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<br />UNITEDSTATESOFAMEmCA <br />STATE OF MINNESOTA <br />SHERBURNE COUNTY <br /> <br />CITY OF ELK RIVER <br /> <br />R- <br /> <br />$ <br /> <br />GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 2007C <br /> <br />INTEREST <br />RATE <br /> <br />MATURITY <br />DATE <br /> <br />DATE OF <br />OmGINAL ISSUE <br /> <br />CUSIP <br /> <br />% <br /> <br />FEBRUARY 1, <br /> <br />JUNE 26, 2007 <br /> <br />REGISTERED OWNER: <br /> <br />CEDE & CO. <br /> <br />PRINCIPAL AMOUNT: <br /> <br />DOLLARS <br /> <br />THE CITY OF ELK mVER, SHERBURNE COUNTY, MINNESOTA (the "Issuer"), <br />certifies that it is indebted and for value received promises to pay to the registered owner <br />specified above, or registered assigns, unless called for earlier redemption, in the manner <br />hereinafter set forth, the principal amount specified above, on the maturity date specified above, <br />and to pay interest thereon semiannually on February 1 and August 1 of each year (each, an <br />"Interest Payment Date"), commencing February 1, 2008, at the rate per annum specified above <br />(calculated on the basis of a 360-day year of twelve 30-day months) until the principal sum is <br />paid or has been provided for. This Bond will bear interest from the most recent Interest <br />Payment Date to which interest has been paid or, if no interest has been paid, from the date of <br />original issue hereof. The principal of and premium, if any, on this Bond are payable upon <br />presentation and surrender hereof at the principal office of U.S. Bank National Association, in St. <br />Paul, Minnesota (the "Bond Registrar"), acting as paying agent, or any successor paying agent <br />duly appointed by the Issuer. Interest on this Bond will be paid on each Interest Payment Date <br />by check or draft mailed to the person in whose name this Bond is registered (the "Holder" or <br />"Bondholder") on the registration books ofthe Issuer maintained by the Bond Registrar and at <br />the address appearing thereon at the close of business on the fifteenth day of the calendar month <br />next preceding such Interest Payment Date (the "Regular Record Date"). Any interest not so <br />timely paid shall cease to be payable to the person who is the Holder hereof as of the Regular <br />Record Date, and shall be payable to the person who is the Holder hereof at the close of business <br />on a date (the "Special Record Date") fixed by the Bond Registrar whenever money becomes <br />available for payment of the defaulted interest. Notice of the Special Record Date shall be given <br />to Bondholders not less than ten days prior to the Special Record Date. The principal of and <br />premium, if any, and interest on this Bond are payable in lawful money of the United States of <br />America. So long as this Bond is registered in the name ofthe Depository or its Nominee as <br />provided in the Resolution hereinafter described, and as those terms are defined therein, payment <br />of principal of, premium, if any, and interest on this Bond and notice with respect thereto shall be <br />made as provided in Letter of Representations, as defined in the Resolution, and surrender of this <br />Bond shall not be required for payment of the redemption price upon a partial redemption of this <br /> <br />2026828v1 <br /> <br />7 <br />