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Tab 09 Specimen BondNo. R-1 Rate 3.700% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KALISPELL SPECIAL EWFROVEMENT DISTRICT NO, 344 BOND SERIES 2006 Maturity 1^wwwww.l.wl�w July 1, 2007 REGISTERED OWNER: CEDE & CO. Date of Original Issue � � � �"111 IIIII.I.�wY. �� r• - •IIIIYI- w June 15, 2006 $225,000 CUSIP 483 42N AA 3 PRINCIPAL AMOUNT: TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as authorized by Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resolution No. 5123, adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions hereinafte 4eribed relating to the redemption of this Bond before maturity. This Bond bears interest at;.a :, um specified above from the date of registration of this Bond, as expressed herei date to which interest hereon has been paid or duly provided for, until the maturi a led above or an earlier date on which this Bond shall have been duly called for redemption e City Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 2007, on the first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank National Association in Seattle, Washington, as bond registrar and paying agent (the "Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("'DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the City. This Bond is one of an issue in the aggregate principal amount of $4,520,000 (the "Bonds"), all of like date of original issue and tenor, except as to serial number, denomination, date, interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of No. R-2 Rate 3.800% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KA.LISPELL SPECIAL IMPROVEMENT DISTRICT NO, 344 BOND SERIES 2006 Maturity July 1, 2008 REGISTERED OWNER: CEDE & CO. Date of Original Issue June 15, 2006 $225,000 CUSIP 483 42N AB 1 PRINCIPAL AMOUNT: TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as authorized by Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resolution No. 5123, adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions hereinafter desGribed relating to the redemption of this Bond before maturity. This Bond bears interest at the rat um specified above from the date of registration of this Bond, as expressed herein, or fro e to which interest hereon has been paid or duly provided for, until the maturity da ' f ove or an earlier date on which this Bond shall have been duly called for redemption b nance Director. Interest on this Bond is payable semiannually, commencing January 1, 2007, e first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U,S, Bank National Association in Seattle, Washington, as bond registrar and paying agent (the "'Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the City. This Bond is one of an issue in the aggregate principal amount of $4,520,000 (the "Bonds"), all of like date of original issue and tenor, except as to serial number, denomination, date, interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of No. RM3 Rate 3.850% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KA.LISPELL SPECIAL IMPROVEMENT DISTRICT NO, 344 BOND SERIES 2006 Maturity July 1, 2009 REGISTERED OWNER: CEDE & CO. Date of Original Issue June 15, 2006 $225,000 CUSIP 4 83 42N AC 9 PRINCIPAL AMOUNT: TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as authorized by Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resolution c 5123, adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions hereina ibed relating to the redemption of this Bond before maturity. This Bond bears interest at nnum specified above from the date of registration of this Bond, as expressed herein, ater date to p g p which interest hereon has been paid or duly provided for, until the maturi ed above or an earlier date on which this Bond shall have been duly called for redemption bCity Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 2007, on the first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank National Association in Seattle, Washington, as bond registrar and paying agent (the"Registrat"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the City. This Bond is one of an issue in the aggregate principal amount of $4,520,000 (the "Bonds"), all of like date of original issue and tenor, except as to serial number, denomination, date, interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of No. R--4 Rate 3.950% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KALISPELL SPECIAL IMPROVEMENT DISTRICT NO, 344 BOND SERIES 2006 Maturity July 1, 2010 REGrISTERED OWNER: CEDE & CO. Date of Original Issue June 15, 2006 $225,000 CUSIP 48342N AD 7 PRINCIPAL AMOUNT: TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS FOR. VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as authorized by Resolution No. 5111, adopted on April 3 2006 (the "Authorizing Resolution"), and Resolutio o. 5123 adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions here' r scribed relating to the redemption of this Bond before maturity. This Bond bears interest er annu n specified above from the date of registration of this Bond, as expressed herei later date to which interest hereon has been paid or duly provided for, until the ma cif ed above or an earlier date on which this Bond shall have been duly called for redemption he City Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 2007, on the first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank National Association in Seattle, Washington, as bond registrar and paying agent (the "Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the C ity. This Bond is one of an issue in the aggregate principal amount of $4,520,000 (the "Bonds"), all of like date of original issue and tenor, except as to serial number, denomination, date, interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of 04R.I.