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IN WITNESS WHEREOF, the City of Elk River, Sherburne County, <br />• Minnesota, by its City Council, has caused this Certificate to be <br />executed by the manual signatures of its Mayor and City <br />Administrator; has caused the official seal of the City to be <br />impressed upon this Certificate; and has caused this Certificate to <br />be dated December 1, 1995. <br />• <br />City Administrator <br />CERTIFICATE OF REGISTRATION <br />Mayor <br />It is hereby certified that the foregoing Certificate was on <br />the date specified below registered in the name of Bank of Elk <br />River and that, at the request of the Registered Owner of this <br />Certificate, the undersigned has this day registered the <br />Certificate as to principal and interest in the name of such <br />Registered Owner, as indicated in the registration blank below, on <br />the books kept by the undersigned for such purposes. <br />NAME OF <br />REGISTERED OWNER <br />Bank of Elk River, <br />Elk River, Minnesota <br />DATE OF <br />REGISTRATION <br />December 1, 1995 <br />SIGNATURE OF CITY <br />FINANCE DIRECTOR <br />(End of Form of Certificate) <br />• 303682.1 5 <br />