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<br />. <br /> <br />Nine Thousand six Hundred Dollars ($109,600) providing for <br />installments of principal becoming payable annually on <br />February 1 in each year, commencing February 1, 1989, such <br />installments to be paid at the times, and in the amounts stated <br />below: <br /> <br />Date Amount <br />February 1, 1989 $21,920 <br />February 1, 1990 $21,920 <br />February 1, 1991 $21,920 <br />February 1, 1992 $21,920 <br />February 1, 1993 $21,920 <br /> <br />Accrued interest on the Certificates shall be payable semi- <br />annually on February 1 and August 1 in each year, commencing <br />February 1, 1989. The principal of and interest on the <br />Certificates shall be payable to the Offeror at its offices at <br />Elk River, Minnesota, or, as may otherwise be directed by <br />written instruction from time to time provided by the Offeror <br />or other holder of the Certificates. <br /> <br />2.2) The Certificates shall not be subject to redemption <br />before maturity. <br /> <br />2.3) The Certificates shall be in substantially the <br />following form: <br /> <br />. <br /> <br />Registered No. <br /> <br />Registered Amount $ <br /> <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF SHERBURNE <br /> <br />CITY OF ELK RIVER <br /> <br />GENERAL OBLIGATION EQUIPMENT CERTIFICATE, SERIES 1988A <br /> <br />KNOW ALL MEN BY THESE PRESENTS that the City of Elk River, <br />a duly organized and existing municipal corporation of the <br />County of Sherburne, State of Minnesota, acknowledges itself to <br />be indebted and for value received promises to pay to the order <br />of , or registered <br />assigns (the Holder), the principal sum of <br />Dollars ($ ), payable, without <br />option of prlor payment, in installments as follows: <br />