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<br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF SHERBURNE <br />CITY OF ELK RIVER <br /> <br />R- <br /> <br />$600,000 <br /> <br />LIQUOR STORE REVENUE BOND, <br />SERIES 2005C <br /> <br />THE CITY OF ELK RIVER, SHERBURNE COUNTY, MINNESOTA (the "City"), for <br />value received, hereby promises to pay, but only from the sources and as hereinafter provided, to <br />, or assigns duly registered on the Bond Register <br />(the "Owner") maintained by the City Finance Director, the principal sum of SIX HUNDRED <br />THOUSAND ($600,000) on February 1 in the years and principal amounts, respectively, as <br />follows: <br /> <br />Year <br /> <br />Principal Amount <br /> <br />2007 <br />2008 <br />2009 <br />2010 <br />2011 <br />2012 <br />2013 <br />2014 <br />2015 <br /> <br />$ 25,000 <br />37,500 <br />47,500 <br />50,000 <br />75,000 <br />80,000 <br />87,500 <br />97,500 <br />100,000 <br /> <br />or on any earlier date on which the principal amounts of this Bond may be and shall have been <br />duly called for prepayment, and 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 four and one half percent (4.50%) <br />per annum, interest to maturity payable on February 1, 2006, and on each February 1 and <br />August 1 thereafter. Interest shall be calculated on the basis of a 360-day year consisting of 12 <br />months of 30 days each. Both principal of and interest on this Bond are payable in any coin or <br />currency of the United States of America which on the date of payment is legal tender for public <br />and private debts. At the time of final payment of all principal of and interest on this Bond, the <br />Owner shall surrender this Bond to the City Finance Director. <br /> <br />Manner of Payment. The principal of and interest on this Bond are payable when due by <br />check or draft mailed, transferred by wire or otherwise delivered by or on behalf of the City <br />Finance Director to the person that was the Owner hereof as of the end of the day, whether or not <br />a business day, immediately preceding the applicable payment due date; provided that if the City <br />shall be in default in payment of interest due on said date, whenever money becomes available <br />for payment of such defaulted interest, the City Finance Director shall establish a special record <br />date with respect to the payment thereof and shall mail written notice of the special record date <br /> <br />3 <br />