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R - <br />INTEREST <br />RATE <br />`s <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />WASHINGTON COUNTY <br />CITY OF HUGO <br />GENERAL OBLIGATION TEMPORARY IMPROVEMENT <br />BOND, SERIES 1998B <br />MATURITY <br />DATE <br />FEBRUARY 1, 2001 <br />REGISTERED OWNER: <br />DATE OF <br />ORIGINAL ISSUE <br />MAY 26, 1998 <br />CUSIP <br />PRINCIPAL AMOUNT: DOLLARS <br />KNOW ALL PERSONS BY THESE PRESENTS that the City of <br />Hugo, Washington County, Minnesota (the "Issuer"), certifies that <br />it is indebted and for value received promises to pay to the <br />registered owner specified above, or registered assigns, in the <br />manner hereinafter set forth, the principal amount specified <br />above, on the maturity date specified above, unless called for <br />earlier redemption, and to pay interest thereon semiannually on <br />February 1 and August 1 of each year (each, an "Interest Payment <br />Date"), commencing February 1, 1999, at the rate per annum <br />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 <br />provided for. This Bond will bear interest from the most recent <br />Interest Payment Date to which interest has been paid or, if no <br />interest has been paid, from the date of original issue hereof. <br />The principal of and premium, if any, on this Bond are payable <br />upon presentation and surrender hereof at the principal office of <br />Firstar Trust Company, 1555 North RiverCenter Drive, Milwaukee, <br />Wisconsin 53212, Attention: Corporate Trust Services, Suite 301, <br />as agent for Firstar Bank of Minnesota, N.A., in St. Paul, <br />Minnesota (the "Bond Registrar"), acting as paying agent, or any <br />successor paying agent duly appointed by the Issuer. Interest on <br />this Bond will be paid on each Interest Payment Date by check or <br />draft drawn on Firstar Trust Company and mailed to the person in <br />whose name this Bond is registered (the "Holder" or "Bondholder") <br />on the registration books of the Issuer maintained by the Bond <br />Registrar and at the address appearing thereon at the close of <br />business on the fifteenth day of the calendar month next <br />preceding such Interest Payment Date (the "Regular Record Date"). <br />Any interest not so timely paid shall cease to be payable to the <br />person who is the Holder hereof as of the Regular Record Date, <br />and shall be payable to the person who is the Holder hereof at <br />931992.1 8 <br />