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• <br /> (Form of Bond) <br /> UNITED STATES OF AMERICA <br /> STATE OF MINNESOTA <br /> COUNTY OF HENNEPIN <br /> � CITY OF ORONO <br /> No. R $ <br /> GENERAL OBLIGATION <br /> WATER AND SEWER REVENUE BOND, SERIES 1989 <br /> Interest <br /> Rate Maturity Date of Original Issue CUSIP <br /> September 16, 1989 <br /> REGISTERED OWNER: <br /> PRINCIPAL AMOUNT: <br /> The City of Orono in the State of Minnesota, for <br /> value received, hereby certifies that it is indebted and hereby <br /> promises to pay to the registered owner specified above or <br /> • registered assigns, the principal sum specified above, on the <br /> maturity date specified above, upon the presentation and <br /> surrender hereof, and to pay to the registered owner hereof <br /> interest on such principal sum at the interest rate specified <br /> above from September 16, 1989 , or the most recent interest � <br /> payment date to which interest has been paid or duly provided <br /> for as specified below, on February 1 and August 1 of each <br /> year, commencing August l, 1990, until said principal sum is <br /> paid. Principal and the redemption price is payable in lawful <br /> money�,o,f. the United States of America at the office of <br /> in Minneapolis, Minnesota as Registrar and <br /> Paying Agent, or at the offi.ces of such successor agents as the <br /> City may designate upon 60 days ' notice to the registered <br /> owners at their registered addresses . Interest shall be paid <br /> on each February 1 and August 1 interest payment date by check <br /> 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 <br /> month next preceding each interest payment date (whether or not <br /> a business day) at the registered owner ' s address set forth on <br /> the registration books maintained by the Bond Registrar. Any <br /> such interest not punctually paid or provided for will cease to <br /> be payable to the person in whose name this Bond is registered . <br /> on such regular record dates and such defaulted interest may be <br /> paid to the person in whose name this Bond shall be registered <br /> at the close of business on a special record date for the <br /> payment of such defaulted interest established by the Bond <br /> • Registrar. <br /> -5- <br />