&WI, Rate 4.000% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KALISPELL SPECIAL IMPROVEMENT DISTRICT NO.344 BOND SERIES 2406 Maturity July 1, 2011 REG'rISTERED OWNER: CEDE & CO. Date of Original Issue June 15, 2006 $225,000 CUSIP 48342N AE 5 PRINCIPAL AMOUNT: TWO RED TWENTY-FIVE THOUSAND DOLLARS FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as aut wed by Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resolu ` . ` '4 °'' 123, adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions h �' ; r � ��scribed relating to the redemption of this Bond before maturity. This Bond bears intere per annum specified above from the date of registration of this Bond, as expressed her uch later date to which interest hereon has been paid or duly provided for, until the maturi specified above or an earlier date on which this Bond shall have been duly called for redemption by the City Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 2007, on the first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank National Association in Seattle, Washington, as bond registrar and paying agent (the "Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the City. This Bond is one of an issue in the aggregate principal amount of $4,520,000 (the "Bonds"), all of like date of original issue and tenor, except as to serial number, denomination, dates interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of No. R.-6 Rate 4.100% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KALISPELL SPECIAL I14PROVEMENT DISTRICT NO, 344 BOND SERIES 2006 Maturity July 1, 2012 REGISTERED OWNER: CEDE & CO. Date of Original Issue June 15, 2006 $2255000 CUSIP 48342N AF 2 PRINCIPAL AMOUNT: TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as authorized by Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resolut' aft. No. 5123, adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions her ' A - ,.`4.escribed relating to the redemption of this Bond before maturity. This Bond bears interes per annum specified above from the date of registration of this Bond, as expressed herein uch later date to which interest hereon has been paid or duly provided for, until the ma : , ecified above or an earlier date on which this Bond shall have been duly called for redemptio the City Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 20 , on the first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank National Association in Seattle, Washington, as bond registrar and paying agent (the "Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices. with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the ity. This Bond is one of an issue in the aggregate principal amount of $4,520,000 (the "Bonds"), all of like date of original issue and tenor, except as to serial � number, denomination, date, interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of No. R.-7 Rate 4.200% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF IALISPELL SPECIAL IMPROVEMENT DISTRICT NO, 344 BOND SERIES 2006 Maturity July 1, 2013 REGISTERED OWNER: CEDE & CO. Date of Original Issue June 15, 2006 $225,000 CUSIP 48342N AO 0 PRINCIPAL AMOUNT: TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as authorized by Resolution No. 5111, adopted on April 3, 2006(the "Authorizin Resolution" and Resol , } o. 5123,p pg �� .... adopted on June 19 2006 (the "Bond Resolution") all subject to the provisions Y., Y p p �scr' bed relating to the redemption of this Bond before maturity. This Bond bears inte `ate per annum specified above from the date of registration of this Bond, as expressed h such later date to which interest hereon has been paid or duly provided for, until the ma a specified above or an earlier date on which this Bond shall have been duly called for redemption the City Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 2007, on the first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank National Association in Seattle, Washington, as bond registrar and paying agent (the "Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the City. This Bond is one of an issue in the aggregate principal amount of $4,520,000 (the "Bonds"), all of like date of original issue and tenor, except as to serial number, denomination, date, interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of No. R.