3.3. SR 11-12-2002 - Laserfiche WebLink

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[Form of Certificate] No. R-1 $267,5OO UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF SHERBURNE CITY OF ELK RIVER GENERAL OBLIGATION TAXABLE EQUIPMENT CERTIFICATE OF 2002 KNOW ALL BY THESE PRESENTS that the City of Elk River, Sherburne County, Minnesota, acknowledges itself to be indebted and, for value received, hereby promises to pay to The Bank of Elk River, or its registered assigns (the "Registered Owner"), the Principal Sum of TWO HUNDRED SIXTY-SEVEN THOUSAND FIVE HUNDRED DOLLARS ($267,500) on December 1, 2003, or on any earlier date on which the principal amounts of this Certificate may be and shall have been duly called for prepayment, and to pay interest to the Registered Owner from the date hereof on the principal amounts hereof until the same are paid at the rate of two and seventy-five hundredths percent (2.75%) per annum, interest to maturity payable on December 1, 2003 (the "Interest Payment Date"). Interest shall be calculated on the basis of a 360-day year consisting of 12 months of 30 days each. The City Finance Director will pay the interest due on this Certificate on the Interest Payment Date by mailing or delivering a check or draft made payable to the person that was the Registered Owner at the end of the day preceding the Interest Payment Date. Both principal of and interest on this Certificate are payable in any coin or currency of the United States of America which on the date of payment is legal tender for public and private debts. At the time of final payment of all principal of and interest on this Certificate, the Registered Owner shall surrender this Certificate to the City Finance Director. This Certificate is subject to prepayment at the option of the City at any time, in inverse order of the principal maturities hereof, in whole or in part, at par plus accrued interest to the date of prepayment, upon prior written notice to the Registered Owner. This Certificate is issued by the City pursuant to and in full conformity with the Constitution and laws of the State of Minnesota for the purpose of providing funds to finance costs of acquiring certain capital equipment of the City. This Certificate constitutes a general obligation of the City, and to provide moneys for the prompt and full payment of the principal hereof and the interest thereon, as the same become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. This Certificate may be assigned but upon such assignment the assignor shall promptly give written notice thereof to the City at the office of the City Finance Director, and the assignee shall surrender this Certificate to the City Finance Director either in exchange for a new fully registered Certificate or for transfer of this Certificate on the registration records. Each such assignee shall take this Certificate subject to this condition. The City shall treat the Registered Owner as the absolute owner of this Certificate for purposes of paying the principal of and interest on this Certificate and for all other purposes whatsoever. 1464957v I 3