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• provided in the 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 />Bond. Until termination of the book-entry only system pursuant to the Resolution, Bonds may
<br />only be registered in the name of the Depository or its Nominee.
<br />Optional Redemption. All Bonds of this issue (the "Bonds") maturing on February 1,
<br />2018, and thereafter, are subject to redemption and prepayment at the option of the Issuer on
<br />February 1, 2017, and on any date thereafter at a price of par plus accrued interest. Redemption
<br />maybe in whole or in part of the Bonds subject to prepayment. If redemption is in part, those
<br />Bonds remaining unpaid which have the latest maturity date shall be prepaid first; and if only
<br />part of the Bonds having a common maturity date are called for prepayment, the specific Bonds
<br />to be prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof called for
<br />redemption shall be due and payable on the redemption date, and interest thereon shall cease to
<br />accrue from and after the redemption date. Mailed notice of redemption shall be given to the
<br />paying agent and to each affected Holder of the Bonds at least thirty days prior to the date fixed
<br />for redemption.
<br />Selection of Bonds for Redemption: Partial Redemption. To effect a partial redemption
<br />of Bonds having a common maturity date, the Bond Registrar shall assign to each Bond having a
<br />common maturity date a distinctive number for each $5,000 of the principal amount of such
<br />Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall
<br />deem proper in its discretion, fi-om the numbers assigned to the Bonds, as many numbers as, at
<br />$5,000 for each number, shall equal the principal amount of such Bonds to be redeemed. The
<br />• Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided,
<br />however, that only so much of the principal amount of such Bond of a denomination of more
<br />than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so
<br />selected. If a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registraz
<br />(with, if the Issuer or Bond Registrar so requires, a written instrument of transfer in form
<br />satisfactory to the Issuer and Bond Registrar duly executed by the Holder thereof or the Holder's
<br />attorney duly authorized in writing) and the Issuer shall execute (if necessary) and the Bond
<br />Registraz shall authenticate and deliver to the Holder of the Bond, without service charge, a new
<br />Bond or Bonds having the same stated maturity and interest rate and of any Authorized
<br />Denomination or Denominations, as requested by the Holder, in aggregate principal amount
<br />equal to and in exchange for the unredeemed portion of the principal of the Bond so surrendered.
<br />Issuance; Purpose; General Obligation. This Bond is one of an issue in the total principal
<br />amount of $3,085,000 (the "Bonds"), all of like date of original issue and tenor, except as to
<br />number, maturity, interest rate, denomination and redemption privilege, issued pursuant to and in
<br />full conformity with the Constitution and laws of the State of Minnesota and pursuant to a
<br />resolution adopted by the City Council on January 22, 2008 (the "Resolution"), for the purpose
<br />of providing funds sufficient for a current refunding on March 1, 2008, of the General Obligation
<br />Water Revenue Bonds, Series 1998B, dated December 1, 1998, and a crossover advance
<br />refunding on February 1, 2010, of the General Obligation Water Revenue Bonds, Series 2001A,
<br />dated October 1, 2001. This Bond is payable out of the Escrow Account and the Debt Service
<br />Account of the Issuer's General Obligation Water Revenue Refunding Bonds, Series 2008A
<br />• Fund. This Bond constitutes a general obligation of the Issuer, and to provide moneys for the
<br />prompt and full payment of its principal, premium, if any, and interest when the same become
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