-8 Rate 4.3 00% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KALISPELL SPECIAL IMPROVEMENT DISTRICT NO, 344 BOND SERIES 2006 Maturity July I , 2014 REGISTERED OWNER: CEDE & CO. Date of Original Issue June 15, 2006 $225,000 CUSIP 48342N AH 8 PRINCIPAL AMOUNT: TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as authorized by Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resolution No 5123, adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions hereina S ibed relating to the redemption of this Bond before maturity. This Bond bears interest atly ,`a um specified above from the date of registration of this Bond, as expressed herein, orfob er date to which interest hereon has been paid or duly provided for, until the matur' 'red above or an earlier date on which this Bond shall have been duly called for redemption b City Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 2007, on the first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank National Association in Seattle, Washington, as bond registrar and paying agent (the "Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bondy and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the City. This Bond is one of an issue in the aggregate principal amount of $4,520,000 (the "Bonds"), all of like date of original issue and tenor, except as to serial number, denomination, date, interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of Rate 4.400% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KALISPELL SPECIAL IMPROVEMENT DISTRICT NO.344 BOND SERIES 2006 Maturity July 1, 2015 REGISTERED OWNER: CEDE & CO. Bate of Ori final Issue June I S, 2006 $2259000 CUSIP 48342N AJ 4 PRINCIPAL AMOUNT: TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered .assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as authorized by Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resolution No, ,.S 123, adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions hereina ,','bed relating to the redemption of this Bond before maturity. This Bond bears interest at um specified above from the date of registration of this Bond,. as expressed herein, or ` er date to which interest hereon has been paid or duly provided for, until the maturity: ed above or an earlier date on which this Bond shall have been duly called for redemption by ity Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 2007, on the first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank National Association in Seattle, Washington, as bond registrar and paying agent (the "Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the City. This Bond is one of an issue in the aggregate principal amount of $4,520,000 (the "Bonds"), all of like date of original issue and tenor, except as to serial � number, denomination, date, interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of No. R-10 Rate 4.500% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KALISPELL SPECIAL IMPROVEMENT DISTRICT NO, 344 BOND SERIES 2006 Maturity July 1, 2016 REGISTERED OWNER: CEDE & CO. Date of Original Issue June 15, 2006 $225,000 CUSIP 48342N AID I PRINCIPAL AMOUNT: TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as authori ed by Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resoluti ���� 123, adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions h ibed relating to the redemption of this Bond before maturity. This Bond bears inte per annum specified above from the date of registration of this Bond, as expressed here uch later date to which interest hereon has been paid or duly provided for, until the maturi p s t ecified above or an ty earlier date on which this Bond shall have been duly called for redemption by the City Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 2007, on the first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank National Association in Seattle, Washington, as bond registrar and paying agent (the "Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the City. This Bond is one of an issue in the aggregate principal amount of $4,520,000 (the "Bonds"), all of like date of original issue and tenor, except as to serial number, denomination, date, interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of No. Rw 11 Rate 4.600% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KALISPELL SPECIAL IMPROVEMENT DISTRICT NO.344 BOND SERIES 2006 Maturity July I , 2017 REGISTERED OWNER: CEDE & CO. Date of Original Issue June 15, 2006 $225,000 CUSIP 48342N AL 9 PRINCIPAL AMOUNT: Two HUNDRED TWENTY-FIVE THOUSAND DOLLARS FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as authorized by Resolution No. 5111, adopted on April 3, 2006 (the Authorizing Resolution"), and Resolution �, 23, adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions herei fed relating to the redemption of this Bond before maturity. This Bond bears interest �r`. r annum specified above from the date of registration of this Bond, as expressed herein later date to which interest hereon has been paid or duly provided for, until the maturity p fled above or an earlier date on which this Bond shall have been duly called for redemption by t City Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 2007, on the first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank National Association in Seattle, Washington, as bond registrar and paying agent (the "Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America, Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the City. This Bond is one of an issue in the aggregate principal amount of $4,520,000 (the "Bonds"), all of like date of original issue and tenor, except as to serial number, denomination, date, interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of No. R-12 Rate 4.700% UNITED STATES of AMERICA STATE of MONTANA COUNTY OF FLATHEAD CITY of KALISPELL SPECIAL IMPROVEMENT DISTRICT NO., 344 BOND SERIES 2006 Maturity July 1, 2018 REGISTERED OWNER: CEDE & CO. Date of Dri final Issue June 15, 2006 $225,000 CUSIP 48342N AM 7 PRINCIPAL AMOUNT: TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as author' ed by ��.