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<br />517257v1 JSB NE136-259 <br />THIS BOND MAY NOT BE TRANSFERRED EXCEPT IN ACCORDANCE WITH <br />SECTION 3.04 OF THE RESOLUTION AND AS PROVIDED HEREIN <br /> <br />No. R-2 <br /> <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />AMENDED AND RESTATED GENERAL OBLIGATION TAX <br />INCREMENT REFUNDING BOND, <br />SERIES 2017A <br /> <br /> <br />Interest <br />Rate <br /> Date of <br />Original Issue <br /> <br />Amount <br /> <br />CUSIP <br /> <br />1.73% September 19, 2017 $5,040,000 642662 6B1 <br /> <br /> The City of New Brighton, Minnesota, a duly organized and existing municipal corporation <br />in Ramsey County, Minnesota (the “City”), acknowledges itself to be indebted and for value <br />received hereby promises to pay to Wells Fargo Bank, National Association, Minneapolis, <br />Minnesota, or to the person in whose name this Bond is registered at the close of business on the <br />15th day (whether or not a business day) of the immediately preceding month , by check or draft <br />mailed to the address set forth in the Bond Register or by automatic clearing house (“ACH”) debit <br />of a bank account of the City for which Registered Owner has received at least 10 days’ prior <br />written notice, the principal sum of $5,040,000 on February 1 in the years and installment amounts <br />as follows: <br /> <br />Year Installment Year Installment <br /> <br />2018 $655,000 2022 $670,000 <br />2019 655,000 2023 705,000 <br />2020 670,000 2024 720,000 <br />2021 665,000 2025 300,000 <br /> <br />with interest thereon from the date hereof (calculated on the basis of a 360-day year of twelve 30- <br />day months) at the annual rate specified above (the “Fixed Rate”), payable February 1 and August <br />1 in each year, commencing February 1, 2018. Notwithstanding the foregoing, (i) if any Event of <br />Default has occurred and continues to exist, all sums owing on this Bond shall bear interest at a <br />rate per annum equal to the Default Rate, (ii) if the Owner receives notice of a “Determination of <br />Taxability” with respect to the Bond and delivers to the City a copy of that notice, the rate of <br />interest on this Bond shall be adjusted to an interest rate per annum equal to the Fixed Rate <br />multiplied by 1.54, and (iii) if the Maximum Federal Corporate Tax Rate decreases and the Owner <br />delivers to the City evidence of such decrease, the rate of interest on this Bond shall be adjusted to