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UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF SHERBURNE <br />CITY OF ELK RIVER <br /> <br /> GENERAL OBLIGATION <br />WATER REVENUE BOND, SERIES 2003B <br /> <br />INTEREST MATURITY DATE OF <br />RATE DATE ORIGINAL ISSUE CUSIP <br /> <br />REGISTERED OWNER: <br />PRINCIPAL AMOUNT: <br /> <br />DOLLARS <br /> <br /> IQqOW ALL BY THESE PRESENTS that the City of Elk River, Sherburne County, <br />Minnesota (the "City"), acknowledges that it is indebted and, for value received, hereby promises to <br />pay to the registered owner specified above, or registered assigns, in the manner hereinafter set <br />forth, the principal amount specified above on the maturity date specified above, unless duly called <br />for prior redemption, and to pay interest thereon semiannually on February 1 and August 1 of each <br />year (each, an "Interest Payment Date"), commencing August 1, 2004, at the per annum rate of <br />interest specified above (calculated on the basis of a 360 day year consisting of twelve 30 day <br />months) until the principal sum is paid or has been provided for. This Bond will bear interest from <br />the most recent Interest Payment Date to which interest has been paid or, if no interest has been <br />paid, from the date of original issue hereof. The principal of this Bond is payable upon presentation <br />and surrender hereof at the principal office of <br /> ., in , (the "Bond Registrar"), <br />acting as paying agent, or any successor paying agent duly appointed by the City. Interest on this <br />Bond will be paid on each Interest Payment Date by check or draft mailed to the person in whose <br />name this Bond is registered (the "Holder" or "Bondholder") on the registration books of the City <br />maintained by the Bond Registrar and at the address appearing thereon at the close of business on <br />the fifteenth day of the calendar month next preceding such Interest Payment Date (the "Regular <br />Record Date"). Any interest not so timely paid shall cease to be payable to the person who is the <br />Holder hereof as of the Regular Record Date and shall instead be payable to the person that is the <br />Holder hereof at the close of business on a date (the "Special Record Date") frxed by the Bond <br />Registrar whenever money becomes available for payment of the defaulted interest. Notice of the <br />Special Record Date shall be given to Bondholders not less than ten days prior to the Special Record <br />Date. The principal of and interest on this Bond are payable in lawful money of the United States of <br />America. <br /> <br /> REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS <br />BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL FOR <br />ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE. <br /> <br />S:~ADMIN ~ResolutionsN 2003 ResolutionsN Unapproved~Bond2.DOC <br /> <br /> <br />