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<br />ON REVERSE OF BOND <br /> <br />Redemption. All Bonds of this issue (the "Bonds") <br />maturing in the years 2006 to 2014, both inclusive, are subject <br />to redemption and prepayment at the option of the Issuer on March <br />1, 2005, and on any date thereafter at a price of par plus <br />accrued interest. Redemption may be in whole or in part of the <br />Bonds subject to prepayment. If redemption is in part, those <br />Bonds remaining unpaid which have the latest maturity date shall <br />be prepaid first; and if only part of the Bonds having a common <br />maturity date are called for prepayment, the specific Bonds to be <br />prepaid shall be chosen by lot by the Bond Registrar. Bonds or <br />portions thereof called for redemption shall be due and payable <br />on the redemption date, and interest thereon shall cease to <br />accrue from and after the redemption date. Notice of redemption <br />shall be given by registered or certified mail at least thirty <br />(30) days prior to the date fixed for redemption to the paying <br />agent and to each affected Holder of the Bonds. <br /> <br />Selection of Bonds for Redemption: Partial Redemption. <br />To effect a partial redemption of Bonds having a common maturity <br />date, the Bond Registrar shall assign to each Bond having a <br />common maturity date a distinctive number for each $5,000 of the <br />principal amount of such Bond. The Bond Registrar shall then <br />select by lot, using such method of selection as it shall deem <br />proper in its discretion, from the numbers assigned to the Bonds, <br />as many numbers as, at $5,000 for each number, shall equal the <br />principal amount of such Bonds to be redeemed. The Bonds to be <br />redeemed shall be the Bonds to which were assigned numbers so <br />selected; provided, however, that only so much of the principal <br />amount of such Bond of a denomination of more than $5,000 shall <br />be redeemed as shall equal $5,000 for each number assigned to it <br />and so selected. If a Bond is to be redeemed only in part, it <br />shall be surrendered to the Bond Registrar (with, if the Issuer <br />or Bond Registrar so requires, a written instrument of transfer <br />in form satisfactory to the Issuer and Bond Registrar duly <br />executed by the Holder thereof or his, her or its attorney duly <br />authorized in writing) and the Issuer shall execute (if <br />necessary) and the Bond Registrar shall authenticate and deliver <br />to the Holder of such Bond, without service charge, a new Bond or <br />Bonds of the same series having the same stated maturity and <br />interest rate and of any Authorized Denomination or Denomina- <br />tions, as requested by such Holder, in aggregate principal amount <br />equal to and in exchange for the unredeemed portion of the <br />principal of the Bond so surrendered. <br /> <br />Issuance; Purpose; General Obligation. This Bond is <br />one of an issue in the total principal amount of $2,500,000, all <br />of like date of original issue and tenor, except as to number, <br />maturity, interest rate, denomination and redemption privilege, <br />which Bond has been issued pursuant to and in full conformity <br />with the Constitution and laws of the state of Minnesota and <br />pursuant to a resolution adopted by the City Council of the <br />Issuer on January 25, 1999 (the "Resolution"), for the purpose of <br />providing money to finance the construction of various <br />improvements within the jurisdiction of the Issuer. This Bond is <br /> <br />1006009.1 <br /> <br />13 <br />