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No Redemption. The Certificates of this issue (the "Certificates") are not subject to <br />redemption and prepayment prior to their maturity. <br /> <br /> Issuance; Purpose; General Obligation. This Certificate is one of an issue in the total <br />principal amount of $675,000, all of like date of original issue and tenor, except as to number, <br />maturity, interest rate and denomination, issued pursuant to and in full conformity with the <br />Constitution and laws of the State of Minnesota and pursuant to a resolution adopted by the City <br />Council on December 9, 2003 (the "Resolution"), for the purpose of providing money to finance <br />the purchase of various items of capital equipment for the Issuer. This Certificate is payable out <br />of the General Obligation Equipment Certificates of 2003 Fund of the Issuer. This Certificate <br />constitutes a general obligation of the Issuer and to provide moneys for the prompt and full <br />payment of its principal, premium, if any, and interest when the same become due, the full faith <br />and credit and taxing powers of the Issuer have been and are hereby irrevocably pledged. <br /> <br /> Denominations; Exchange; Resolution. The Certificates are issuable in fully registered <br />form in Authorized Denominations (as defined in the Resolution) and are exchangeable for fully <br />registered Certificates o f other Authorized Denominations in equal aggregate principal amounts <br />at the principal office of the Registrar, but only in the manner and subject to the limitations <br />provided in the Resolution. Reference is hereby made to the Resolution for a description of the <br />rights and duties of the Registrar. Copies of the Resolution are on file in the principal office of <br />the Registrar. <br /> <br /> Transfer. This Certificate is transferable by the Holder in person or by the Holder's <br />attorney duly authorized in writing at the principal office of the Registrar upon presentation and <br />surrender hereof to the Registrar, all subject to the terms and conditions provided in the <br />Resolution and to reasonable regulations of the Issuer contained in any agreement with the <br />Registrar. Thereupon the Issuer shall execute and the Registrar shall authenticate and deliver, in <br />exchange for this Certificate, one or more new fully registered Certificates in the name of the <br />transferee (but not registered in blank or to "bearer" or similar designation), of an Authorized <br />Denomination or Denominations, in aggregate principal amount equal to the principal amount of <br />this Certificate, of the same maturity and bearing interest at the same rate. <br /> <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 Certificates. <br /> <br /> Treatment of Registered Owners. The Issuer and Registrar may treat the person in whose <br />name this Certificate is registered as the owner hereof for the purpose of receiving payment as <br />herein provided (except as otherwise provided herein with respect to the Record Date) and for all <br />other purposes, whether or not this Certificate shall be overdue, and neither the Issuer nor the <br />Registrar shall be affected by notice to the contrary. <br /> <br /> Authentication. This Certificate shall not be valid or become obligatory for any purpose <br />or be entitled to any security unless the Certificate of Authentication hereon shall have been <br />executed by the Registrar. <br /> <br />1594839vl <br /> <br /> <br />