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UNITED STATES OF AMERICA <br /> STATE OF MINNESOTA <br /> COUNTY OF SHERBURNE <br /> CITY OF ELK RIVER <br /> ELECTRIC REVENUE REFUNDING BOND, SERIES 2014A <br /> No. $ <br /> Interest Rate Maturity Date Date of Original Issue CUSIP <br /> August 1, ,2014 <br /> REGISTERED OWNER: CEDE&CO. <br /> PRINCIPAL AMOUNT: <br /> THE CITY OF ELK RIVER, Sherburne County, Minnesota (the "City"), acknowledges <br /> itself to be indebted and, for value received, hereby promises to pay to the registered owner <br /> specified above, or registered assigns,the principal amount specified above, on the maturity date <br /> specified above, with interest thereon from the date of original issue specified above or from the <br /> most recent interest payment date to which interest has been paid or duly provided for, at the <br /> annual rate specified above. Interest hereon is payable on February 1 and August 1 in each year, <br /> commencing August 1, 2014, to the person in whose name this Series 2014A Bond is registered <br /> at the close of business on the 15th day (whether or not a business day) of the immediately <br /> preceding month. The principal of and premium, if any, on this Series 2014A Bond are payable <br /> upon presentation and surrender hereof at the principal office of U.S. Bank National Association, <br /> in St. Paul, Minnesota (the "Bond Registrar"), acting as paying agent, or any successor paying <br /> agent duly appointed by the City. Interest on this Series 2014A Bond will be paid on each <br /> Interest Payment Date by check or draft mailed to the person in whose name this Series 2014A <br /> Bond is registered (the "Holder" or "Bondholder") on the registration books of the City <br /> maintained by the Bond Registrar and at the address appearing thereon at the close of business <br /> on the 15th day of the calendar month next preceding such Interest Payment Date (the "Regular <br /> Record Date"). Any interest not so timely paid shall cease to be payable to the person who is the <br /> Holder hereof as of the Regular Record Date, and shall be payable to the person who is the <br /> Holder hereof at the close of business on a date (the Special Record Date) fixed by the Bond <br /> Registrar whenever money becomes available for payment of the defaulted interest. Notice of <br /> the Special Record Date shall be given to Bondholders not less than 10 days prior to the Special <br /> Record Date. The principal of and premium, if any, and interest on this Series 2014A Bond are <br /> payable in lawful money of the United States of America. So long as this Series 2014A Bond is <br /> registered in the name of the Depository or its Nominee as provided in the Resolution hereinafter <br /> described, and as those terms are defined therein, payment of principal of, premium, if any, and <br /> interest on this Series 2014A Bond and notice with respect thereto shall be made as provided in <br /> the Letter of Representations, as defined in the Resolution, and surrender of this Series 2014A <br /> Bond shall not be required for payment of the redemption price upon a partial redemption of this <br /> 7 <br /> 438081 v3 JSB EL185-25 <br />