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the book-entry only system pursuant to the Resolution, Sonds may only be registered in the name of the Depository or its Nominee. No O�tional Redem�tion. The Sonds of this issue (the "Sonds") are not subject to redemption and prepayment prior to their stated maturity date. Issuance; Pur�ose; General Obligation. This Sond is one of an issue in the total principal amount of $1,105,000, all of like date of original issue and tenor, except as to number, maturity, interest rate and denomination, issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota and pursuant to a resolution adopted by the City Council of the Issuer on July 20, 2009 (the "Resolution") , for the purpose of providing funds for a current refunding of the Issuer's General Obligation Improvement Sonds, Series 25, dated February 16, 1999 which mature on and after March 1, 2010. This Sond is payable out of the General Obligation Refunding Improvement Sonds, Series 20095 Fund of the Issuer. This Sond constitutes a general obligation of the Issuer, and to provide moneys for the prompt and full payment of its principal, premium, if any, and interest when the same become due, the full faith and credit and t�ing powers of the Issuer have been and are hereby irrevocably pledged. Denominations; Exchange; Resolution. The Sonds are issuable solely in fully registered form in Authorized Denominations (as defined in the Resolution) and are exchangeable for fully registered Sonds of other Authorized Denominations in equal aggregate principal amounts at the principal office of the Sond Registrar, but only in the manner and subject to the limitations provided in the Resolution. Reference is hereby made to the Resolution for a description of the rights and duties of the Sond Registrar. Copies of the Resolution are on file in the principal office of the Sond Registrar. Transfer. This Sond is transferable by the Holder in person or the Holder's attorney duly authorized in writing at the principal office of the Sond Registrar upon presentation and surrender hereof to the Sond Registrar, all subject to the terms and conditions provided in the Resolution and to reasonable regulations of the Issuer contained in any agreement with the Sond Registrar. Thereupon the Issuer shall execute and the Sond Registrar shall authenticate and deliver, in exchange for this Sond, one or more new fully registered Sonds in the name of the transferee (but not registered in blank or to "bearer" or similar designation), of an Authorized Denomination or Denominations, in aggregate principal amount equal to the principal amount of this Sond, of the same maturity and bearing interest at the same rate. Fees upon Transfer or Loss. The Sond Registrar may require payment of a sum sufficient to cover any t� or other governmental charge payable in connection with the transfer or exchange of this Sond and any legal or unusual costs regarding transfers and lost Sonds. Treatment of Registered Owners. The Issuer and Sond Registrar may treat the person in whose name this Sond is registered as the owner hereof for the purpose of receiving payment as herein provided (except as otherwise provided herein with respect to the Record Date) and for all other purposes, whether or not this Sond shall be overdue, and neither the Issuer nor the Sond Registrar shall be affected by notice to the contrary. 2377316v1 i