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GENERAL OBLIGATION WATER REVENUE BOND, SERIES 1991B Rate Ma turf ty Date of Original Issue CUSIP Augus t 1, 1991 No. $ The City of New Brighton, Minnesota, a duly organized and existing municipal corporation in Ramsey County, Minnesota (City), acknowledges itself to be indebted and for value received hereby promises to pay to or registered assigns, the principal sum of $ on the maturity date specified above without option of prior payment, with interest thereon from the date hereof at the annual rate specified above, payable February 1 and August 1 in each year, commencing August 1, lQ92, to the person 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 and, upon presentation and surrender ~ereof, the principal hereof are payable in lawful money of the United States of America by check or draft by Minnesota, as Bond Registrar, Paying Agent, Transfer Agent and Authenticating Agent, or its designated successor under the Resolution described herein. For the prompt and full payment of such principal and interest as the same respectively become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. The City Council has designated the Bonds as "qualified tax exempt obliga- tions" within the meaning of Section 265 (b) (3) of the Internal Revenue Code of 1986, as amended (the Code) relating to disallowance of interest expense for financial institutions and within the $10 million limit allowed by the Code for the calendar year of issue. Additional provisions of this Rond contained on the reverse hereof have the same effect as though fully set forth in this place. This Bond is not valid or obligatory for any purpose or entitled to any security or benefit under the Resolution until the Certificate of Authentication hereon has been executed by the Bond Registrar by manual signature of one of its authorized representatives. IN WITNESS WHEREOF, the City of New Brighton, Ramsey County, Minnesota, by its City Council, has caused this Bond. to be executed on its behalf by the facsimile signatures of the Mayor and City Manager and has caused this Bond to be dated as ,of the date set forth below. Dated: