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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 Ra.te Fina1 Maturitv Date Date of Ori�inal Issue <br /> 2.99% August 1,2022 Febtuaty 15,2017 <br /> REGISTERED OWNER: FIRST NATIONAL BANK NORTH <br /> PRINCII'AL AMOUNT: ONE HLTNDRED 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 /> atta.ched 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 Au�ust 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 da.y 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 da.te; provided that if the Issuer sha11 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 />