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FORM OF NOTE . Registered No. 1 Registered Amount $160,000 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF SHERBURNE CITY OF ELK RIVER GENERAL OBLIGATION TAX INCREMENT (TAXABLE) NOTE, SERIES 19920 KNOW ALL MEN BY THESEcPRESENTS that the City of Elk River, (the City), a duly organized and existing municipal corporation of the County of Sherburne, State of Minnesota, acknowledges itself to be indebted and for value received promises to pay to the order of First National Bank of Elk River, or registered assigns (the Holder), the principal sum of One Hundred Sixty Thousand Dollars ($160,000), payable, subject to an option of prior payment, as hereinafter provided, in installments as follows: ~ Amount of Principal Payment February 1, 1996 $10,000 February 1, 1997 $10,000 . February 1, 1998 $10,000 February 1, 1999 $ 8,500 February 1, 2000 $10,000 February 1, 2001 $11,500 February 1, 2002 $12,500 February 1, 2003 $15,000 February 1, 2004 $16,500 February 1, 2005 $18,500 February 1, 2006 $20,000 February 1, 2007 $17,500 together with interest from the date hereof at a rate of seven and nine-tenths percent (7.9%) per annum, calculated upon the amount of the unpaid principal balance existing from time to time. Installments of interest shall be payable semi-annually on February 1 and August 1 in each year, commencing February 1, 1993. Both principal and interest are payable at the office of the First National Bank of Elk River, Elk River, Minnesota, or, at such place as may be designated from time to time by written notice given to the City by the Holder of this Note. For the prompt and full payment of such principal and interest as the same respectively become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. .