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UNITED STATES OF AMERICA <br /> 411 STATE OF MINNESOTA <br /> SHERBURNE COUNTY <br /> CITY OF ELK RIVER <br /> R- $ <br /> GENERAL OBLIGATION IMPROVEMENT <br /> BOND, SERIES 1984 <br /> INTEREST MATURITY DATE OF <br /> RATE DATE ORIGINAL ISSUE CUSIP <br /> August 1, 1984 <br /> REGISTERED OWNER: <br /> PRINCIPAL AMOUNT: <br /> KNOW ALL PERSONS BY THESE PRESENTS that the City of <br /> Elk River, Sherburne County, Minnesota (the "Issuer") , <br /> certifies that it is indebted and for value received promises <br /> to pay to the registered owner specified above, or registered <br /> assigns, in the manner hereinafter set forth, the principal <br /> • amount specified above, on the maturity date specified above, <br /> unless called for earlier redemption, and to pay interest <br /> thereon semiannually on February 1 and August 1 of each year <br /> (each, an "Interest Payment Date" ) commencing February 1, 1985 <br /> at the rate per annum specified above, (calculated on the basis <br /> of a 360-day year of twelve 30-day months) until the principal <br /> sum is paid or has been provided for. This Bond will bear <br /> interest from the most recent Interest Payment Date to which <br /> interest has been paid or, if no interest has been paid, from <br /> the date of original issue hereof. The principal of and <br /> premium, if any, on this Bond are payable upon presentation and <br /> surrender hereof at the principal office of <br /> , a <br /> duly organized and validly existing under the laws of <br /> (the "Bond Registrar") , acting as <br /> paying agent, or any successor paying agent duly appointed by <br /> the Issuer. Interest on this Bond will be paid on each <br /> Interest Payment Date by check or draft mailed to the person in <br /> whose name this Bond is registered (the "Holder" or <br /> "Bondholder" ) on the registration books of the Issuer <br /> maintained by the Bond Registrar and at the address appearing <br /> 5 <br />