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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 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, Sherbume County, Minnesota (the "City"), hereby <br />acknowledges itself to be indebted and, for value received, promises to pay to the registered <br />owner specified above, or registered assigns, in the manner hereinafter set forth, the principal <br />amount specified above on the maturity date specified above, unless duly called for earlier <br />redemption, and to pay interest thereon semiannually on February 1 and August 1 of each year <br />(each, an "Interest Payment Date"), commencing August 1, 2004, at the rate per annum specified <br />above (calculated on the basis of a 360-day year consisting of twelve 30-day months) until the <br />principal sum is paid or has been provided for. This Bond will bear interest from the most recent <br />Interest Payment Date to which interest has been paid or, if no interest has been paid, from the <br />date of original issue hereof. The principal of and premium, if any, on this Bond are payable <br />upon presentation and surrender hereof at the principal office of <br /> , in , <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 <br />registered (the "Registered Owner") on the registration books of the City maintained by the Bond <br />Registrar. and at the address appearing thereon at the close of business on the fifteenth day of the <br />calendar month preceding such Interest Payment Date (the "Regular Record Date"). Any interest <br />not so timely paid shall cease to be payable to the person who is the Registered Owner hereof as <br />of the Regular Record Date, and shall be payable to the person who is the Registered Owner <br />hereof at the close of business on a date (the "Special Record Date") fixed by the Bond Registrar <br />whenever money becomes available for payment of the defaulted interest. Notice of the Special <br />Record Date shall be given to Registered Owners not less than ten days prior to the Special <br />Record Date. The principal of and premium, if any, and interest on this Bond are payable in <br />lawful money of the United States of America. <br /> <br />1581385vl 8 <br /> <br /> <br />