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to and made a part of this Certificate. At the time of final payment of all principal of and interest <br /> on this Certificate,the Owner shall surrender this Certificate to the City Clerk, or designee, at the <br /> City Hall, in Pequot Lakes,Minnesota(the"Registrar") <br /> Redemption. This Certificate is subject to redemption and prepayment,in whole, and not <br /> in part, at the option of the Issuer, on(i) any date prior to February 1,2024, at a redemption price <br /> equal to par,plus accrued interest,plus a premium of 0.5%,and(i)February 1,2024,and any date <br /> thereafter, at a redemption price equal to par, plus accrued interest to such date. Mailed notice of <br /> redemption shall be given to the Owner at least thirty days prior to prepayment or redemption. <br /> Date of Payment Not a Business Day. If the nominal date for payment of any principal of <br /> or interest on this Certificate shall not be a business day of the Issuer or of the Owner, then the <br /> date for such payment shall be the next such business day and payment on such business day shall <br /> have the same force and effect as if made on the nominal date of payment. <br /> Issuance; Purpose; General Obligation. This Certificate is issued as a single instrument <br /> pursuant to and in full conformity with the Constitution and laws of the State of Minnesota and <br /> pursuant to a resolution adopted by the City Council on February 8, 2022 (the "Resolution"), for <br /> the purpose of providing money to finance the purchase of a plow truck for the Issuer. This <br /> Certificate is payable out of the General Obligation Equipment Certificate of Indebtedness, Series <br /> 2022A Fund of the Issuer. This Certificate 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 and <br /> are hereby irrevocably pledged. <br /> Transfer. This Certificate is transferable, as provided in the Resolution,upon the Register <br /> kept by the Registrar, or designee, upon surrender of this Certificate together with a written <br /> instrument of transfer duly executed by the Owner or the Owner's attorney duly authorized in <br /> writing, and thereupon a new, fully registered Certificate in the same principal amount shall be <br /> issued to the transferee in exchange therefor(or the transfer shall be duly recorded on the Register <br /> and the Certificate of Registration hereof), upon the payment of charges and satisfaction of <br /> applicable conditions, if any, as therein prescribed; provided that such transfer may occur only <br /> with respect to the entire Certificate. The Issuer may treat and consider the person in whose name <br /> this Certificate is registered as the absolute Owner hereof for the purpose of receiving payment of <br /> or on account of the principal of and interest on this Certificate and for all other purposes <br /> whatsoever. <br /> Treatment of Registered Owner. The Issuer and Registrar may treat the person in whose <br /> name this Certificate is registered as the holder hereof for the purpose of receiving payment as <br /> herein provided and for all other purposes, whether or not this Certificate shall be overdue, and <br /> neither the Issuer nor the Registrar shall be affected by notice to the contrary. <br /> Fees upon Transfer or Loss. The Registrar may require payment of a sum sufficient to <br /> cover any tax or other governmental charge payable in connection with the transfer or exchange <br /> of this Certificate and any legal or unusual costs regarding transfers and lost Certificate. <br /> 4 <br /> 72511616v1 <br />