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Prior to the date on which any Bond or Bonds are directed by the Issuer to be redeemed <br /> in advance of maturity, the Issuer will cause notice of the call thereof for redemption identifying <br /> the Bonds to be redeemed to be mailed to the Bond Registrar and all Bondholders, at the <br /> addresses shown on the Bond Register. All Bonds so called for redemption will cease to bear <br /> interest on the specified redemption date, provided funds for their redemption have been duly <br /> deposited. <br /> Selection of Bonds for Redemption; Partial Redemption. To effect a partial redemption <br /> of Bonds having a common maturity date, the Bond Registrar shall assign to each Bond having a <br /> common maturity date a distinctive number for each$5,000 of the principal amount of such <br /> Bond. The Bond Registrar shall then select by lot,using such method of selection as it shall <br /> deem proper in its discretion, from the numbers assigned to the Bonds, as many numbers as, at <br /> $5,000 for each number, shall equal the principal amount of such Bonds to be redeemed. The <br /> Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided, <br /> however,that only so much of the principal amount of such Bond of a denomination of more <br /> than$5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so <br /> selected. If a Bond is to be redeemed only in part,it shall be surrendered to the Bond Registrar <br /> (with, if the Issuer or Bond Registrar so requires, a written instrument of transfer in form <br /> satisfactory to the Issuer and Bond Registrar duly executed by the Holder thereof or the Holder's <br /> attorney duly authorized in writing) and the Issuer shall execute (if necessary) and the Bond <br /> Registrar shall authenticate and deliver to the Holder of the Bond,without service charge, a new <br /> Bond or Bonds having the same stated maturity and interest rate and of any Authorized <br /> Denomination or Denominations, as requested by the Holder, in aggregate principal amount <br /> equal to and in exchange for the unredeemed portion of the principal of the Bond so surrendered. <br /> Issuance; Purpose; General Obligation. This Bond is one of an issue in the total principal <br /> amount of$340,000, all of like date of original issue and tenor, except as to number,maturity, <br /> interest rate, denomination and redemption privilege,which Bond has been issued pursuant to <br /> and in full conformity with the Constitution and laws of the State of Minnesota and pursuant to a <br /> resolution adopted by the City Council on October 5, 2004 (the "Resolution"), for the purpose of <br /> providing money to finance the construction of various improvements within the jurisdiction of <br /> the Issuer. This Bond is payable out of the General Obligation Improvement Bonds, Series <br /> 2004A Fund of the Issuer. This Bond constitutes a general obligation of the Issuer, and to <br /> provide moneys for the prompt and full payment of its principal,premium, if any, and interest <br /> when the same become due, the full faith and credit and taxing powers of the Issuer have been <br /> and are hereby irrevocably pledged. <br /> Denominations; Exchange; Resolution. The Bonds are issuable solely in fully registered <br /> form in Authorized Denominations (as defined in the Resolution) and are exchangeable for fully <br /> registered Bonds of other Authorized Denominations in equal aggregate principal amounts at the <br /> principal office of the Bond Registrar,but only in the manner and subject to the limitations <br /> provided in the Resolution. Reference is hereby made to the Resolution for a description of the <br /> rights and duties of the Bond Registrar. Copies of the Resolution are on file in the principal <br /> office of the Bond Registrar. <br /> 1693357v1 10 <br />