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No. R-I $300,000 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF NEW BRIGHTON GENERAL OBLIGATION TEMPORARY TAX INCREMENT BOND OF 1984 KNOW ALL BY THESE PRESENTS that the City of New Brigh- ton, Ramsey County, Minnesota, acknowledges itself to be indebted and, for value received, hereby promises to pay to the First State Bank of New Br ighton, or its registered assigns (the "Registered Holder"), upon presentation and surrender hereof, the Principal Sum of THREE HUNDRED THOU- SAND DOLLARS ON AUGUST 1, 1987, or on any earlier date on which the pr incipal amount of this Bond may. be and shall have been duly called for prepayment, and to pay interest to the Registered Holder from the date hereof on the principal amounts hereof until the same are paid at the rate of eight percent (8.00%) per annum, interest to maturity payable on February 1, 1985, and semiannually thereafter on the 1st day of February and the 1st day of August in each year. Both principal of and interest on this Bond are payable at the First State Bank of New Brighton, in the City of New Brighton, Minnesota, in any coin or currency of the United states of Amer ica which on the date of payment is legal tender for public and private debts. The principal amounts of this Bond are subject to pre- payment at the option of the City, in whole or in multiples of $1,000, at par plus accrued interest, on October 1, 1984, and on the first day of any month thereafter. This Bond is issued by the City in aid of financing a project pursuant to and in full conformity with the Consti- tution and laws of the State of Minnesota, including Minne- sota Statutes, Sections 273.71 to 273.78, inclusive. The pr incipal of and interest on this Bond are payable from ad valorem tax increments derived from the City's Tax Increment Financing Distr ict Nos. 4 and 5, which the Ci ty has duly established within its Development District No.1, but this Bond constitutes a general obligation of the City, and, to provide moneys for the prompt and full payment of said prin- cipal and interest as the same become due, the full fai th and credi t and taxing powers of the Ci ty are hereby irre- vocably pledged, and the City Council is obligated to levy ad valorem taxes, if required for such purpose, which taxes may be levied on all of the taxable property in the Ci ty without limitation as to rate or amount. - 4 -