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UNITED S~ATES 0F AMERICA <br />STATE OF MINNESOTA <br /> COUNTY OF SHERBURNE <br /> CITY OF ELK RIVER <br /> <br />R- $ <br /> <br />GENERAL OBLIGATION IMPROVEMENT <br /> BOND, SERIES 1996B <br /> <br />INTEREST MATURITY <br />RATE DATE <br /> <br /> DATE OF <br />ORIGINAL ISSUE <br /> <br />CUSIP <br /> <br />REGISTERED OWNER: <br /> <br />PRINCIPAL AMOUNT: <br /> <br />DOLLARS <br /> <br /> The City of Elk River, Sherburne County, Minnesota (the <br />"City"), hereby acknowledges itself to be indebted and, for value <br />received, promises to pay to the registered owner specified <br />above, or registered assigns, in the manner hereinafter set <br />forth, the principal amount specified above on the maturity date <br />specified above, without option of prior redemption, and to pay <br />interest thereon semiannually on February 1 and August 1 of each <br />year (each, an "Interest Payment Date"), commencing February 1, <br />1997, at the rate per annum specified above (calculated on the <br />basis of a 360-day year consisting of twelve 30-day months) until <br />the principal sum is paid or has been provided for. This Bond <br />will bear interest from the most recent Interest Payment Date to <br />which interest has been paid or, if no interest has been paid, <br />from the date of original issue hereof. The principal of and <br />premium, if any, on this Bond are payable upon presentation and <br />surrender hereof at the principal office of <br /> , in <br /> <br /> , (the "Bond Registrar"), acting as <br />paying agent, or at the principal office of any successor paying <br />agent duly appointed by the City. Interest on this Bond will be <br />paid on each Interest Payment Date by check or draft mailed to <br />the person in whose name this Bond is registered (the "Registered <br />Owner") on the registration books of the City maintained by the <br />Bond Registrar and at the address appearing thereon at the close <br />of business on the fifteenth day of the calendar month preceding <br />such Interest Payment Date (the "Regular Record Date"). Any <br />interest not so timely paid shall cease to be payable to the <br />person who is the Registered Owner hereof as of the Regular <br />Record Date, and shall be payable to the person who is the <br />Registered Owner hereof at the close of business on a date (the <br />"Special Record Date") fixed by the Bond Registrar whenever money <br />becomes available for payment of the defaulted interest. Notice <br />of the Special Record Date shall be given to Registered Owners <br /> <br />321094.2 8 <br /> <br /> <br />