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<br />e <br /> <br />[Form of Certificate] <br /> <br />No. R-1 <br /> <br />$83,500 <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 1994 <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-THREE THOUSAND FIVE HUNDRED DOLLARS <br />($83,500) on February 1 in the years and principal amounts, <br />respectively, as follows: <br /> <br />Year <br /> <br />Principal Amount <br /> <br />e <br /> <br />1996 <br />1997 <br />1998 <br />1999 <br /> <br />$20,875 <br />20,875 <br />20,875 <br />20,875 <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 />five and fifty hundredths percent (5.50%) per annum, interest to <br />maturity payable on February 1, 1995, 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 /> <br />This Certificate is subject 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 />e <br /> <br />274037.1 <br /> <br />3 <br />