and 475. The Bonds are payable primarily from the 2004A <br /> Improvement Bond Fund(the"Fund") of the City. In addition, for the full and prompt payment <br /> of the principal and interest on the Bonds as the same become due, the full faith, credit and <br /> taxing power of the City have been and are hereby irrevocably pledged. The Bonds are issuable <br /> only as fully registered bonds in denominations of$5,000 or any multiple thereof, of single <br /> maturities. <br /> Bonds maturing in the years 2006 through 2012 are payable on their respective <br /> stated maturity dates without option of prior payment,but Bonds having stated maturity dates in <br /> 2013 and later years are each subject to redemption and prepayment, at the option of the City and <br /> in whole or in part, and if in part, in the maturities selected by the City and, within a maturity, in <br /> $5,000 principal amounts selected by lot, on February 1, 2012 and on any date thereafter, at a <br /> price equal to the principal amount thereof to be redeemed plus accrued interest to the date of <br /> 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 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 /> The Bonds have been designated by the City as "qualified tax-exempt <br /> obligations"pursuant to Section 265(b) of the Internal Revenue Code of 1986, as amended. <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 /> -3- <br />