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[Form of Certificate] <br /> <br />No. R-1 <br /> <br />$202,000 <br /> <br />UNITED STATES OF AMERICA <br />gTATE OF MINNESOTA <br />COUNTY OF SHERBURNE <br />CITY OF ELK RIVER <br /> <br />GENERAL OBLIGATION <br />EQUIPMENT CERTIFICATE OF 2001 <br /> <br /> KNOW ALL BY THESE PRESENTS that the City of Elk River, Sherburne County, <br />Minnesota, acknowledges itself to be indebted and, for value received, hereby promises to pay to <br />The Bank of Elk River, or its registered assigns (the "Registered Owner"), the Principal Sum of <br />TWO HUNDRED TWO THOUSAND DOLLARS ($202,000) on February 1 in the years and <br />principal amounts, respectively, as follows: <br /> <br />Year Principal Amount <br /> <br />2003 $50,500 <br />2004 50,500 <br />2005 50,500 <br />2006 50,500 <br /> <br />or on any earlier date on which the principal amounts of this Certificate may be and shall have <br />been duly called for prepayment, and to pay interest to the Registered Owner from the date <br />hereof on the principal amounts hereof until the same are paid at the rate of three and seventy- <br />five hundredths percent (3.75%) per annum, interest to maturity payable on February 1, 2003, <br />and on each August 1 and February 1 thereafter (the "Interest Payment Dates"). Interest shall be <br />calculated on the basis of a 360-day year consisting of 12 months of 30 days each. The City <br />Finance Director will pay the interest due on this Certificate on each Interest Payment Date by <br />mailing or delivering a check or draft made payable to the person that was the Registered Owner <br />at the end of the day preceding such Interest Payment Date. Both principal of and interest on this <br />Certificate are payable in any coin or currency of the United States of America which on the date <br />of payment is legal tender for public and private debts. At the time of final payment of all <br />principal of and interest on this Certificate, the Registered Owner shall surrender this Certificate <br />to the City Finance Director. <br /> <br /> This Certificate is subject to prepayment at the option of the City at any time, in inverse <br />order of the principal maturities hereof, in whole or in part, at par plus accrued interest to the <br />date of prepayment, upon prior written notice to the Registered Owner. <br /> <br /> This Certificate is issued by the City pursuant to and in full conformity with the <br />Constitution and laws of the State of Minnesota for the purpose of providing funds to finance <br />costs of acquiring certain capital equipment of the City. This Certificate constitutes a general <br />obligation of the City, and to provide moneys for the prompt and full payment of the principal <br /> <br />1346036vl 3 <br /> <br /> <br />