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made as provided in the Letter of Representations, as defined in the Resolution, and surrender of this Series 2016A Bond shall not be required for payment of the redemption price upon a partial redemption of this Series 2016A Bond. Until termination of the book-entry only system pursuant to the Resolution, Series 2016A Bonds may only be registered in the name of the Depository or its Nominee. This Series 2016A Bond is one of an issue (the "Series 2016A Bonds") in the aggregate principal amount of $9,755,000, issued pursuant to a resolution adopted by the Elk River Municipal Utilities Commission (the "Commission") on June 14, 2016 (the "Resolution"), to provide funds to finance a portion of the costs of the acquisition of the Commissioner's membership interest in the Minnesota Municipal Power Association in connection with the City's electric system (the "Electric System") and is issued pursuant to and in full conformity with the provisions of the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Chapter 475 and Sections 412.321 through 412.391. This Series 2016A Bond and the interest thereon are payable solely from Net Revenues, as defined in the Resolution, of the Electric System which have been pledged to the payment thereof, and are issued on a parity of lien with the pledge of Net Revenues to the $2,030,000 original principal amount of Electric Revenue Bonds, Series 20014A, dated March 13, 2014, (the "Prior Bonds") and to the $1,370,000 original principal amount of Electric Revenue Refunding Bonds, Series 2016B dated July 14, 2016 (the "Series 2016A Bonds"). The Series 2016A Bonds do not constitute a debt of the City within the meaning of any constitutional or statutory limitation of indebtedness, and the full faith and credit and taxing power of the City are not pledged to the payment of the principal of or interest on the Series 2016A Bonds. Additional Bonds may be issued, which are payable on a parity of lien from the Net Revenues of the Electric System, upon the terms and conditions provided in the Resolution. The City may elect on February 1,2025, and on any date thereafter to prepay Bonds due on or after February 1, 2026. Redemption may be in whole or in part and if in part, at the option of the City and in such order as the City will determine. If less than all Bonds of a maturity are called for redemption, the City will notify The Depository Trust Company ("DTC") of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a price of par plus accrued interest. The Series 2016A Bonds are issuable solely in fully registered form in Authorized Denominations (as defined in the Resolution) and are exchangeable for fully registered Series 2016A Bonds of other Authorized Denominations in equal aggregate principal amounts at the principal office of the Bond Registrar, but only in the manner and subject to the limitations provided in the Resolution. Reference is hereby made to the Resolution for a description of the rights and duties of the Bond Registrar. Copies of the Resolution are on file in the principal office of the Bond Registrar. This Series 2016A Bond is transferable by the Holder in person or the Holder's attorney duly authorized in writing at the principal office of the Bond Registrar upon presentation and surrender hereof to the Bond Registrar, all subject to the terms and conditions provided in the Resolution and to reasonable regulations of the City contained in any agreement with the Bond 479938v3 JSB EL185-41 B-2