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• <br />• <br />• <br />ON REVERSE OF BOND <br />Redemption. Bonds of this issue (the "Bonds ") maturing on February 1, 2009, are <br />subject to redemption and prepayment at the option of the Issuer on February 1, 2006 and on any <br />date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of <br />the Bonds subject to prepayment. If redemption is in part, the maturities and the principal <br />amounts within each maturity to be redeemed shall be determined by the Issuer; and if only part <br />of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be <br />prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof called for <br />redemption shall be due and payable on the redemption date, and interest thereon shall cease to <br />accrue from and after the redemption date. Notice of redemption shall be given by registered or <br />certified mail at least thirty (30) days prior to the date fixed for redemption to the paying agent <br />and to each affected registered holder of the Bonds at the address shown on the registration <br />books. <br />Selection of Bonds for Redemption: Partial Redemption. To effect a partial <br />redemption of Bonds having a common maturity date, the Bond Registrar shall assign to each <br />Bond having a common maturity date a distinctive number for each $5,000 of the principal <br />amount of such Bond. The Bond Registrar shall then select by lot, using such method of <br />selection as it shall deem proper in its discretion, from the numbers assigned to the Bonds, as <br />many numbers as, at $5,000 for each number, shall equal the principal amount of such Bonds to <br />be redeemed. The Bonds to be redeemed shall be the Bonds to which were assigned numbers so <br />selected; provided, however, that only so much of the principal amount of such Bond of a <br />denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number <br />assigned to it and so selected. If a Bond is to be redeemed only in part, it shall be surrendered to <br />the Bond Registrar (with, if the Issuer or Bond Registrar so requires, a written instrument of <br />transfer in form satisfactory to the Issuer and Bond Registrar duly executed by the Holder thereof <br />or the Holder's attorney duly authorized in writing) and the Issuer shall execute (if necessary) and <br />the Bond Registrar shall authenticate and deliver to the Holder of the Bond, without service <br />charge, a new Bond or Bonds having the same stated maturity and interest rate and of any <br />Authorized Denomination or Denominations, as requested by such Holder, in aggregate principal <br />amount equal to and in exchange for the unredeemed portion of the principal of the Bond so <br />surrendered. <br />Issuance; Purpose; General Obligation. This Bond is one of an issue in the total <br />principal amount of $1,695,000, all of like date of original issue and tenor, except as to number, <br />maturity, interest rate, denomination and redemption privilege, which Bond has been issued <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 of the Issuer on May 23, 2000 (the <br />"Resolution "), for the purpose of providing funds to finance certain capital and administration <br />costs associated with a well and a water tower within Municipal Development District No. 1 of <br />1160734.1 <br />12 <br />