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IN WITNESS WHEREOF,the City of Elk River, Sherburne County, State of Minnesota, <br /> by the Commission, has caused this Series 2016B Bond to be executed by the signatures of the <br /> President and Secretary of the Commission and the Mayor and Clerk of the City and has caused <br /> this Series 2016B Bond to be dated as of the Date of Original Issue set forth above. <br /> 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 2016B Bond is one of the <br /> Series 2016B 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 /> 479283v3 JSB EL185-42 B-4 <br />