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presentation and surrender hereof, the principal hereof, are payable in lawful money of the United States of America by check or draft of wells Fargo Bank, National Association, in Minneapolis, Minnesota, as Bond Registrar, Transfer Agent and Paying Agent (the "Bond Registrar"), or its successor designated under the Resolution described herein. This Bond is one of an issue in the aggregate principal amount of $3,190,000 (the "Bonds"), all of like date and tenor except as to serial number, interest rate, redemption privilege and maturity date, issued pursuant to a resolution adopted by the City Council on March 14, 2006 (the "Resolution") to pay the cost of construction of local improvements and to provide funds to refund certain general obligation bonds of the City to pay issued a the cost of construction of local improvements, and is issued pursuant to and in full conformity with.the provisions of the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes,' Chapters 429 and 475. This Bond is payable primarily from the 2006A General Obligation Bonds Bond Fund (the "Fund") of the City, but the City is required by law to pay maturing principal hereof and interest thereon out of any funds in the treasury if moneys on hand in the- Fund are insufficient therefor. The Bonds are issuable only as fully registered bonds, in denominations of $5,,00.0 or any integral multiple thereof, of single maturities. Bonds maturing in the years 2007 through 2013 are payable on their respective stated maturity dates without option of prior payment, but Bonds having stated maturity dates in the years 2014 through 2022 are each subject to p redemption andprepayment, at the o tion of the p City and in whole or in part and if in part, in the maturities selected by the City and by lot, assigned in proportion to their principal amount, within any maturity, on February 1, 2013 and on any date thereafter, at. -a price equal to the principal amount thereof to be redeemed plus interest accrued to the date of redemption. [INSERT REDEMPTION PROVISIONS FOR ANY TERM BONDS] At least thirty days prior to the date set for redemption of any Bond, notice of the call for redemption will be mailed to the Bond Registrar and to the registered owner of each Bond to be redeemed at his address appearing in the Bond Register, but no defect in or failure to give such mailed notice of redemption shall affect the validity of proceedings for the redemption of any Bond, not affected by such defect or failure. Official notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price herein specified and from and after such date (unless the City shall default in the payment of the redemption rice) such Bond or.. portions of Bonds shall cease to bear- interest.. Upon the partial redemption of any Bond, a new Bond or Bonds will be delivered to the registered owner without charge, representing the remaining principal amount outstanding. As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by the registered owner hereof in-person or by his attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner or his attorney; and may also be surrendered in exchange g -3- 92