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R - <br />INTEREST <br />RATE <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />WASHINGTON COUNTY <br />CITY OF HUGO <br />TAXABLE GENERAL OBLIGATION TAX INCREMENT <br />BOND, SERIES 2000A <br />REGISTERED OWNER: <br />PRINCIPAL AMOUNT: <br />MATURITY DATE OF <br />DATE ORIGINAL ISSUE <br />NOVEMBER 28, 2000 <br />CUSIP <br />DOLLARS <br />KNOW ALL PERSONS BY THESE PRESENTS that the City of Hugo, <br />Washington County, Minnesota (the "Issuer"), certifies that it is indebted and for value received <br />promises to pay to the registered owner specified above, or registered assigns in the manner <br />hereinafter set forth, the principal amount specified above, unless called for earlier redemption, <br />on the maturity date specified above, and to pay interest thereon semiannually on February 1 and <br />August 1 of each year (each, an "Interest Payment Date"), commencing August 1, 2001, at the <br />rate per annum specified above (calculated on the basis of a 360 -day year of twelve 30 -day <br />months) until the principal sum is paid or has been provided for. This Bond will bear interest <br />from the most recent Interest Payment Date to which interest has been paid or, if no interest has <br />been paid, from the date of original issue hereof. The principal of and premium, if any, on this <br />Bond are payable upon presentation and surrender hereof at the principal office of <br />(the 'Bond Registrar"), acting as <br />paying agent, or any successor paying agent duly appointed by the Issuer. Interest on this Bond <br />will be paid on each Interest Payment Date by check or draft mailed to the person in whose name <br />this 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 on <br />the fifteenth day of the calendar month next preceding such Interest Payment Date (the "Regular <br />Record Date"). Any interest not so timely paid shall cease to be payable to the person who is the <br />Holder hereof as of the Regular Record Date, and shall be payable to the person who is the <br />Holder hereof at the close of business on a date (the "Special Record Date") fixed by the Bond <br />Registrar whenever money becomes available for payment of the defaulted interest. Notice of <br />the Special Record Date shall be given to Bondholders not less than ten days prior to the Special <br />Record Date. The principal of and premium, if any, and interest on this Bond are payable in <br />1221968.1 8 <br />