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EXHIBIT A No. R-1 [Form of Bond] UNITED STATES OF AMERiCA STATE OF M.iNNESOTA COUNTY OF RAMSEY CITY OF GEM LAKE. GENERAL OBLIGATION IMPROVEMENT BONDS (SCHEUNEMAN ROAD IMPROVEMENT PROJECT) SERIES 2004 Dawof Rate.- Maturity Original Issue. .% february 1, 20-16 Noyember 3,1004 ite;;istered Owner- Wells Fargo :Brokerage Services; C:L C Principal Apioutt: Five Hundred .Eighty -Six Thousand D,oIlars The City ofGem Lake, Minnesota, a 4ulyorganited and exisong.rftunieipol corporation in Ramsey County, Minnesota (file "City.) , acknowledges itselfto be indebted qnd for value received hereby promises to. pay to the Registered Owner specified above or registered assigns, the principal sunk set forth on ExhibitA attached heteto.with interest thereon frod! the date hereof at the annual rate specified above, payable February 1 and August' ] of each year, commencing. August 1, 2005, to the person in Whose name this.Bond is registered at the close.ofbusiness on the ftfleenth day (whetheror not a business day)of the immediately preceding month. The interest hereon and, .upon presentation and surrender hereof: the principal Hereof are payable in lawful money of the UiTited States of America by check or draft Wells Fargo Brokerage Services, LLC (the "Purchaser"), or its desiLmited :successor under the. Resolution described herein. For the prompt and full payment of such principal and. interest as the same respectively become`due, the full faith and credit and taking powers of the City have beep and are hereby irrevocably plalged. The C.ity.may elect to prepay Bonds due on or after August 1, 20GS. Redemption ofthis Bond may be in whole or in I.mrt acid if in part; at the option of the City and in such manner as. the City will determine.. If.less than all Bonds are called for redemption, the City will notify the Purchaserofthe . particular amountofsuch maturity to. prepaid and such redemption shall Ile iii a minimum amount of $7,000 and in $1,600 increments in excess:thereof..Prepayments oftheBonds will. be ata price of pair plus accrued interest.] The City Council has designatedtlte issue ofl3onds ofwhichthisBond forms apart as "qualified tax exempt obligations" within the meaning of Section 265(bJ(3) oftl *OIoternal..RevehueCode of 1.986, as amended (tlie "Code"); relating`to disallowance of interest expense for financial institutions-anduithin the $l0 million littiit allowed bythe .Code: for calendar year 2004: This Bond is the single. bond offt issue of the Bonds and is in the aggregate I3rincipal.amount of $586,000.and issued pursuant to a resolution adopted by the. City Council on October I8, 2004 (tare. "Resolution")., forthe purposeof providing money to aid in financing various.irnptoveinentsto the sanitary. -sewer along Schetrnerritin Road, pursuant to and in full conformity.with m the hoe rule charter ofthe Gityand:the Gonstitutiotnand laws ofthe State dMitinesota; including Minnesota Statutes, Chapters 421) and 475, as amended (collectively, the "Act"), and the principal hereofand interest hereon are payable primarily from Special Assessments.levied against property specially benefrtted by system improvements in a special debt service fund of the City, as et forth in the Resolution to which reference is made for a full statementof rights and powers thereby conferred. The full faith sand credit ofthe City are irrevocably pledged forpayinentofthis Bond and the City Council has obligated itselfto levvad valorem (axes :on all taxable property. in the City in the event.of any -deficiency inner revenues'and Special Assessments pledged, which tax.es.ntay be levied without limitation as to rate or amount. The Bonds. of this series are issued.registetedPond: as. :one fully. { 11' IS.HEREBY CERTIFIED AND RECITED that in and by the Resolution, the City has covenanted.and agreed that t it Xvi iI also create and maintain a General Obligation.Improvement Bonds, Series 2004 Debt Service Fund, into which -it .Will pay, out of the Special Assessments and ad valorem taxes a sure sufficient to pay principal hereof and interest thereon Nvhen due; and that it will provide, by ad valorem. tax levies., for.any deficiency in required Special Assessments..