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<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 TAX INCREMENT BOND, SERIES 1985A <br /> <br />Rate <br /> <br />Maturity <br /> <br />Date of <br />Oriqinal Issue <br /> <br />CUSIP <br /> <br />September 1, 1985 <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 Issuer), acknowledges itself to be indebted and <br />for value received hereby promises to pay to the registered <br />owner specified above, or registered assigns, the principal <br />amount specified above on the maturity date specified above, <br />unless called for earlier redemption, with interest thereon <br />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 February 1 and August 1 (the Interest <br />Payment Date) in each year, commencing August 1, 1986, until <br />the principal sum is paid or has been provided for. The <br />principal of and premium, if any, on this Bond are payable upon <br />presentation and surrender hereof at the principal office of <br />, a duly <br />organized and validly existing under the laws of <br />(the Registrar), acting as paying agent, or any successor <br />paying agent duly appointed by the Issuer. Interest on this <br />Bond will be paid on each Interest Payment Date by check or <br />draft mailed to the registered owner at the address appearing <br />on the bond register maintained by the Registrar at the close <br />of business on the fifteenth (15th) day, whether or not a <br />business day, of the calendar month next preceding such <br />Interest Payment Date. The principal of and premium, if any, <br />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 <br />due, the full faith and credit and taxing powers of the Issuer <br />have been and are hereby irrevocably pledged. <br /> <br />IT IS HEREBY CERTIFIED, RECITED, COVENANTED, AND AGREED <br />that all acts, conditions, and things required by the <br />Constitution and laws of the State of Minnesota to be done, to <br /> <br />9 . <br />