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[Form of Certificate] <br /> <br />No. R-1 <br /> <br />$311,500 <br /> <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br /> COUNTY OF SHERBURNE <br /> CITY OF ELK RIVER <br /> <br /> GENERAL OBLIGATION <br />EQUIPMENT CERTIFICATE OF 1997 <br /> <br /> KNOW ALL BY THESE PRESENTS that the City of Elk River, <br />Sherborne County, Minnesota, acknowledges itself to be indebted <br />and, for value received, hereby promises to pay to The Bank of Elk <br />River, or its registered assigns (the "Registered Owner"), the <br />Principal Sum of THREE HUNDRED ELEVEN THOUSAND FIVE HUNDRED DOLLARS <br /> ($311,500) on February 1 in the years and principal amounts, <br />respectively, as follows: <br /> <br />Year <br /> <br />Principal Amount <br /> <br />1998 $30,000 <br />1999 70,375 <br />2000 70,375 <br />2001 70,375 <br />2002 70,375 <br /> <br />or on any earlier date on which the principal amounts of this <br />Certificate may be and shall have been duly called for prepayment, <br />and to pay interest to the Registered Owner from the date hereof on <br />the principal amounts hereof until the same are paid at the rate of <br />five percent (5.00%) per annum, interest to maturity payable on <br />February 1, 1998, and on each August 1 and February 1 thereafter <br />(the "Interest Payment Dates"). Interest shall be calculated on <br />the basis of a 360-day year consisting of 12 months of 30 days <br />each. The City Finance Director will pay the interest due on this <br />Certificate on each Interest Payment Date by mailing or delivering <br />a check or draft made payable to the person that was the Registered <br />Owner at the end of the day preceding such Interest Payment Date. <br />Both principal of and interest on this Certificate are payable in <br />any coin or currency of the United States of America which on the <br />date of payment is legal tender for public and private debts. At <br />the time of final payment of all principal of and interest on this <br />Certificate, the Registered Owner shall surrender this Certificate <br />to the City Finance Director. <br /> <br /> This Certificate is subject to prepayment at the option of the <br />City at any time, in inverse order of the principal maturities <br />hereof, in whole or in part, at par plus accrued interest to the <br /> <br />349593. I 3 <br /> <br /> <br />