` Resolution No. 5111, adopted on April 3, 2006 (the Authorizing Resolution"), and Resolu 123, adopted on June 19 2006 (the `Bond Resolution"), all subject to the provisions h cribed relating to the redemption of this Bond before maturity. This Bond bears intere per annum specified above from the date of registration of this Bond, as expressed her ' , ; s uch later date to p g p which interest hereon has been paid or duly provided for, until the maturity specified above or an earlier date on which this Bond shall have been duly called for redemption by the City Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 2007, on the first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank National Association in Seattle, Washington, as bond registrar and paying agent (the "Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the City. This Bond is one of an Issue in the aggregate principal amount of $4,520,000 (tile `Bonds"), all of like date of original issue and tenor, except as to serial number, denomination, date, interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of No. R-13 Rate 4.800% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KALISPELL SPECIAL IMPROVEMENT DISTRICT NO, 344 BOND SERIES 2006 Maturity July 1, 2019 REGISTERED OWNER: CEDE & CO. Date of Original Issue June 15, 2006 $225,000 CUSIP 48342N AN 5 PRINCIPAL AMOUNT; TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as aut sized by Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resol ` :5123, adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions s a{ ~.:: escribed relating to the redemption of this Bond before maturity. This Bond bears inte e per annum specified above from the date of registration of this Bond, as expressed her ' such later date to which interest hereon has been paid or duly provided for, until the mature a specified above or an earlier date on which this Bond shall have been duly called for redemption by the City Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 2007, on the first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank National Association in Seattle, Washington, as bond registrar and paying agent (the "Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the City. This Bond is one of an issue in the aggregate principal amount. of $4,520,000 (the "Bands"), all of like date of original issue and tenor, except as to serial number, denomination, date, interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of No. R-14 Rate 4.900% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY of FLATHEAD CITY OF KAiLISPELL SPECIAL IMPROVEMENT DISTRICT NO, 344 BOND SERIES 2006 Maturity July 1, 2020 REGISTERED OWNER: CEDE & CO. Date of Or* final Issue June 15, 2006 $225,000 CUSIP 48342N AP 0 PRINCIPAL AMOUNT: TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as authorized by Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resolut* N+.. 5123, adopted on June 19, 2006 (the "Bond Resolution" .), all subject to the provisions herein. w, �bed relating to the redemption of this Bond before maturity. This Bond bears interest a�: " annum specified above from the date of registration of this Bond, as expressed herein, later date to which interest hereon has been paid or duly provided for, until the mature cified above or an earlier date on which this Bond shall have been duly called for redemption ba City Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 2007, on the first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank National Association in Seattle, Washington, as bond registrar and paying agent (the "Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("I)TC."), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the City. This Bond is one of an issue in the aggregate principal amount of $4,520,000 (the `Bonds"), all of like date of original issue and tenor, except as to serial number, denomination, date, interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of No. R_ 15 Rate 5.000% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KALISPELL SPECIAL MROVEMENT DISTRICT NO.344 BOND SERIES 2006 Maturity July 1, 2021 REGISTERED OWNER.: CEDE & CO. Date of Original., Issue June 15, 2006 $225,000 CUSIP 48342N AQ 8 PRINCIPAL AMOUNT: TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns; on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as au," ed by Resolution No. 5111 adopted on April 3, 2006 (the `Authorizing Resolution"), and Reno ";51239 adopted on June 19, 2006 (the Bond Resolution"), all subject to the provisionescribed relating to the redemption of this Bond before maturity. This Bond bears int . per annum specified above from the date of registration of th*s Bond, as expressed her such later date to which interest hereon has been paid or duly provided for, until the maturi �'a specified above or an � e earlier date on which this Bond shall have been duly called for redemption by the City Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 