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UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF SHERBURNE <br />CITY OF ELI( RIVER <br /> <br />R- $ <br /> <br />GENERAL OBLIGATION IMPROVEMENT <br /> BOND, SERIES 2003A <br /> <br />INTEREST MATURITY DATE OF <br />RATE DATE ORIGINAL ISSUE CUSIP <br /> <br />REGISTERED OWNER: <br /> <br />PRINCIPAL AMOUNT: <br /> <br />DOLLARS <br /> <br /> The City of Elk River, Sherburne County, Minnesota (the "City"), hereby <br />ackno~vledges itself to be indebted and, for value received, promises to pay to the registered owner <br />specified above, or registered assigns, in the manner hereinafter set forth, the principal amount <br />specified above on the maturity date specified above, unless duly called for earlier redemption, and <br />to pay interest thereon semiannually on February 1 and August I of each year (each, an "Interest <br />Payment Date"), commencing August 1, 2004, at the rate per annum specified above (calculated on <br />the basis of a 360-day year consisting of twelve 30-day months) until the principal sum is paid or has <br />been provided for. This Bond will bear interest from the most recent Interest Payment Date to <br />which interest has been paid or, if no interest has been paid, from the date of original issue hereof. <br />The principal of and premium, if any, on this Bond are payable upon presentation and surrender <br />hereof at the principal office of <br /> <br /> (the "Bond Registrar"), acting as paying agent, or at the principal office of any <br />successor paying agent duly appointed by the City. Interest on this Bond will be paid on each <br />Interest Payment Date by check or draft mailed to the person in whose name this Bond is registered <br />(the "Registered Owner") on the registration books of the City maintained by the Bond Registrar <br />and at the address appearing thereon at the close of business on the fifteenth day of the calendar <br />month preceding such Interest Payment Date (the "Regular Record Date"). Any interest not so <br />timely paid shall cease to be payable to the person who is the Registered Owner hereof as of the <br />Regular Record Date, and shall be payable to the person who is the Registered Owner hereof at the <br />close of business on a date (the "Special Record Date") fixed by the Bond Registrar whenever <br />money becomes available for payment of the defaulted interest. Notice of the Special Record Date <br />shall be given to Registered Owners not less than ten days prior to the Special Record Date. The <br />principal of and premium, if any, and interest on this Bond are payable in lawful money of the <br />United States of America. <br /> <br />S: ~AD MIN ~Resolutions\2003 ResolufonsN UnapprovedNBondl.DOC 8 <br /> <br /> <br />