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<br /> - [Face of the Bond] <br /> No. R- UNITED STATES OF AMERICA $ <br /> - <br /> STATE OF MINNESOTA <br /> COUNTY OF RAMSEY <br /> CITY OF ARDEN HILLS <br /> GENERAL OBLIGATION TAX INCREMENT BOND, SERIES 1998A <br /> Rate Maturitv Original Issue CUSIP <br /> March I, 1998 <br /> Registered Owner: Cede & Co. <br /> The City of Arden Hills, Minnesota, a duly organized and existing municipal corporation <br /> , in Ramsey County, Minnesota (City), acknowledges itself to be indebted and for value received <br /> hereby promises to pay to the Registered Owner specified above or registered assigns, the <br /> principal sum of $ on the maturity date specified above, with interest thereon from <br /> the date hereof at the annual rate specified above, payable February I and August 1 in each year, <br /> commencing August I, 1998, to the person in whose name this Bond is registered at the close <br /> of business on the fifteenth day (whether or not a business day) of the immediately preceding <br /> month. The interest hereon and, upon presentation and surrender hereof, the principal hereof are <br /> payable in lawful money of the United States of America by check or draft by the City Treasurer <br /> of the City of Arden Hills, Minnesota, as Bond Registrar, Paying Agent and Transfer Agent or <br /> its designated successor under the Resolution described herein. For the prompt and full payment <br /> of such principal and interest as the same respectively become due, the full faith and credit and <br /> taxing powers of the City have been and are hereby irrevocably pledged. <br /> The City may elect on February 1,2005, and on any day thereafter to prepay Bonds due <br /> on or after February 1,2006. Redemption may be in whole or in part and ifin part, at the option <br /> of the City and in such manner as the City will determine. If less than all Bonds of a maturity <br /> are called for redemption, the City will notify Depository Trust Company (DTC) of the particular <br /> amount of such maturity to be prepaid. DTC will determine by lot tJ:e amount of each <br /> participant's interest in such maturity to be redeemed and each participant will then select by lot <br /> the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a <br /> price of par plus accrued interest. <br /> - The City Council has designated the issue of Bonds of which this Bond forms a part as <br /> "qualified tax exempt obligations" within the meaning of Section 265(b)(3) of the Internal <br /> Revenue Code of 1986, as amended (the Code) relating to disallowance of interest expense for <br /> SJBl)2880 <br /> AR20Q-l <br /> ----- <br />