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UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />WASHINGTON COUNTY <br />CITY OF HUGO <br />No' $5,000 <br />GENERAL OBLIGATION TEMPORARY IMPROVEMENT <br />BOND OF 1981 <br />KNOW ALL PERSONS BY THESE PRESENTS that the City of <br />Hugo, Washington County, Minnesota, certifies that it is <br />indebted and for value received promises to pay to bearer, with- <br />out option of prepayment, the principal sum of <br />FIVE THOUSAND DOLLARS <br />on the first day of October, 1984, and to pay interest thereon <br />from the date hereof until the principal is paid at the rate of <br />percent ( %) per <br />annum, payable semiannually on t efirst day of Apri=nd the <br />first day of October in each year, commencing April 1, 1982, <br />interest to maturity being represented by and payable in accord- <br />ance with and upon presentation and surrender of the interest <br />coupons hereto attached, as the same severally become due. <br />Both principal and interest are payable at <br />or any successor paying <br />agent duly appointed by the City, in any coin or currency of <br />the United States of America which at the time of payment is <br />legal tender for public and private debts. <br />This bond is one of an issue in the total principal <br />amount of*$170,000, all of like date and tenor, except as to <br />serial number, which bond has been issued pursuant to and in <br />full conformity with the Constitution and laws of the State of <br />Minnesota for the purpose of providing temporary financing for <br />the construction of street and storm sewer improvements in the <br />City and is payable out of the General Obligation Temporary <br />Improvement Bonds of 1981 Fund of the City, to which fund there <br />has been irrevocably pledged the special assessments and taxes <br />to be levied in respect to the improvements financed by said <br />issue, and into which fund there are to be paid the proceeds of <br />the definitive improvement bonds or additional temporary <br />improvement bonds which the City is required by law to issue at <br />or prior to the maturity of this bond for the purpose of re- <br />funding the same if the special assessments and taxes thereto- <br />fore collected, or any other municipal funds which are properly <br />available and are appropriated by the City Council for such <br />purpose, are not sufficient for the payment thereof. This bond <br />-3- <br />