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UNITED STATES OF AMERICA <br /> STATE OF MINNESOTA <br /> CROW WING COUNTY <br /> CITY OF PEQUOT LAKES <br /> R-1 $176,000 <br /> GENERAL OBLIGATION EQUIPMENT CERTIFICATE OF INDEBTEDNESS, <br /> SERIES 2022A <br /> Interest Rate Maturity Date Date of Original Issue <br /> 2.40% February 1,2030 February 15,2022 <br /> REGISTERED OWNER: BANK OF ZUMBROTA,ZUMBROTA,MINNESOTA <br /> PRINCIPAL AMOUNT: ONE HUNDRED AND SEVENTY SIX THOUSAND <br /> DOLLARS <br /> THE CITY OF PEQUOT LAKES,CROW WING COUNTY,MINNESOTA(the"Issuer" <br /> or the "City"), certifies that it is indebted and, for value received, hereby promises to pay to the <br /> registered owner specified above, or assigns duly certified on the Certificate of Registration <br /> attached to and made a part of this Certificate(the "Owner"),unless called for earlier redemption, <br /> in the manner hereinafter set forth, the $176,000 principal amount of this Certificate in the <br /> principal installments due on February 1 of the years and in the amounts,respectively, as follows, <br /> with each such principal installment bearing interest until paid at the interest rate of 2.40% per <br /> annum: <br /> Principal <br /> Installments <br /> Due February 1 Amount <br /> 2023 $20,000 <br /> 2024 21,000 <br /> 2025 21,000 <br /> 2026 22,000 <br /> 2027 22,000 <br /> 2028 23,000 <br /> 2029 23,000 <br /> 2030 24,000 <br /> Interest. Interest shall be payable semiannually on February 1 and August 1 of each year, <br /> commencing February 1, 2023, and shall be calculated on the basis of a 360-day year consisting <br /> of twelve thirty-day months. <br /> Payment Instructions. Interest and principal shall be paid by check, ACH debit, wire <br /> transfer or draft mailed to the Owner at the address listed on the Certificate of Registration attached <br /> 3 <br /> 72511616v1 <br />