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R-1 <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />CROW WING COUNTY <br />CITY OF PEQUOT LAKES <br />GENERAL OBLIGATION EQUIPMENT CERTIFICATE, SERIES 2014A <br />Interest Rate <br />2.50% <br />REGISTERED OWNER: <br />PRINCIPAL AMOUNT: <br />Final Maturitv Date <br />February 1, 2019 <br />LAKES STATE BANK <br />$193,000 <br />Date of Ori�inal Issue <br />February 18, 2014 <br />ONE HUNDRED NINETY THREE THOUSAND DOLLARS <br />THE CITY OF PEQUOT LAKES, CROW WING COLTNTY, MINNESOTA (the <br />"Issuer"), certifies that it is indebted and for value received promises to pay to the registered <br />owner specified above, or registered assigns, duly certified on the Certificate of Registration <br />attached to and made a part of this Certificate (the "Owner"), in the manner hereinafter set forth, <br />the $193,000 principal amount of this Certificate in the principal installments due on February 1 <br />of the years and in the amounts, respectively, as follows, with each such principal installment <br />bearing interest until paid at the interest rate of 2.50% per annum: <br />Principal Instal lments <br />Due Februarv 1 Amount <br />2015 $37,000 <br />2016 3 8,000 <br />2017 38,750 <br />2018 39,250 <br />2019 40,000 <br />Interest shall be payable semiannually on February 1 and August 1 of each year, <br />commencing August 1, 2014, and shall be calculated on the basis of a 360 day year consisting of <br />twelve 30 day months. At the time of final payment of all principal of and interest on this <br />Certificate, the Registered Owner shall surrender this Certificate to the City Clerk-Treasurer at <br />the City Hall, in Pequot Lakes, Minnesota. <br />Optional Redem tp ion. All Certificates of this issue (the "Certificates") are subject to <br />redemption and prepayment at the option of the City on any date at a price of par plus accrued <br />interest. Redemption may be in whole or in part of the Certificates subject to prepayment. If <br />redemption is in part, the maturities and the principal amounts within each maturity to be <br />redeemed shall be determined by the City; and if only part of the Certificates having a common <br />maturity date are called for prepayment, the specific Certificates to be prepaid shall be chosen by <br />lot by the Registrar. Certificates or portions thereof called for redemption shall be due and <br />s9aoois�i <br />