10.01.A Rasmussen Road & South Washington Avenue Improvement Project - Award Bond Issuance

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UNITED STATES OF AMERICA STATE OF MINNESOTA CROW WING COUNTY CITY OF PEQUOT LAKES R-1 $2,098,000 GENERAL OBLIGATION UTILITY REVENUE AND DISPOSAL SYSTEM BOND, SERIES 2020A Interest Rate Maturity Date Date of Original Issue 2.14% February 1, 2036 April 21,2020 REGISTERED OWNER: BREMER BANK,NATIONAL ASSOCIATION, BRAINERD, MINNESOTA PRINCIPAL AMOUNT: TWO MILLION NINETY-EIGHT THOUSAND DOLLARS THE CITY OF PEQUOT LAKES, CROW WING COtINTY, MINNESOTA (the "Issuer"), certifies that it is indebted and for value received promises to pay to the registered owner specified above, or assigns duly certified on the Certificate of Registration attached to and made a part of this Bond (the "Owner"), in the manner hereinafter set forth, the $2,098,000 principal amount of this Bond in the principal installments due on February 1 of the years and in the amounts, respectively, as follows, with each such principal installment bearing interest until paid at the interest rate of 2.14%per annum: Principal Installments Principal Installments Due Februar� Amount Due Februar� Amount 2021 $25,000 2029 $137,000 2022 $119,000 2030 $141,000 2023 $121,000 2031 $143,000 2024 $124,000 2032 $147,000 2025 $127,000 2033 $149,000 2026 $129,000 2034 $153,000 2027 $132,000 2035 $157,000 2028 $135,000 2036 $159,000 Interest. Interest shall be payable semiannually on February 1 and August 1 of each year, commencing February 1, 2021, and shall be calculated on the basis of a 360 day year consisting of twelve thirty day months. Pavment Instructions. Interest and the payment due at the maturity of the Bond shall be paid by check, ACH debit, wire transfer or draft mailed to the Owner at the address listed on the Certificate of Registration attached to and made a part of this Bond. At the time of final payment 4 iza92io��i