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. . . No. R-1 [Form of Certificate] $109,500 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF SHERBURNE CITY OF ELK RIVER GENERAL OBLIGATION EQUIPMENT CERTIFICATE OF 1993 KNOW ALL BY THESE PRESENTS that the City of Elk River, Sherburne County, Minnesota, acknowledges itself to be indebted and, for value received, hereby promises to pay to Bank of Elk River, or its registered assigns (the "Registered Owner"), the Principal Sum of ONE HUNDRED NINE THOUSAND FIVE HUNDRED DOLLARS ($109,500) on February 1 in the years and principal amounts, respectively, as follows: Year 1994 1995 1996 1997 1998 princioal Amount $27,000 27,000 18,500 18,500 18,500 or on any earlier date on which the principal amounts of this Certificate may be and shall have been duly called for prepayment, and to pay interest to the Registered Owner from the date hereof on the principal amounts hereof until the same are paid at the rate of five percent (5.00%) per annum, interest to maturity payable on February 1, 1994, and on each August 1 and February 1 thereafter (the "Interest Payment Dates"). Interest shall be calculated on the basis of a 360-day year consisting of 12 months of 30 days each. The City Finance Director will pay the interest due on this Certificate on each Interest Payment Date by mailing or delivering a check or draft made payable to the person that was the Registered Owner at the end of the day preceding such Interest Payment Date. Both principal of and interest on this Certificate are payable in any coin or currency of the United States of America which on the date of payment is legal tender for public and private debts. At the .time of final payment of all principal of and interest on this Certificate, the Registered Owner shall surrender this Certificate to the City Finance Director. This Certificate is subject to prepayment at the option of the City at any time, in inverse order of the principal maturities 245850 3