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Resolution hereinafter described, and as those terms are defined therein, payment of principal of, <br />premium, if any, and interest on this Bond and notice with respect thereto shall be made as <br />provided in the Letter of Representations, as defined in the Resolution, and surrender of this <br />Bond shall not be required for payment of the redemption price upon a partial redemption of this <br />Bond. Until termination of the book -entry only system pursuant to the Resolution, Bonds may <br />only be registered in the name of the Depository or its Nominee. <br />No Redemption. The Bonds of this issue (the "Bonds") are not subject to redemption and <br />prepayment prior to their stated maturity dates. <br />Issuance, Purpose: General Obli ag tion. This Bond is one of an issue in the total principal <br />amount of $1,340,000, all of like date of original issue and tenor, except as to number, maturity, <br />interest rate and denomination, issued pursuant to and in full conformity with the Constitution <br />and laws of the State of Minnesota and pursuant to a resolution adopted by the City Council on <br />July 19, 2010 (the "Resolution"), for the purpose of providing funds to finance the acquisition of <br />the Facility described in the Issuer's Capital Improvement Plan pursuant to a (i) current refunding <br />of the outstanding Public Project Revenue Bonds, Series 1998 (City of Hugo Lease With Option <br />to Purchase Project) of the Economic Development Authority of the City of Hugo, Minnesota, <br />dated September 1, 1998 and (ii) an advance refunding of the outstanding Public Facility Lease <br />Revenue Bonds, Series 2001 (City of Hugo, Minnesota Lease Obligation), pursuant to and in full <br />conformity with the Constitution and laws of the State of Minnesota, including Minnesota <br />Statutes, Chapter 475. This Bond is payable out of the Escrow Account and General Obligation <br />Capital Improvement Plan Bonds, Series 2010A Fund of the Issuer. This Bond constitutes a <br />general obligation of the Issuer, and to provide moneys for the prompt and full payment of its <br />principal, premium, if any, and interest when the same become due, the full faith and credit and <br />taxing powers of the Issuer have been and are hereby irrevocably pledged. <br />Denominations, Exchange, Resolution. The Bonds are issuable solely in fully registered <br />form in Authorized Denominations (as defined in the Resolution) and are exchangeable for fully <br />registered Bonds of other Authorized Denominations in equal aggregate principal amounts at the <br />principal office of the Bond Registrar, but only in the manner and subject to the limitations <br />provided in the Resolution. Reference is hereby made to the Resolution for a description of the <br />rights and duties of the Bond Registrar. Copies of the Resolution are on file in the principal <br />office of the Bond Registrar. <br />Transfer. This Bond is transferable by the Holder in person or by the Holder's attorney <br />duly authorized in writing at the principal office of the Bond Registrar upon presentation and <br />surrender hereof to the Bond Registrar, all subject to the terms and conditions provided in the <br />Resolution and to reasonable regulations of the Issuer contained in any agreement with the Bond <br />Registrar. Thereupon the Issuer shall execute and the Bond Registrar shall authenticate and <br />deliver, in exchange for this Bond, one or more new fully registered Bonds in the name of the <br />transferee (but not registered in blank or to "bearer" or similar designation), of an Authorized <br />Denomination or Denominations, in aggregate principal amount equal to the principal amount of <br />this Bond, of the same maturity and bearing interest at the same rate. <br />8 <br />2582oo9vL <br />