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No. R-1 <br />$245,000 <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF GEM LAKE <br />GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 2006A <br />Rate Maturi Date of Original Issue <br />4.30% <br />February 1, 2017 <br />The City of Gem Lake, Minnesota, a duly organized and <br />Ramsey County, Minnesota (the "City"), acknowledges itself to b <br />hereby promises to pay to Wells Fargo Brokerage Services, LLC <br />maturing serially on February 1 in the years and amounts as follows: <br />August 23, 2006 <br />e <br />existing municipal corporation in <br />indebted and for value received <br />the principal sum of $245,000, <br />Term Bonds due February 1, 2017 in the aggregate principal amount of $245,000 <br />with interest thereon from the date hereof at the annual rate specified above, payable February 1 and <br />August 1 in each year, commencing February 1, 2007, to the person in whose name this Bond is <br />registered at the close of business on the fifteenth day (whether or not a business day) of the immediately <br />preceding month. The interest hereon and, upon presentation and surrender hereof, the principal hereof <br />are payable in lawful money of the United States of America by check or draft by the City Clerk, Gem <br />Lake, Minnesota, as Bond Registrar, Paying Agent and Transfer Agent, or its designated successor under <br />the Resolution described herein. For the prompt and full payment of such principal and interest as the <br />same respectively become due, the full faith and credit and taxing powers of the City have been and are <br />hereby irrevocably pledged. <br />The City may elect on August 1, 2010, and any day thereafter to prepay Bonds due on or after <br />February 1, 2011. Redemption may be in whole or in part and if in part, at the option of the City and in <br />such manner as the City will determine. Prepayments will be at a price of par plus accrued interest. <br />The Term Bonds are subject to mandatory sinking fund redemption and shall be redeemed in part <br />by lot at par plus accrued interest on the sinking fund installment dates and in the principal amounts as <br />follows: <br />2915200 MNI GE190-5 <br />