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CERTIFICATE OF REGISTRATION <br /> <br /> It is hereby certified that the foregoing Certificate was as of the latest date specified <br />below registered in the name of the last Registered Owner noted below and that, at the request of <br />said Registered Owner of this Certificate, the undersigned City Finance Director has as of said <br />applicable date registered the Certificate as to principal and interest in the name of such <br />Registered Owner, as indicated in the registration blank below, on the books kept by the <br />undersigned for such purposes. <br /> <br />NAME OF REGISTERED OWNER <br />The Bank of Elk River <br /> <br />DATE OF <br />REGISTRATION <br /> <br />SIGNATURE OF CITY <br />FINANCE DIRECTOR <br /> <br />June 1, 2004 <br /> <br />(End of Form of Certificate) <br /> <br />1649748vl 5 <br /> <br /> <br />