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<br />No. R-1 <br /> <br />$437,000 <br /> <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF SHERBURNE <br />CITY OF ELK RIVER <br /> <br />GENERAL OBLIGATION EQUIPMENT CERTIFICATE, SERIES 2006B <br /> <br />THE CITY OF ELK RIVER, SHERBURNE COUNTY, MINNESOTA (the "City"), <br />acknowledges itself to be indebted and, for value received, hereby promises to pay to The Bank <br />of Elk River, or its registered assigns (the "Registered Owner"), the Principal Sum of FOUR <br />HUNDRED THIRTY SEVEN THOUSAND DOLLARS ($437,000) on February 1 in the years <br />and principal amounts, respectively, as follows: <br /> <br />Year Principal Amount <br /> <br />2007 $87,400 <br />2008 87,400 <br />2009 87,400 <br />2010 87,400 <br />2011 87,400 <br /> <br />or on any earlier date on which the principal amounts of this Certificate may be and shall have <br />been duly called for prepayment, and to pay interest to the Registered Owner from the date <br />hereof on the principal amounts hereof until the same are paid at the rate of three and eighty <br />hundredths percent (3.80%) per annum, payable semiannually on February 1 and August 1 of <br />each year (the "Interest Payment Dates"), commencing February 1, 2007. Interest shall be <br />calculated on the basis of a 360-day year consisting oftwelve months of thirty days each. The <br />Finance Director will pay the interest due on this Certificate on each Interest Payment Date by <br />mailing or delivering a check or draft made payable to the person who was the Registered Owner <br />as of the end of the day preceding such Interest Payment Date. Both principal of and interest on <br />this Certificate are payable in any coin or currency ofthe United States of America which on the <br />date of payment is legal tender for public and private debts. At the time of final payment of all <br />principal of and interest on this Certificate, the Registered Owner shall surrender this Certificate <br />to the Finance Director. <br /> <br />This Certificate is subject to prepayment at the option of the City at any time, in inverse <br />order of the principal maturities hereof, in whole or in part, at par plus accrued interest to the <br />date of prepayment, upon prior written notice to the Registered Owner. <br /> <br />This Certificate is issued by the City pursuant to and in full conformity with the <br />Constitution and laws of the State of Minnesota for the purpose of providing funds to finance <br />costs of acquiring certain items of capital equipment of the City. This Certificate constitutes a <br />general obligation of the City, and to provide moneys for the prompt and full payment of the <br /> <br />3 <br />