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this Bond is registered in the name of the Depository or its Nominee as provided in the <br />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. Until termination of the <br />book -entry only system pursuant to the Resolution, Bonds may only be registered in the name of <br />the Depository or its Nominee. <br />Optional Redemption. The Bonds of this issue (the "Bonds") maturing on February 1, <br />2019, and thereafter, are subject to redemption and prepayment at the option of the Issuer on <br />February 1, 2018, and on any date thereafter at a price of par plus accrued interest. Redemption <br />may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the <br />maturities and the principal amounts within each maturity to be redeemed shall be determined by <br />the Issuer; and if only part of the Bonds having a common maturity date are called for <br />prepayment, the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar. <br />Bonds or portions thereof called for redemption shall be due and payable on the redemption date, <br />and interest thereon shall cease to accrue from and after the redemption date. Mailed notice of <br />redemption shall be given to the paying agent and to each affected Holder of the Bonds prior to <br />the date fixed for redemption. <br />Selection of Bonds for Redemption; Partial Redemption. To effect a partial redemption <br />of Bonds having a common maturity date, the Bond Registrar shall assign to each Bond having a <br />common maturity date a distinctive number for each $5,000 of the principal amount of such <br />Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall <br />deem proper in its discretion, from the numbers assigned to the Bonds, as many numbers as, at <br />$5,000 for each number, shall equal the principal amount of such Bonds to be redeemed. The <br />Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided, <br />however, that only so much of the principal amount of such Bond of a denomination of more <br />than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so <br />selected. If a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar <br />(with, if the Issuer or Bond Registrar so requires, a written instrument of transfer in form <br />satisfactory to the Issuer and Bond Registrar duly executed by the Holder thereof or the Holder's <br />attorney duly authorized in writing) and the Issuer shall execute (if necessary) and the Bond <br />Registrar shall authenticate and deliver to the Holder of such Bond, without service charge, a <br />new Bond or Bonds of the same series having the same stated maturity and interest rate and of <br />any Authorized Denomination or Denominations, as requested by such Holder, in aggregate <br />principal amount equal to and in exchange for the unredeemed portion of the principal of the <br />Bond so surrendered. <br />Issuance: Purpose; General Obligation. This Bond is one of an issue in the total principal <br />amount of $1,230,000, 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 a resolution adopted by the City Council on September <br />17, 2007 (the "Resolution"), for the purpose of providing money to finance the construction of <br />various improvements within the juri4diction of the Issuer. This Bond is payable out of the <br />