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Date of Registration: Registrable by: U.S. BANK NATIONAL ASSOCIATION <br /> Payable at: U.S. BANK NATIONAL ASSOCIATION <br /> CITY OF ELK RIVER, <br /> SHERBURNE COUNTY, MINNESOTA <br /> BOND REGISTRAR'S <br /> CERTIFICATE OF /s/ Facsimile <br /> AUTHENTICATION. Mayor <br /> This Series 2014A Bond is one of the <br /> Series 2014A Bonds described in the /s/ Facsimile <br /> Resolution mentioned within. Clerk <br /> U.S. Bank National Association, in St. ELK RIVER MUNICIPAL UTILITIES COMMISSION, <br /> Paul, Minnesota SHERBURNE COUNTY, MINNESOTA <br /> Bond Registrar <br /> /s/ Facsimile <br /> President <br /> By: <br /> Authorized Signature <br /> /s/Facsimile <br /> Secretary <br /> 10 <br /> 438081v3 JSB ELI85-25 <br /> 50 <br />