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<br />e <br /> <br />e <br /> <br />e <br /> <br />[Form of Certificate] <br /> <br />No. R-1 <br /> <br />$88,000 <br /> <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF SHERBURNE <br />CITY OF ELK RIVER <br /> <br />GENERAL OBLIGATION <br />EQUIPMENT CERTIFICATE OF 1995 <br /> <br />KNOW ALL BY THESE PRESENTS that the City of Elk River, <br />Sherburne County, Minnesota, acknowledges itself to be indebted <br />and, for value received, hereby promises to pay to Bank of Elk <br />River, or its registered assigns (the "Registered Owner"), the <br />Principal Sum of EIGHTY-EIGHT THOUSAND DOLLARS ($88,000) on <br />February 1 in the years and principal amounts, respectively, as <br />follows: <br /> <br />Year <br /> <br />princioal Amount <br /> <br />1997 <br />1998 <br />1999 <br />2000 <br /> <br />$22,000 <br />22,000 <br />22,000 <br />22,000 <br /> <br />or on any earlier date on which the principal amounts of this <br />Certificate may be and shall have been duly called for prepaYment, <br />and to pay interest to the Registered Owner from the date hereof on <br />the principal amounts hereof until the same are paid at the rate of <br />four and sixty hundredths percent (4.60%) per annum, interest to <br />maturity payable on February 1, 1996, and on each August 1 and <br />February 1 thereafter (the "Interest Payment Dates"). Interest <br />shall be calculated on the basis of a 360-day year consisting of 12 <br />months of 30 days each. The City Finance Director will pay the <br />interest due on this Certificate on each Interest Payment Date by <br />mailing or delivering a check or draft made payable to the person <br />that was the Registered Owner at the end of the day preceding such <br />Interest PaYment Date. Both principal of and interest on this <br />Certificate are payable in any coin or currency of the United <br />States of America which on the date of payment is legal tender for <br />public and private debts. At the time of final payment of all <br />principal of and interest on this Certificate, the Registered Owner <br />shall surrender this Certificate to the City Finance Director. <br /> <br />This Certificate is subj ect to prepayment at the option of the <br />City at any time, in inverse order of the principal maturities <br />hereof, in whole or in part, at par plus accrued interest to the <br /> <br />303682.1 <br /> <br />3 <br />