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<br />system pursuant to the Resolution, Certificates may only be registered in the name of the <br />Depository or its Nominee. <br /> <br />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 $790,000, all of like date of original issue and tenor, except as to number, <br />maturity, interest rate and denomination, which Certificate has been issued pursuant to and in full <br />conformity with the Constitution and laws of the State of Minnesota and the Charter of the Issuer <br />and pursuant to a resolution adopted by the City Council of the Issuer on February 13,2007 (the <br />"Resolution"), for the purpose of providing money to fmance the purchase of various equipment <br />for the Issuer. This Certificate is payable out of the General Obligation Equipment Certificates <br />of Indebtedness, Series 2007 A Fund of the Issuer. This Certificate constitutes a general <br />obligation of the Issuer, and to provide moneys for the prompt and full payment of its principal, <br />premium, if any, and interest when the same become due, the full faith and credit and taxing <br />powers of the Issuer have been and are hereby irrevocably pledged. <br /> <br />Denominations: Exchange: Resolution. The Certificates are issuable solely in fully <br />registered form in Authorized Denominations (as defmed in the Resolution) and are <br />exchangeable for fully registered Certificates of other Authorized Denominations in equal <br />aggregate principal amounts at the principal office of the Registrar, but only in the manner and <br />subject to the limitations provided in the Resolution. Reference is hereby made to the Resolution <br />for a description of the rights and duties of the Registrar. Copies of the Resolution are on file in <br />the principal office of 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 hereofto 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 />1987047vl <br /> <br />7 <br />