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UNITED STATES OF AMERICA <br /> STATE OF MINNESOTA <br /> CROW WING COUNTY <br /> CITY OF PEQUOT LAKES <br /> R-1 $135,000 <br /> GENERAL OBLIGATION EQUIPMENT CERTIFICATE, SERIES 2017A <br /> Interest Rate Final Maturity Date Date of Original Issue <br /> 2.99% August 1, 2022 February 15, 2017 <br /> REGISTERED OWNER: FIRST NATIONAL BANK NORTH <br /> PRINCIPAL AMOUNT: ONE HUNDRED THIRTY FIVE 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 "Registered Owner"), in the manner <br /> hereinafter set forth,the$135,000 principal amount of this Certificate in the principal <br /> installments due on August 1 of the years and in the amounts,respectively, as follows, with each <br /> such principal installment bearing interest until paid at the interest rate of 2.99%per annum: <br /> Principal Installments <br /> Due August 1 Amount <br /> 2018 $ 9,100 <br /> 2019 30,100 <br /> 2020 31,000 <br /> 2021 31,900 <br /> 2022 32,900 <br /> Interest. Interest shall be payable semiannually on February 1 and August 1'of each year, <br /> commencing February 1, 2018, and shall be calculated on the basis of a 360 day year consisting <br /> of 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 Administrator/Clerk <br /> at the City Hall, in Pequot Lakes, Minnesota. <br /> Manner of Payment. The principal of and interest on this Certificate are payable when <br /> due by check or draft mailed or otherwise delivered by or on behalf of the Administrator/Clerk to <br /> the Registered Owner hereof as of the end of the first day of the month,whether or not a business <br /> day(the "Record Date"), of the applicable payment due date;provided that if the Issuer shall be <br /> in default in payment of interest due on said date, whenever money becomes available for <br /> payment of such defaulted interest,the Administrator/Clerk shall establish a special Record Date <br /> with respect to the payment thereof and shall mail written notice of the special Record Date not <br /> 3 <br /> 8126692v1 <br />