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EXHIBIT C UNITED STATES OF AMERICA STATE OF MINNESOTA CROW WING COUNTY CITY OF PEQUOT LAKES, MINNESOTA R $ TAXABLE LIBRARY REVENUE BONDS, SERIES 2009B Date of Original Issue Interest Rate June 29, 2009 0% REGISTERED OWNER: The City of Pequot Lakes, Crow Wing County, Minnesota (the "City"), acknowledges that it is indebted and, for value received, hereby promises to pay to the registered owner specified above, or assigns duly certified on the Certificate of Registration attached to and made a part of this Bond (the "Owner"), in the manner hereinafter set forth, the principal amount of this Bond. Manner of Payment. The principal of this Bond is payable by check or draft mailed or otherwise delivered by or on behalf of the City Clerk-Treasurer to the Owner hereof. All principal on this Bond are payable in any coin or currency of the United States of America which on the date of payment is legal tender for the payment of public and private debts. Date of Payment Not a Business Day. If the nominal date for payment of any principal of on this Bond shall not be a business day of the City or of the Owner, then the date for such payment shall be the next such business day and payment on such business day shall have the same force and effect as if made on the nominal date of payment. Issuance; Purpose. This Bond is one of an issue in the total principal amount of$60,000, all of like date of original issue and tenor, except as to number, maturity, interest rate, denomination and redemption privilege (the "Series 2009B Bonds"), issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota and pursuant to a resolution adopted by the City Council, the governing body of the City, on June 23, 2009 (the "Resolution") together with the City's $50,000 Taxable Library Revenue Bonds, Series 2009A (the "Series 2009A Bond" and, together with the Series 2009B Bonds, the "Bonds"), for the purpose of providing money to finance the acquisition of a library (the "Project"). This Bond is payable out of the Library Revenue Bond, Series 2009 Fund of the City. Security; Limited Obligation. The Bonds are payable solely out of the Debt Service Account of the Taxable Library Revenue Bonds, Series 2009 Fund (the "Fund") of the Issuer, to which Account there has been irrevocably pledged (i) any collection of donations to the City specifically for the library which are not required by the donor to be used for a purpose other 2369329v1 C-1