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UNITED STATES OF AME~CA <br />STATE OF MINNESOTA <br />COUNTY OF SHERBURNE <br />CITY OF ELK RIVER <br /> <br /> GENERAL OBLIGATION TAX INCREMENT BOND, SERIES 2000A <br /> <br />INTEREST MATURITY DATE OF <br /> RATE DATE ORIGINAL ISSUE CUSIP <br /> <br />REGISTERED OWNER: <br />PRINCIPAL AMOUNT: <br /> <br />DOLLARS <br /> <br /> KNOW ALL BY THESE PRESENTS that the City of Elk River, Sherburne County, <br />Minnesota (the "City"), acknowledges that it is indebted and, for value received, hereby promises <br />to pay to the registered owner specified above, or registered assigns, in the manner hereinafter set <br />forth, the principal amount specified above on the maturity date specified above, unless called for <br />earlier redemption, and to pay interest thereon semiannually on February 1 and August 1 of each <br />year (each, an "Interest Payment Date"), commencing August 1, 2001, at the per annum rate of <br />interest specified above (calculated on the basis of a 360 day year consisting of twelve 30 day <br />months) until the principal sum is paid or has been provided for. This Bond will bear interest from <br />the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, <br />from the date of original issue hereof. The principal of this Bond is payable upon presentation and <br />surrender hereof at the principal office of , in , <br /> (the "Bond Registrar"), acting as paying agent, or any successor paying <br />agent duly appointed by the City. 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 of the City maintained by the Bond Registrar and at the <br />address appearing thereon at the close of business on the fifteenth day of the calendar month next <br />preceding such Interest Payment Date (the "Regular Record Date"). Any interest not so timely paid <br />shall cease to be payable to the person who is the Holder hereof as of the Regular Record Date and <br />shall instead be payable to the person who is the Holder hereof at the close of business on a date (the <br />"Special Record Date") fixed by the Bond Registrar whenever money becomes available for payment <br />of the defaulted interest. Notice of the Special Record Date shall be given to Bondholders not less <br />than ten days prior to the Special Record Date. The principal of and interest on this Bond are <br />payable in lawful money of the United States of America. <br /> <br />1217682.1 <br /> <br /> <br />