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This Bond shall not be valid or become obligatory for any purpose or be entitled to any
<br /> security unless the Certificate of Authentication hereon shall have been executed by the Bond •
<br /> Registrar.
<br /> Optional Redemption. All Bonds of this issue maturing on or after February 1, 2024,
<br /> both inclusive, are subject to redemption and prepayment at the option of the Issuer on
<br /> February 1, 2023, and on any date thereafter at a price of par plus accrued interest. Redemption
<br /> may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the
<br /> maturities and the principal amounts within each maturity to be redeemed shall be determined by
<br /> the Issuer; and if only part of the Bonds having a common maturity date are called for
<br /> prepayment, the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar.
<br /> Bonds or portions thereof called for redemption shall be due and payable on the redemption date,
<br /> and interest thereon shall cease to accrue from and after the redemption date. Mailed notice of
<br /> redemption shall be given to the paying agent and to each affected Holder of the Bonds.
<br /> Selection of Bonds for Redemption; Partial Redemption. To effect a partial redemption
<br /> of Bonds having a common maturity date, the Bond Registrar shall assign to each Bond having a
<br /> common maturity date, a distinctive number for each $5,000 of the principal amount of such
<br /> Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall
<br /> deem proper in its discretion, from the numbers assigned to the Bonds, as many numbers as, at
<br /> $5,000 for each number, shall equal the principal amount of such Bonds to be redeemed. The
<br /> Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided,
<br /> however, that only so much of the principal amount of such Bond of a denomination of more
<br /> than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so •
<br /> selected. If a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar
<br /> (with, if the Issuer or the Bond Registrar so requires, a written instrument of transfer in form
<br /> satisfactory to the Issuer and the Bond Registrar duly executed by the Holder thereof or his, her
<br /> or its attorney duly authorized in writing) and the Issuer shall execute (if necessary) and the
<br /> Bond Registrar shall authenticate and deliver to the Holder of such Bond, without service charge,
<br /> a new Bond or Bonds of the same series having the same stated maturity and interest rate and of
<br /> any Authorized Denomination or Denominations, as requested by such Holder, in aggregate
<br /> principal amount equal to and in exchange for the unredeemed portion of the principal of the
<br /> Bond so surrendered.
<br /> Issuance; Purpose; General Obligation. This Bond is one of an issue in the total principal
<br /> amount of$9,685,000, all of like date of original issue and tenor, except as to number, maturity,
<br /> interest rate, denomination and redemption privilege, 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 Board of Commissioners on February 4, 2013 (the "Resolution"), for the purpose of
<br /> providing funds to refund in advance of maturity and at their redemption date the 2018 to 2033
<br /> maturities of the Authority's General Obligation Bonds, Series 2007B, dated November 8, 2007
<br /> (the "Refunded Bonds"), of which $9,225,000 in principal amount is callable on February 1,
<br /> 2017. This Bond is payable out of the General Obligation Refunding Bonds, Series 2013A Fund
<br /> of the Issuer. This Bond constitutes a general obligation of the Issuer, and to provide moneys for
<br /> the prompt and full payment of its principal, premium, if any, and interest when the same
<br /> become due, the full faith and credit and taxing powers of the City of Elk River, Minnesota, have •
<br /> 8
<br /> 414396v3 JSB EL185-21
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