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. \ II I' 1 ': . I egistered assigns, the principal sum of $ on the maturity date specified bove, with interest thereon from the date hereof at the annual rate specified above, ayable February 1 and August 1 in each year, commencing August 1, 2005, to the erson in whose name this Bond is registered at the close of business on the fifteenth day whether or not a business day) of the immediately preceding month. The interest hereon d, upon presentation and surrender hereof, the principal hereof are payable in lawful oney of the United States of America by check or draft by Wells Fargo Bank, National ssociation, Minnesota, as Bond Registrar, Paying Agent, Transfer Agent and uthenticating Agent, or its designated successor under the Resolution described herein. or the prompt and full payment of such principal and interest as the same respectively ecome due, the full faith and credit and taxing powers of the City have been and are ereby irrevocably pledged. The City may elect on February 1, 2013, and on any day thereafter to prepay onds due on or after February 1 2014. Redemption may be in whole or in part and if in art, at the option of the City and in such manner as the City will determine. If less than 11 Bonds of a maturity are called for redemption, the City will notify The Depository rust Company (DTC) of the particular amount of such maturity to be prepaid. DTC will etennine by lot the amount of each participant's interest in such maturity to be redeemed d each participant will then select by lot the beneficial ownership interests in such aturity to be redeemed. Prepayments will be at a price of par plus accrued interest. This Bond is one of an issue in the aggregate principal amount of $ all f like original issue date and tenor, except as to number, maturity date, redemption rivilege, and interest rate, all issued pursuant to a resolution adopted by the City Council n September 28, 2004 (the Resolution), for the purpose of providing money to aid in mancing public development costs of a project (Project) in the City, pursuant to and in II conformity with the Constitution and laws of the State of Minnesota, including innesota Statutes, Sections 469.174 through 469.179, the Minnesota Tax. Increment inancing Act, and Minnesota Statutes, Sections 469.124 through 469.134, and the rincipal hereof and interest hereon are payable primarily from tax increments resulting rom increases in taxable valuation of real property in certain tax increment financing istricts within the Project as set forth in the Resolution to which reference is made for a full statement of rights and powers thereby conferred. The full faith and credit of the City are irrevocably pledged for payment of this Bond and the City Council has obligated itself to levy ad valorem taxes on all taxable property in the City in the event of any deficiency of tax increments pledged, which taxes may be levied without limitation as to rate or amount. The Bonds of this series are issued only as fully registered Bonds in denominations of $5 ,000 or any integral multiple thereof of single maturities. As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Bond Registrar, by the registered owner hereof in person or by the owner's attorney duly authorized in writing, upon surrender hereof together with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner or the owner's attorney; and may also be surrendered in exchange for Bonds of other authorized SJB-252 Ovl NE 136- 1111 11I1 ,II I