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34 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTIES OF HENNEPIN AND RAMSEY CITY OF ST. ANTHONY GENERAL OBLIGATION STREET RECONSTRUCTION BOND, SERIES 2008A No. R - Date of Interest Rate Maturity On rinal Issue CUSIP February I, 20 June 5, 2008 REGISTERED OWNER: CEDE & CO. PRINCIPAL AMOUNT: DOLLARS THE CITY OF ST. ANTHONY, Hennepin and Ramsey Counties, Minnesota (the "City"), acknowledges itself to be indebted and, for value received, hereby promises to pay to the registered owner named above, or registered assigns, the principal amount specified above, on the maturity date specified above, with interest thereon from the date of original issue specified above, or from the most recent interest payment date to which interest has been paid or duly provided for, at the annual rate specified above. Interest hereon is payable on February 'I and August 1 in each year, commencing February 1, 2009, to the person in whose name this Bond is registered at the close of business on the 15th day (whether or not a business day) of the immediately preceding month, all subject to the provisions referred to herein with respect to the redemption of the principal of this Bond before maturity. The interest hereon and, upon 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 $1,910,000 (the "Bonds"), issued pursuant to a resolution adopted by the City Council on May 13, 2008 (the "Resolution"), to provide funds to finance various street reconstruction projects pursuant to the 5 -Year Street Reconstruction Plan approved by the City Council in accordance with Minnesota Statutes, Section 475.58, subdivision 3b, and is issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Chapter 475. The Bonds are issuable only as fully registered bonds in denominations of $5,000 or any multiple thereof, of single maturities. Bonds maturing in the years 2010 through 2015 are payable on their respective stated maturity dates without option of prior payment, but Bonds having stated maturity dates in 2016 and later years are each subject to redemption and prepayment, at the option of the City and in whole or in part, and if in part, in the maturities selected by the City and, within a maturity, in -2-