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E � � 3. The Bonds, the Registrar's Authentication Certificate and the form of assignment shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF ORONO GENERAL OBLIGATION BOND, SERIES 2016A Interest Rate Maturity Registered Owner: Principal Amount: Date of Original Issue November 17, 2016 CUSIP The City of Orono, Hennepin County, Minnesota, for value received, hereby promises to pay to the Registered Owner specified above, or registered assigns, without option of prior payment, 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 November 17, 2016, 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 August 1, 2017, until said principal amount is paid. Principal is payable in lawful money of the United States of America at the office of Bond Trust Services Corporation in Roseville, Minnesota, 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. During such time as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), the method of payment, notice of redemption and certain other matters are subject to the terms of a Blanket Letter of Representations executed by the City and DTC prior to the date of issuance of the Bonds as such Blanket Letter of Representations may be amended from time to time. This Bond is one of an issue of Bonds in the aggregate principal amount of $2,795,000, all of like date and tenor except as to maturity and interest rate, issued pursuant to and in full 3 SALE RESOLU'T'ION