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� RESOLUTION #3151 � The City of Orono, Hennepin County, Minnesota, for � value received, h�reby promises to pay to the Registered Owner specified above or registered assigns, the Principal Amount specified above on the maturity date specified above, upon the presentation and surrender hereof, and to pay to the Registered Owner hereof interest on such Principal Amount at the Interest Rate specified above from August 1, 1992, or the most recent interest payment date to which interest has been paid or duly provided for as specified below, on February 1 and August 1 of each year, commencing February 1, 1993, until said principal � amount is paid. Principal is payable in lawful money of the United States of America at the office of , �as Bond Registrar or of its successor as Bond � Registrar designated by the City upon 60 days' notice to the Registered Owners at their registered addresses. Interest shall be paid on each February 1 and August 1 interest payment date by � check or draft mailed to the person in whose name this Bond is registered at the close of business on the 15th day of the month preceding each interest payment date (whether or not a business � day) at said person's address set forth. on the registration books maintained by the Bond Registrar. Any such interest not � punctually paid or provided for will cease to be payable to the owner of record as of such regular record dates and such defaulted interest may be paid to the person in whose name this Bond shall be registered at the close of business on a special record date for the payment of such defaulted interest • established by the Bond Registrar. For the prompt and full payment of such principal and interest as the same become due the full faith, credit and taxing powers of the City have been and are hereby irrevocably pledged. [Additional provisions of this Bond are contained on the reverse side hereof and such provisions shall for all purposes have the same effect as if set forth here.] The Bonds of this series maturing on or after February 1, 2001, are subject to redemption at the option of the City, in whole or in part in inverse order of maturity and by lot within a maturity, on February 1, 2000 and any interest payment date thereafter at par and accrued i.nterest. Thirty days' notice . of prior redemption will be given by mail to the bank where the Bonds are payable and ,to the registered owners in the manner provided by Chapter 475, Minnesota Statutes. Any defect in mailing notice of redemption shall not affect the validity of the proceedings for redemption. Any Bond called for redemption, and for the payment of which moneys are set aside by the City on the redemption date, shall not bear interest after the redemption date, regardless of any delay in its presentation. This Bond is one of an issue of Bonds in the aggregate principal amount of $2, 000, 000, all of like date and tenor except • -4-