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<br /> Date Amount <br />. February 1, 1987 $21,000 <br /> February 1 , 1988 $21,000 <br /> February 1, 1989 $21,000 <br /> February 1, 1990 $21,000 <br /> February 1, 1991 $21,000 <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, 1987. The principal of and interest on the <br />Certificates shall be payable to Norwest Bank Minneapolis, <br />N.A., of Minneapolis, Minnesota, as safe-keeping agent for the <br />offeror, or, as may otherwise be directed by written <br />instruction from time to time provided by the offeror or other <br />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 />Registered No. <br /> <br />Registered Amount $ <br /> <br />. <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 1986A <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 Bank of Elk River , or registered <br />assigns (the Holder), the principal sum of One hundred five <br />thousand Dollars ($105,000 ), payable, without <br />option of prlor payment, in installments as follows: <br /> <br />. <br /> <br />together with interest from the date on which the funds are <br />advanced at a rate of ~5 percent (~5%') per annum, calculated <br /> <br />3 . <br />