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<br />, <br /> <br />No. R-1 <br /> <br />$150,000 <br /> <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />GENERAL OBLIGATION TAX INCREMENT <br />BOND OF 1982 <br /> <br />KNOW ALL BY THESE PRESENTS that the City of New 'Brigh- <br />ton, Ramsey County, Minnesota, acknowledges itself to be <br />indebted and, for value received, hereby promises to pay to <br />the First State Bank of New Brighton, or its registered <br />assigns (the "Registered Holder"), the Principal Sum of ONE <br />HUNDRED FIFTY THOUSAND DOLLARS ON THE 1ST DAY OF AUGUST, in <br />the years and principal installments, respectively, as fol- <br />lows: <br /> <br /> Principal principal <br />Year Installment Year Installment <br />1985 $10,000 1989 $20,000 <br />1986 10,000 1990 23,000 <br />1987 20,000 1991 23,000 <br />1988 20,000 1992 24,000 <br /> <br />or on any earlier date on which the principal installments <br />of this Bond may be and shall have been duly called for <br />prepayment, and to pay interest to the Registered Holder <br />from the date hereof on the pr incipal installments hereof <br />until the same are paid at the rate of eight and one-half <br />percent (8.50%) per annum, except that said rate of interest <br />on and after June 1, 1987, shall be six and twenty-five <br />hundredths percent (6.25%) per annum, interest to maturity <br />payable on August 1, 1983, and semiannually thereafter on <br />the 1st day of February and the 1st day of August in each <br />year. Both pr incipal installments of and interest. on this <br />Bond are payable at the First State Bank of New Brighton, in <br />the City of New Brighton, Minnesota, in any coin or currency <br />of the United States of America which on the date of payment <br />is legal tender for public and private debts. <br /> <br />The principal installments of this Bond are subject to <br />prepayment at the option of the City in inverse order of <br />maturity, in whole or in multiples of $1,000, at par plus <br />accrued interest, on July 1, 1987, and on the 1st day of any <br />month thereafter. <br /> <br />This Bond is issued by the City in aid of financing a <br />project pursuant to and in full conformity with the Consti- <br />tution and laws of the State of Minnesota, including Minne- <br />