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UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF SHERBURNE <br />CITY OF ELK RIVER <br /> <br />GENERAL OBLIGATION WATER REVENUE <br /> BOND, SERIES 200lA <br /> <br />INTEREST MATURITY DATE OF <br />RATE DATE ORIGINAL ISSUE CUSIP <br /> <br />REGISTERED OWNER: <br /> <br />PRINCIPAL AMOUNT: <br /> <br />DOLLARS <br /> <br /> The City of Elk River, Sherbume County, Minnesota (the "City"), hereby <br />acknowledges itself to be indebted and, for value received, promises to pay to the registered <br />owner specified above, or registered assigns, in the manner hereinafter set forth, the principal <br />amount specified above on the maturity date specified above, unless duly called for earlier <br />redemption, and to pay interest thereon semiannually on February 1 and August 1 of each year <br />(each, an "Interest Payment Date"), commencing August 1, 2002, at the rate per annum specified <br />above (calculated on the basis of a 360-day year consisting of twelve 30-day months) until the <br />principal sum is paid or has been provided for. This Bond will bear interest from the most recent <br />Interest Payment Date to which interest has been paid or, if no interest has been paid, from the <br />date of original issue hereof. The principal of and premium, if any, on this Bond are payable <br />upon presentation and surrender hereof at the principal office of U.S. Bank Trust National <br />Association, in Saint Paul, Minnesota (the "Bond Registrar"), acting as paying agent, or at the <br />'principal office of any successor paying agent duly appointed by the City. Interest on this Bond <br /> will be paid on each Interest Payment Date by check or draft mailed to the person in whose name <br /> this Bond is registered (the "Registered Owner") on the registration books of the City maintained <br /> by the Bond Registrar and at the address appearing thereon at the close of business on the <br /> fifteenth day of the calendar month preceding such Interest Payment Date (the "Regular Record <br /> Date"). Any interest not so timely paid shall cease to be payable to the person who is the <br /> Registered Owner hereof as of the Regular Record Date, and shall be payable to the person who <br /> is the Registered Owner hereof at the close of business on a date (the "Special Record Date") <br /> fixed by the Bond Registrar whenever money becomes available for payment of the defaulted <br /> interest. Notice of the Special Record Date shall be given to Registered Owners not less than ten <br /> days prior to the Special Record Date. The principal of and premium, if any, and interest on this <br /> Bond are payable in lawful money of the United States of America. <br /> <br />1319814vl 8 <br /> <br /> <br />