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UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />WASHINGTON COUNTY <br />CITY OF HUGO <br />R- $ <br />TAXABLE GENERAL OBLIGATION TAX INCREMENT <br />BOND, SERIES 1997 <br />INTEREST MATURITY DATE OF <br />RATE DATE ORIGINAL ISSUE CUSIP <br />SEPTEMBER 1, 1997 <br />REGISTERED OWNER: <br />PRINCIPAL AMOUNT: <br />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, unless called for earlier redemption, on the maturity date <br />specified above, 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, 1998, 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, 615 East Michigan Street, Milwaukee, <br />Wisconsin 53202, Attention: Corporate Trust Services, Fifth <br />Floor, 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 />360858.1 2 <br />