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UNITED STATES OF AMERICA <br /> STATE OF MINNESOTA <br /> CROW WING COUNTY <br /> CITY OF PEQUOT LAKES <br /> R-1 $115,000 <br /> GENERAL OBLIGATION EQUIPMENT CERTIFICATE, SERIES 2010A <br /> Interest Rate Final Maturity Date Date of Original Issue <br /> 5.00% February 1, 2015 May 12,2010 <br /> REGISTERED OWNER: LAKES STATE BANK <br /> PRINCIPAL AMOUNT: ONE HUNDRED FIFTEEN THOUSAND DOLLARS <br /> THE CITY OF PEQUOT LAKES, CROW WING COUNTY, 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 $115,000 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 5.00%per annum: <br /> Principal Installments <br /> Due February 1 Amount <br /> 2011 $13,000 <br /> 2012 24,000 <br /> 2013 25,000 <br /> 2014 26,000 <br /> 2015 27,000 <br /> Interest shall be payable semiannually on February 1 and August 1 of each year, <br /> commencing August 1, 2010, 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 Redemption. 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 /> 3 <br /> 2504596v1 <br />