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UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br /> COUNTY OF SHERBURNE <br /> CITY OF ELK RIVER <br /> <br />R- $622,500 <br /> <br />LIQUOR STORE REVENUE BOND OF 1997 <br /> <br /> KNOW ALL PERSONS BY THESE PRESENTS that the City of Elk <br />River, Sherburne County, Minnesota (the "City"), for value <br />received, hereby promises to pay, but only from the sources and <br />as hereinafter provided, to <br />or assigns duly registered on the Bond Register (the "Owner") <br />maintained by the City Finance Director, the principal sum of SIX <br />HUNDRED TWENTY-TWO THOUSAND FIVE RTJNDRED ($622,500) on February <br />in the years and principal amounts, respectively, as follows: <br /> <br />Year <br /> <br />Principal Amount <br /> <br />1998 $ 45,000 <br />1999 37,500 <br />2000 40,000 <br />2001 40,000 <br />2002 70,000 <br />2003 72,500 <br />2004 77,500 <br />2005 82,500 <br />2006 87,500 <br />2007 70,000 <br /> <br />$622,500 <br /> <br />or on any earlier date on which the principal amounts of this <br />Bond may be and shall have been duly called for prepayment, and <br />to pay interest to the Owner from the date hereof on the <br />principal amounts hereof until the same are paid at the rate of <br />six and thirty-five hundredths percent (6.35%) per annum, <br />interest to maturity payable on February 1, 1998, and on each <br />August 1 and February 1 thereafter. Interest shall be calculated <br />on the basis of a 360-day year consisting of 12 months of 30 days <br />each. Both principal of and interest on this Bond are payable in <br />any coin or currency of the United States of America which on the <br />date of payment is legal tender for public and private debts. At <br />the time of final payment of all~.principal of and interest on <br />this Bond, the Owner shall surrender this Bond to the City <br />Finance Director. <br /> <br />355470.1 <br /> <br />4 <br /> <br /> <br />