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Qualified Tax-Exempt Obligations. This Bond has been designated by the Issuer as a <br /> "qualified tax-exempt obligation" for purposes of Section 265(b)(3)of the Internal Revenue • <br /> Code of 1986, as amended. <br /> IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things <br /> required by the Constitution and laws of the State of Minnesota to be done,to happen and to be <br /> performed,precedent to and in the issuance of this Bond,have been done,have happened and <br /> have been performed,in regular and due form, time and manner as required by law, and that this <br /> Bond,together with all other debts of the Issuer outstanding on the date of original issue hereof <br /> and the date of its issuance and delivery to the original purchaser, does not exceed any <br /> constitutional or statutory limitation of indebtedness. <br /> IN WITNESS WHEREOF, the Economic Development Authority for the City of Elk <br /> River, Sherburne County,Minnesota,by its Board of Commissioners has caused this Bond to be <br /> executed on its behalf by the facsimile signatures of its President and Executive Director,the <br /> corporate seal of the Issuer having been intentionally omitted as permitted by law. <br /> Date of Registration: Registrable by: U.S. BANK NATIONAL <br /> 2008 ASSOCIATION <br /> Payable at: U.S.BANK NATIONAL <br /> BOND REGISTRAR'S ASSOCIATION <br /> CERTIFICATE OF <br /> AUTHENTICATION ECONOMIC DEVELOPMENT AUTHORITY110 <br /> This Bond is one of the FOR THE CITY OF ELK RIVER <br /> Bonds described in the SHERBURNE COUNTY,MINNESOTA <br /> Resolution mentioned <br /> within. <br /> U.S. Bank National Association, /s/Facsimile <br /> as Bond Registrar President <br /> By <br /> Authorized Signature <br /> /s/Facsimile <br /> Executive Director <br /> • <br /> 2114906y1 8 <br />