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� UNITED STATES OF AMERICA <br /> STATE OF MINNESOTA <br /> COUNTY OF HENNEPIN <br /> CTTY OF ORONO <br /> No. � <br /> GENERAL OBLIGATION <br /> IMPROVEMENT BOND, SERIES 1997 <br /> Interest Rate Maturi Date of Ori�inal Issue CUSIP <br /> July l, 1997 <br /> Registered Owner: <br /> Principal Amount: <br /> The City of Orono, Hennepin County, Minnesota, for value received, hereby <br /> promises to pay to the Registered Owner spec�ed above, or registered assigns,the Principal <br /> Amount specified above on the maturity date specified above, upon the presentation and <br /> surrender hereof, and to pay to the Registered Owner hereof interest on such Principal <br />• � Amount at the Interest Rate specified above from July l, 1997, or the most recent interest <br /> payment date to which interest has been paid or duly provided for as specified below, on <br /> February 1 and August 1 of eachyear, commencing February 1, �T998T until said principal <br /> amount is paid. Principal is payable in lawful money of the United States of America at the <br /> office of Firstar Bank of Minnesota,N.A., in Minneapolis, Minnesota, as Bond Registrar or of <br /> its successor as Bond Registrar designated by the City upon 60 days' notice to the registered <br /> owners at their registered addresses. Interest sha11 be paid on each February 1 and August 1 <br /> interest payment date by check or draft mailed to the person in whose name this Bond is <br /> registered at the close of business on the 15th day of the month preceding each interest <br /> payment date(whether or not a business day) at said person's address set forth on the <br /> registration books maintained by the Bond Registrar. Any such interest not punctually paid or <br /> provided for will cease to be payable to the owner of record as of such regular record dates <br /> and such defaulted interest may be paid to the person in whose name this Bond shall be <br /> registered at the close of business on a special record date for the payment of such defaulted <br /> interest established by the Bond Registrar. <br /> The Bonds of this series maturing on or after February 1, 2006, are subject to <br /> redemption at the option of the City, in whole or in part in such order as the City may <br /> determine and by lot within a maturity, on February 1, 2005 and any date thereafter at par and <br /> accrued interest. Thirty days' notice of prior redemption will be given by mail to the bank <br /> � where the Bonds are payable and to the registered owners in the manner provided by Chapter <br /> -5- <br />