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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />[Face of the Bonds] <br /> <br />UNITED STATES OF AMERIcA <br />STATE OF MINNESOTA <br />COUNTY OF SHERBURNE <br />CITY OF ELK RIVER <br /> <br />GENERAL OBLIGATION STATE-AID ROAD BOND, SERIES 1992B <br /> <br />Rate <br /> <br />Date of <br />Original Issue <br /> <br />CUSIP <br /> <br />Maturity <br /> <br />June 1, 1992 <br /> <br />REGISTERED OWNER: <br /> <br />PRINCIPAL AMOUNT: <br /> <br />DOLLARS. <br /> <br />KNOW ALL PERSONS BY THESE PRESENTS that City of Elk River, <br />Minnesota (the City), acknowledges itself to be indebted, and for <br />value received hereby promises to pay, to the registered owner <br />specified above, or registered assigns, the principal amount <br />specified above on the maturity date specified above, interest <br />thereon from the date hereof at the annual rate specified above <br />(calculated on the basis of a 360-day year of twelve 30-day <br />months), payable on April 1 and October 1 in each year, <br />commencing April 1, 1993 (the Interest Payment Dates), until the <br />principal sum is paid or has been provided for. The principal of <br />and premium, if any, on this Bond are payable upon presentation <br />and surrender hereof at the principal office of First Trust <br />National Association, a national association duly organized and <br />validly existing under the laws of the United States of America <br />(the Registrar), acting as paying agent, or any successor paying <br />agent duly appointed by the City. Interest on this Bond will be <br />paid on each Interest Payment Date by check or draft mailed to <br />the registered owner at the address appearing on the bond <br />register maintained by the Registrar at the close of business on <br />the 15th day, whether or not a business day, of the calendar <br />month next preceding such Interest Payment Date. The principal <br />of and interest on this Bond are payable in lawful money of the <br />United States of America. For the prompt and full payment of <br />such principal and interest as the same respectively become due, <br />the full faith and credit and taxing powers of the City have been <br />and are hereby irrevocably pledged, and an amount of the moneys <br />allotted or to be allotted to the City from its account in the <br />Municipal State-Aid Street Fund sufficient to pay the principal <br />of and the interest on the obligations as they respectively come <br />due are irrevocably pledged and appropriated to the sinking fund, <br />designated the Series 1992B State-Aid Road Bond Debt Service <br />Account, from which the Bonds are payable. <br /> <br /> <br />7. <br />