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�.. EXHIBIT B <br /> UNITED STATES OF AMERICA <br /> STATE OF MINNESOTA <br /> CROW WING COUNTY <br /> CITY OF PEQUOT LAKES, <br /> R-1 $50,000 <br /> LIBRARY REVENUE BONDS, SERIES 2009A <br /> Final Maturity Date Date of Original Issue Interest Rate <br /> June 24, 2012 June 29, 2009 3.00% <br /> REGISTERED OWNER: JOHN LARSEN FOUNDATION <br /> The City of Pequot Lakes, Crow Wing County, Minnesota (the "City"), acknowledges <br /> that it is indebted and, for value received, hereby promises to pay to the registered owner <br /> specified above, or assigns duly certified on the Certificate of Registration attached to and made <br /> a part of this Bond (the "Owner"), in the manner hereinafter set forth, the $50,000 principal <br /> amount of this Bond bearing interest at the rate of 3.00% per annum in 60 equal monthly <br /> installments of$898.43 on the 24th day of each month, commencing July 24, 2009, as set forth <br /> in the schedule attached hereto. <br /> Interest shall be calculated on the basis of a 360 day year consisting of twelve 30 day <br /> months. At the time of final payment of all principal of and interest on this Bond, the Owner <br /> shall surrender this Bond to the City Clerk-Treasurer. <br /> THE CITY HAS ELECTED TO ISSUE THIS BOND AS A TAXABLE OBLIGATION, <br /> AND ACCORDINGLY THE INTEREST ON THE BOND IS INTENDED TO BE INCLUDED <br /> IN GROSS INCOME FOR FEDERAL INCOME TAXATION PURPOSES AND, TO THE <br /> SAME EXTENT, IN BOTH GROSS INCOME AND TAXABLE NET INCOME FOR STATE <br /> INCOME TAXATION PURPOSES. <br /> Manner of Payment. The principal of and interest on this Bond are payable when due by <br /> check or draft mailed or otherwise delivered by or on behalf of the City Clerk-Treasurer to the <br /> Owner hereof as of the end of the fifteenth (15th) day of the month, whether or not a business <br /> day (the "Record Date"), immediately preceding the applicable payment due date; provided that <br /> if the City shall be in default in payment of interest due on said date, whenever money becomes <br /> available for payment of such defaulted interest, the City Clerk-Treasurer shall establish a special <br /> Record Date with respect to the payment thereof and shall mail written notice of the special <br /> Record Date not less than fifteen(15) days prior to such date to the person that was the Owner of <br /> the Bond as of the close of business of the City on the fifth (5th) business day of the City <br /> preceding such mailing, and the Owner as of the special Record Date shall be entitled to receive <br /> 2369329v1 B-1 <br />