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[Form of Certificate] <br /> <br />No. R- 1 <br /> <br />$113,550 <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, <br />Sherburne County, Minnesota, acknowledges itself to be indebted <br />and, for value received, hereby promises to pay to The Bank of Elk <br />River, or its registered assigns (the "Registered Owner"), the <br />Principal Sum of ONE HUNDRED THIRTEEN THOUSAND FIVE HUNDRED FIFTY <br />DOLLARS ($113,550) on February 1 in the years and principal <br />amounts, respectively, as follows: <br /> <br />Year <br /> <br />Principal Amount <br /> <br />1999 $29,500 <br />2000 26,000 <br />2001 19,350 <br />2002 19,350 <br />2003 19,350 <br /> <br />or on any earlier date on which the principal amounts of this <br />Certificate may be and shall have been duly called for prepayment, <br />and to pay interest to the Registered Owner from the date hereof on <br />the principal amounts hereof until the same are paid at the rate of <br />five and fifty-six hundredths percent (5.56%) per annum, interest <br />to maturity payable on February 1, 1999, and on each August 1 and <br />February 1 thereafter (the "Interest Payment Dates"). Interest <br />shall be calculated on the basis of a 360-day year consisting of 12 <br />months of 30 days each. The City Finance Director will pay the <br />interest due on this Certificate on each Interest Payment Date by <br />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 <br />Interest Payment Date. Both principal of and interest on this <br />Certificate are payable in any coin or currency of the United <br />States of America which on the date of payment is legal tender for <br />public and private debts. At the time of final payment of all <br />principal of and interest on this Certificate, the Registered Owner <br />shall surrender this Certificate to the City Finance Director. <br /> <br /> This Certificate is subject to prepayment at the option of the <br />City at any time, in inverse order of the principal maturities <br />hereof, in whole or in part, at par plus accrued interest to the <br />date of prepayment, upon prior written notice to the Registered <br />Owner. <br /> <br />989432.1 3 <br /> <br /> <br />