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the close of business on a date (the "Special Record Date") fixed <br />by the Bond Registrar whenever money becomes available for <br />payment of the defaulted interest. Notice of the Special Record <br />Date shall be given to Bondholders not less than ten days prior <br />to the Special Record Date. The principal of and premium, if <br />any, and interest on this Bond are payable in lawful money of the <br />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 <br />Resolution hereinafter described, and as those terms are defined <br />therein, payment of principal of, premium, if any, and interest <br />on this Bond and notice with respect the shall be made as <br />provided in the Letter of Representations, as defined in the <br />Resolution, and surrender of this Bond shall not be required for <br />payment -of the redemption price upon a partial redemption of this <br />Bond. Until termination of the book -entry only system on <br />to the Resolution, Bonds may only be registered in the name -of <br />the Depository or its Nominee.]' <br />REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF <br />THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL <br />FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE. <br />IT IS HEREBY CERTIFIED AND RECITED that all acts, <br />conditions and things required by the Constitution and laws of <br />the State of Minnesota to be done, to happen and to be performed, <br />precedent to and in the issuance of this Bond, have been done, <br />have happened and have been performed, in regular and due form, <br />time and manner as required by law, and that this Bond, together <br />with all other debts of the Issuer outstanding on the date of <br />original issue hereof and the date of its issuance and delivery <br />to the original purchaser, does not exceed any constitutional or <br />statutory limitation of indebtedness. <br />IN WITNESS WHEREOF, the City of Hugo, Washington <br />County, Minnesota, by its City Council has caused this Bond to be <br />executed on its behalf by the facsimile signatures of its Mayor <br />and its Clerk -Treasurer, the corporate seal of the Issuer having <br />been intentionally omitted as permitted by law. <br />Include only until termination of the book -entry only <br />system under paragraph 2 hereof. <br />931992.1 9 <br />