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UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />WASHINGTON COUNTY <br />CITY OF HUGO <br />GENERAL OBLIGATION REFUNDING BOND, SERIES 2013A <br />Interest Rate Maturity Date Date of Original Issue <br />February 1, March 21, 2013 <br />REGISTERED OWNER: CEDE & CO. <br />PRINCIPAL AMOUNT: <br />CUSIP <br />The City of Hugo, Washington County, Minnesota (the "Issuer"), certifies that it is <br />indebted and for value received promises to pay to the registered owner specified above, or <br />registered assigns, in the manner hereinafter set forth, the principal amount specified above, on <br />the maturity date specified above, without option of prior redemption, and to pay interest thereon <br />semiannually on February 1 and August 1 of each year (each, an "Interest Payment Date"), <br />commencing February 1, 2014, at the rate per annum specified above (calculated on the basis of <br />a 360 -day year of twelve 30 -day months) until the principal sum is paid or has been provided for. <br />This Bond will bear interest from the most recent Interest Payment Date to which interest has <br />been paid or, if no interest has been paid, from the date of original issue hereof. The principal of <br />and premium, if any, on this Bond are payable upon presentation and surrender hereof at the <br />principal office of U.S. Bank national Association, in Saint Paul, Minnesota (the "Bond <br />Registrar"), acting as paying agent, or any successor paying agent duly appointed by the Issuer. <br />Interest on this Bond will be paid on each Interest Payment Date by check or draft mailed to the <br />person in whose name this Bond is registered (the "Holder" or "Bondholder") on the registration <br />books of the Issuer maintained by the Bond Registrar and at the address appearing thereon at the <br />close of business on the first day of the calendar month next preceding such Interest Payment <br />Date (the "Regular Record Date"). Any interest not so timely paid shall cease to be payable to <br />the person who is the Holder hereof as of the Regular Record Date, and shall be payable to the <br />person who is the Holder hereof at the close of business on a date (the "Special Record Date") <br />fixed by the Bond Registrar whenever money becomes available for payment of the defaulted <br />interest. Notice of the Special Record Date shall be given to Bondholders not less than ten days <br />prior to the Special Record Date. The principal of and premium, if any, and interest on this Bond <br />are payable in lawful money of the United States of America. So long as this Bond is registered <br />in the name of the Depository or its Nominee as provided in the Resolution hereinafter described, <br />and as those terms are defined therein, payment of principal of, premium, if any, and interest on <br />this Bond and notice with respect thereto shall be made as provided in the Letter of <br />Representations, as defined in the Resolution, and surrender of this Bond shall not be required <br />for payment of the redemption price upon a partial redemption of this Bond. Until termination of <br />the book -entry only system pursuant to the Resolution, Bonds may only be registered in the <br />name of the Depository or its Nominee. <br />5253945v1 <br />