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2�4 <br />ARTICLE III <br />The Bonds, the Registrar's Authentication Certificate and the form of assignment shall be <br />in substantially the following form: <br />No. <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF HENNEPIN <br />CITY OF ORONO <br />GENERAL OBLIGATION <br />CAPITAL IMPROVEMENT BOND, <br />SERIES 2021A <br />Interest Rate Maturity Date of Original Issue CUSIP <br />December , 2021 <br />Registered Owner: Cede & Co. <br />Principal Amount: <br />The City of Orono, Hennepin County, Minnesota, for value received, hereby promises to <br />pay to the Registered Owner specified above, or registered assigns, the Principal Amount specified <br />above on the maturity date specified above, upon the presentation and surrender hereof, and to pay <br />to the Registered Owner hereof interest on such Principal Amount at the Interest Rate specified <br />above from December _, 2021, or the most recent interest payment date to which interest has <br />been paid or duly provided for as specified below, on December 20 and June 20 of each year, <br />commencing December 20, 2022, until said principal amount is paid. Principal is payable in lawful <br />money of the United States of America at the office of Bond Trust Services Corporation, in <br />Roseville, Minnesota, as Bond Registrar or of its successor as Bond Registrar designated by the <br />City upon 60 days' notice to the registered owners at their registered addresses. Interest shall be <br />paid on each December 20 and June 20 interest payment date by check or draft mailed to the person <br />in whose name this Bond is registered at the close of business on the 5th day of that month <br />(whether or not a business day) at said person's address set forth on the registration books <br />maintained by the Bond Registrar. Any such interest not punctually paid or provided for will cease <br />to be payable to the owner of record as of such regular record dates and such defaulted interest <br />may be paid to the person in whose name this Bond shall be registered at the close of business on <br />a special record date for the payment of such defaulted interest established by the Bond Registrar. <br />9 <br />4854-7635-7637.2 <br />