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. principal becoming payable annually on February 1 in each year, commencing February 1, 1988, such installments to be paid at the times, and in the amounts stated below: Date Amount February 1, 1988 $21,200 February 1, 1989 $21,200 February 1, 1990 $21,200 February 1, 1991 $21,200 February 1, 1992 $21,200 Accrued interest on the Certificates shall be payable semi- annually on February 1 and August 1 in each year, commencing February 1, 1988. The principal of and interest on the Certificates shall be payable to First National Bank of saint Paul, Saint Paul, Minnesota, as safe-keeping agent for the offeror, or, as may otherwise be directed by written instruction from time to time provided by the offeror or other holder of the Certificates. 2.2) The Certificates shall not be subject to redemption before maturity. 2.3) The Certificates shall be In substantially the following form: . Registered No. ____ Registered Amount $ UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF SHERBURNE CITY OF ELK RIVER GENERAL OBLIGATION EQUIPMENT CERTIFICATE, SERIES 1987A KNOW ALL MEN BY THESE PRESENTS that the City of Elk River, 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 The Bank of Elk River , or registered assigns (the Holder), the principal sum of One Hundred Six Thousand Dollars ($ 106,OOO.OQ, payable, without option of prior payment, in installments as follows: Date Amount of Principal Payment February 1, 1988 $21.200 February 1, 1989 $21.200 . February 1, 1990 $21,200 February 1, 1991 $21,200 February 1, 1992 $ 21 ,200 3 .