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the book -entry only system pursuant to the Resolution, Bonds may only be registered in the <br />name of the Depository or its Nominee. <br />Optional Redemption. All Bonds of this issue (the "Bonds") maturing December 15, <br />2025 and thereafter are subject to redemption and prepayment at the option of the Issuer on <br />December 15, 2024, and on any date thereafter at a price of par plus accrued interest. <br />Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in <br />part, the maturities and the principal amounts within each maturity to be redeemed shall be <br />determined by the Issuer; and if only part of the Bonds having a common maturity date are called <br />for prepayment, the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar. <br />Bonds or portions thereof called for redemption shall be due and payable on the redemption date, <br />and interest thereon shall cease to accrue from and after the redemption date. Mailed notice of <br />redemption shall be given to the paying agent and to each affected registered holder of the Bonds <br />not more than sixty (60) days and not fewer than thirty (30) days prior to the date fixed for <br />redemption. <br />Selection of Bonds for Redemption; Partial Redemption. To effect a partial redemption <br />of Bonds having a common maturity date, the Bond Registrar shall assign to each Bond having a <br />common maturity date a distinctive number for each $5,000 of the principal amount of such <br />Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall <br />deem proper in its discretion, from the numbers assigned to the Bonds, as many numbers as, at <br />$5,000 for each number, shall equal the principal amount of the Bonds to be redeemed. The <br />Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided, <br />however, that only so much of the principal amount of such Bond of a denomination of more <br />than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so <br />selected. If a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar <br />(with, if the Issuer or Bond Registrar so requires, a written instrument of transfer in form <br />satisfactory to the Issuer and Bond Registrar duly executed by the Holder thereof or the Holder's <br />attorney duly authorized in writing) and the Issuer shall execute (if necessary) and the Bond <br />Registrar shall authenticate and deliver to the Holder of the Bond, without service charge, a new <br />Bond or Bonds having the same stated maturity and interest rate and of any Authorized <br />Denomination or Denominations, as requested by the Holder, in aggregate principal amount <br />equal to and in exchange for the unredeemed portion of the principal of the Bond so surrendered. <br />Issuance; Purpose; General Obligation. This Bond is one of an issue in the total principal <br />amount of $1,650,000, all of like date of original issue and tenor, except as to number, maturity, <br />interest rate, denomination and redemption privilege, issued pursuant to and in full conformity <br />with the Charter of the Issuer, Constitution and laws of the State of Minnesota and pursuant to a <br />resolution adopted by the City Council on June 28, 2016 (the "Resolution"), for the purpose of <br />providing money to finance street reconstruction improvements within the Issuer. This Bond is <br />payable out of the General Obligation Street Reconstruction Bonds, Series 2016A Fund of the <br />Issuer. This Bond constitutes a general obligation of the Issuer, and to provide moneys for the <br />prompt and full payment of its principal, premium, if any, and interest when the same become <br />due, the full faith and credit and taxing powers of the Issuer have been and are hereby <br />irrevocably pledged. <br />7 <br />7719122v1 <br />