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No Optional Redemption. All Bonds of this issue (the "Bonds") shall not be subject to <br />redemption and prepayment prior to their stated maturity dates. <br />Issuance; Purpose; General Obligation. This Bond is one of an issue in the total principal <br />amount of $5,835,000, all of like date of original issue and tenor, except as to number, maturity, <br />interest rate, redemption privilege and denomination, issued pursuant to and in full conformity <br />with the Constitution and laws of the State of Minnesota and pursuant to a resolution adopted by <br />the City Council on February 25, 2013 (the "Resolution"), for the purpose of providing funds <br />sufficient for a crossover refunding on February 1, 2015, of the Issuer's General Obligation <br />Capital Improvement Plan Bonds, Series 2004A, dated July 1, 2004, which mature on and after <br />February 1, 2016, and the General Obligation Tax Abatement Bonds, Series 2005A, dated May <br />1, 2005, which mature on or after February 1, 2016. This Bond is payable out of the Escrow <br />Account and the Debt Service Account established by the City pursuant to the Resolution. This <br />Bond constitutes a general obligation of the Issuer, and to provide moneys for the prompt and <br />full payment of its principal, premium, if any, and interest when the same become due, the full <br />faith and credit and taxing powers of the Issuer have been and are hereby irrevocably pledged. <br />Denominations; Exchange; Resolution. The Bonds are issuable solely in fully registered <br />form in Authorized Denominations (as defined in the Resolution) and are exchangeable for fully <br />registered Bonds of other Authorized Denominations in equal aggregate principal amounts at the <br />principal office of the Bond Registrar, but only in the manner and subject to the limitations <br />provided in the Resolution. Reference is hereby made to the Resolution for a description of the <br />rights and duties of the Bond Registrar. Copies of the Resolution are on file in the principal <br />office of the Bond Registrar. <br />Transfer. This Bond is transferable by the Holder in person or by the Holder's attorney <br />duly authorized in writing at the principal office of the Bond Registrar upon presentation and <br />surrender hereof to the Bond Registrar, all subject to the terms and conditions provided in the <br />Resolution and to reasonable regulations of the Issuer contained in any agreement with the Bond <br />Registrar. Thereupon the Issuer shall execute and the Bond Registrar shall authenticate and <br />deliver, in exchange for this Bond, one or more new fully registered Bonds in the name of the <br />transferee (but not registered in blank or to "bearer" or similar designation), of an Authorized <br />Denomination or Denominations, in aggregate principal amount equal to the principal amount of <br />this Bond, of the same maturity and bearing interest at the same rate. <br />Fees upon Transfer or Loss. The Bond Registrar may require payment of a sum <br />sufficient to cover any tax or other governmental charge payable in connection with the transfer <br />or exchange of this Bond and any legal or unusual costs regarding transfers and lost Bonds. <br />Treatment of Registered Owners. The Issuer and Bond Registrar may treat the person in <br />whose name this Bond is registered as the owner hereof for the purpose of receiving payment as <br />herein provided and for all other purposes, whether or not this Bond shall be overdue, and neither <br />the Issuer nor the Bond Registrar shall be affected by notice to the contrary. <br />Authentication. This Bond shall not be valid or become obligatory for any purpose or be <br />entitled to any security unless the Certificate of Authentication hereon shall have been executed <br />by the Bond Registrar. <br />9 <br />5253945v1 <br />