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R - <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />CITY OF HUGO <br />GENERAL OBLIGATION CAPITAL IMPROVEMENT BOND, SERIES 2004A <br />Interest Rate Maturity Date Date Of Original Issue CUSIP <br />February 1, July 1, 2004 <br />REGISTERED OWNER: CEDE & CO. <br />PRINCIPAL AMOUNT: <br />THE CITY OF HUGO, MINNESOTA (the "Issuer"), certifies that it is indebted and for <br />value received promises to pay to the registered owner specified above, or registered assigns, in <br />the manner hereinafter set forth, the principal amount specified above, on the maturity date <br />specified above, unless called for earlier redemption, and to pay interest thereon semiannually on <br />February 1 and August 1 of each year (each, an "Interest Payment Date"), commencing February <br />1, 2005 at the rate per annum specified above (calculated on the basis of a 360 -day year of <br />twelve 30 -day months) until the principal sum is paid or has been provided for. This Bond will <br />bear interest from the most recent Interest Payment Date to which interest has been paid or, if no <br />interest has been paid, from the date of original issue hereof. The principal of and premium, if <br />any, on this Bond are payable upon presentation and surrender hereof at the principal office of <br />U.S. Bank National Association, in St. Paul, Minnesota (the "Bond Registrar"), acting as paying <br />agent, or any successor paying agent duly appointed by the Issuer. Interest on this Bond will be <br />paid on each Interest Payment Date by check or draft mailed to the person in whose name this <br />Bond is registered (the "Holder" or 'Bondholder") on the registration books of the Issuer <br />maintained by the Bond Registrar and at the address appearing thereon at the close of business <br />on the fifteenth day of the calendar month next preceding such Interest Payment Date (the <br />"Regular Record Date"). Any interest not so timely paid shall cease to be payable to the person <br />who is the Holder hereof as of the Regular Record Date, and shall be payable to the person who <br />is the Holder hereof at the close of business on a date (the "Special Record Date") fixed by the <br />Bond Registrar whenever money becomes available for payment of the defaulted interest. <br />Notice of the Special Record Date shall be given to Bondholders not less than ten days prior to <br />the Special Record Date. The principal of and premium, if any, and interest on this Bond are <br />payable in lawful money of the United States of America. So long as this Bond is registered in <br />the name of the Depository or its Nominee as provided in the Resolution hereinafter described, <br />and as those terms are defined therein, payment of principal of, premium, if any, and interest on <br />this Bond and notice with respect thereto shall be made as provided in the Letter of <br />Representations, as defined in the Resolution, and surrender of this Bond shall not be required <br />for payment of the redemption price upon a partial redemption of this Bond. Until termination of <br />the book -entry only system pursuant to the Resolution, Bonds may only be registered in the <br />name of the Depository or its Nominee. <br />16519WO 7 <br />