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[Form of Certificate] <br /> <br />No. R-1 <br /> <br />$225,000 <br /> <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF SHERBURNE <br />CITY OF ELK RIVER <br /> <br />GENERAL OBLIGATION <br />EQUIPMENT CERTIFICATE OF 1998 <br /> <br /> KNOW ALL BY THESE PRESENTS that the City of Elk River, Sherburne County, <br />Minnesota, acknowledges itself to be indebted and, for value received, hereby promises to <br />pay to First National Bank of Elk River, or its registered assigns (the "Registered Owner"), <br />the Principal Sum of TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS <br />($225,000) on August 1 in the years and principal amounts, respectively, as follows: <br /> <br />Year <br /> <br />Principal Amount <br /> <br />1999 $52,500 <br />2000 55,000 <br />2001 57,500 <br />2002 60,000 <br /> <br />or on any earlier date on which the principal amounts of this Certificate may be and shall <br />have been duly called for prepayment, and to pay interest to the Registered Owner from the <br />date hereof on the principal amounts hereof until the same are paid at the rate of four and <br />sixty-eight hundredths percent (4.68%) per annum, interest to maturity payable on August <br />1, 1998, and on each February 1 and August 1 thereafter (the "Interest Payment Dates"). <br />Interest shall be calculated on the basis of a 360-day year consisting of 12 months of 30 days <br />each. The City Finance Director will pay the interest due on this Certificate on each <br />Interest Payment Date by mailing or delivering a check or draft made payable to the person <br />that was the Registered Owner at the end of the day preceding such Interest Payment Date. <br />Both principal of and interest on this Certificate are payable in any coin or currency of the <br />United States of America which on the date of payment is legal tender for public and <br />private debts. At the time of final payment of all principal of and interest on this <br />Certificate, the Registered Owner shall surrender this Certificate to the City Finance <br />Director. <br /> <br /> Each scheduled principal payment of this Certificate is subject to prepayment at the <br />option of the City at any time in whole or in multiples of $500 at par plus accrued interest <br /> <br />372300.1 3 <br /> <br /> <br />