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9 <br />4854-7635-7637.1 <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 th at 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 />All Bonds maturing on or after December 20, 2031, are subject to redemption and prior <br />payment in whole or in part in such order as the City may determine and by lot within a maturity <br />at the option of the City on December 20, 2030, and any date thereafter at par and accrued interest. <br />Notice of redemption of Bonds stating their designation, date, maturity, principal amounts and the <br />redemption date shall be given by the Registrar by mailing such notice by first class mail, postage <br />prepaid, not more than 60 days and not less than 30 days prior to the date fixed for redemption (or <br />such shorter period as may be acceptable to the then registered owner of the Bonds) to the <br />registered owners at their most recent addresses appearing upon the books of the Registrar. Failure <br />to give notice to any particular registered owner or any defect in the notice given to such owner <br />shall not affect the validity of the proceedings calling the Bonds or the redempt ion of any Bonds <br />for which proper notice has been given. Notice of redemption need not be given to the holder of <br />any Bonds, whether registered or not, who has waived notice of redemption. Notice of redemption <br />having been given as provided above or notice of redemption having been waived by the owners <br />of Bonds called for redemption to whom such notice has not been given as provided above, the <br />Bonds so called for redemption shall become due and payable on the designated redemption date. <br />Any Bond called for redemption, and for the payment of which moneys are set aside by the City <br />on the redemption date, shall not bear interest after the redemption date, regardless of any delay in <br />its presentation. <br /> <br />During such time as this Bond is registered in the name of Cede & Co., as nominee of <br />Depository Trust Company (“DTC”), the method of payment, notice of redemption and certain <br />other matters are subject to the terms of the Representation Letter executed by the City and DTC <br />prior to the date of issuance of the Bonds as such Representation Letter may be amended from <br />time to time. <br /> <br />This Bond is one of an issue of Bonds in the aggregate principal amount of $16,000,000, <br />all of like date and tenor except as to maturity, interest rate and redemption privilege, issued <br />pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota, <br />including Minnesota Statutes, Section 475.521 and Chapter 475, for the purpose of financing the