2007, on the first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank National Association in Seattle, Washington, as bond registrar and paying agent (the "Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the C ity. This Bond is one of an issue in the aggregate principal amount of $4,520,000 (the "Bonds"), all of like date of original issue and tenor, except as to. serial number, denomination, date, interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of No. R-16 Rate 5.050% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KA.LISPELL SPECIAL IMPROVEMENT DISTRICT NO.344 BOND SERIES 2006 Maturity July 1, 2022 REGISTERED OWNER: CEDE & CO. Date of Original Issue June 15, 2006 $225,000 CUSIP 48342N AR 6 PRINCIPAL AMOUNT: TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as au ' ed by Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Reso :,h 123, adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions r escribed relating to the redemption of this Bond before maturity. This Bond bears int S. a per annum specified above from the date of registration of this Bond, as expressed here �� � n such later date to � L� which interest hereon has been paid or duly provided for, until the maturity a specified above or an earlier date on which this Bond shall have been duly called for redemption by the City Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 2007, on the first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank National Association in Seattle, Washington, as bond registrar and paying agent (the "Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of .America. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this 41 Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the City, This Bond is one of an issue in the aggregate principal amount of $4,520,000 (the "Bonds"), all of like date of original issue and tenor, except as to serial number, denomination, date, interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of No. R-17 Rate 5.100% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KAL ISPELL SPECIAL EMPR.OVEMENT DISTRICT NO, 344 BOND SERIES 2006 Maturity July 1, 2023 REGISTERED OWNER: CEDE & CO. Date of Original Issue June 15, 2006 PRINCIPAL AMOUNT: TVL1'O HUNDRED THIRTY THOUSAND DOLLARS $234NO CUSIP 48342NAS 4 FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as authorized by Resolution No. 5111, adopted on April 3, 2006 (the `Authorizing Resolution"), and Resolution . 5123, E: adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions herein `' cribed relating to the redemption of this Bond before maturity. This Bond bears interest at t,# }' annum specified above from the date of registration of this Bond, as expressed herein, o r Y; :' ater date to which interest hereon has been paid or duly provided for, until the maturi h led above or an earlier date on which this Bond shall have been duly called for redemption 'byro`e ity Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 2047 n the first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank National Association in Seattle, Washington, as bond registrar and paying agent (the "Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the City. This Bond is one of an issue in the aggregate principal amount of $4,520,000 (the "Bonds"), all of like date of original issue and tenor, except as to serial number, denomination, date, interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of No. R-18 Rate 5.100% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLAT AD CITY OF KALISPELL SPECIAL IMPROVEMENT DISTRICT NO.344 BOND SERIES 2006 Maturity July 1, 2024 REGISTERED OWNER: CEDE & CO. Date of Original -Issue June 15, 2006 PRINCIPAL AMOUNT: TWO HUNDRED THIRTY THOUSAND DOLLARS $2309000 CUSIP 48342N AT 2 FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as authaKized by 5 Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resolu i6fi� t: r 5123, adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions her, ' , scribed A. relating to the redemption of this Bond before maturity. This Bond bears interestper annum specified above from the date of registration of this Bond, as expressed herein uch later date to which interest hereon has been paid or duly provided for, until the maturi 2 �`A&II ecifed above or an earlier date on which this Bond shall have been duly called for redemption bye e City Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 2007, on the first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank National Association in Seattle, Washington, as bond registrar and paying agent (the "Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America. Notwithstanding any other previsions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to. this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the City. This Bond is one of an issue in the aggregate principal amount of $4,520,000 (the "Bonds"), all of like date of original issue and tenor, except as to serial number, denomination, date, interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KALISPELL SPECIAL IMPROVEMENT DISTRICT NO, 344 BOND SERIES 2006 No. R-19 Rate Maturity 5.100% July 1, 2425 REGISTERED OWNER: CEDE & CO. Date of Original Issue June 15, 2006 PRINCIPAL AMOUNT: TWO HUNDRED THIRTY THOUSAND DOLLARS $23 01000 CUSIP 48342N AU 9 FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as auto by Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resol b 51239 cescribed adopted on June 19, 2046 (the "Bond Resolution"), all subject to the provisioner``` . relating to the redemption of this Bond before maturity. This Bond bears intere t' ate per annum specified above from the date of registration of this Bond, as expressed her. '` #" such later date to p g p � �' which interest hereon has been paid or duly provided for, until the maturity�e specified above or an earlier date on which this Bond shall have been duly called for redemption by. the City Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 2407, on the first day of January and the first day of July in each year, to the owner of record of this Band appearing as such in the bond register as of the close of business on the 15th day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank rational Association in Seattle, Washington, as bond registrar and paying agent (the "Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the City. This Bond is one of an issue in the aggregate principal amount of $4,520,000 (the "Bonds"), all of like date of original issue and tenor, except as to serial number, denomination, date, interest rate and maturity date. The Bonds are issued pursuant to and in full conformity with the Constitution and laws of No. R-20 Rate 5.100% UNITED STATES OF AMERICA STATE OF MONTANA COUNT'' OF FLATHEAD CITY OF KALISPELL SPECIAL IMPROVEMENT DISTRICT NO, 344 BOND SERIES 2006 Maturity July 1, 2026 REGISTERED OWNER: CEDE & CO. Date of Original Issue June 15, 2006 PRINCIPAL AMOUNT: TWO HUNDRED THIRTY THOUSAND DOLLARS $23 0,000 CUSIP 48342N AV 7 FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will pay to the registered owner identified above, or registered assigns, on the maturity date specified above the principal amount specified above, solely from the revenues hereinafter specified, as authorized by Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resolutio ,�, . 51233, adopted on June 19, 2006 (the Bond Resolution"), all subject to the provisions here e"p cr bed "Bond relating to the redemption of this Bond before maturity. This Bond bears interest' ftr annum 4 specified above from the date of registration of this Bond, as expressed herein .x;later date to which interest hereon has been paid or duly provided for, until the maturity',-' itcified above or an earlier date on which this Bond shall have been duly called for redemption by' City Finance Director. Interest on this Bond is payable semiannually, commencing January 1, 2007, on the first day of January and the first day of July in each year, to the owner of record of this Bond appearing as such in the bond register as of the close of business on the 1 Sth day (whether or not such is a business day) of the immediately preceding month. Interest on and, upon presentation and surrender hereof at the operations center of U.S. Bank National Association in Seattle, Washington, as bond registrar and paying agent (the "Registrar"), the principal of this Bond are payable by check or draft of the Registrar, or its successor. The principal of and interest on this Bond are payable in lawful money of the United States of America. Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), or in the name of any other nominee of DTC or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of DTC or other securities depository as agreed to by the City. This Bond is one of an issue in the aggregate principal amount of $4,520,000 (the `Bonds"), all of life date of original issue and tenor, except as to serial number, denomination, date, interest rate and maturity date, The Bonds are issued pursuant to and in full conformity with the Constitution and laws of the State of Montana thereunto enabling, including Montana Code Annotated, Title 7, Chapter 12, Parts 41 and 42, as amended (the "Act"), to finance the costs of certain local improvements (the "Im.provements") for the special benefit of property located in Special Improvement District No. 344 of the City (the "District"). The Bonds are issuable only, as fully registered bonds of single maturities in denominations of $5,000 or any integral multiple thereof. This Bond is payable from the collection of a special tax or special assessments levied upon all assessable real property within the boundaries of the District, in an aggregate principal amount of not less than $4,520,000, except as such amount may be reduced or increased in accordance with provisions of Montana law. Such special assessments constitute a lien against the assessable real estate within the District and are to be deposited into the Special Improvement District No. 344 Fund of the City (the "District Fund"). The City has also established an industrial tax increment district (the "Industrial District") and a technology tax increment district (the "Technology District") within the boundaries of the District. The City has pledged certain tax increment revenues derived from the Industrial District and the Technology District to the payment of the Bonds, as more fully described in the Bond Resolution. The City has established in the District Fund, and funded with certain proceeds of the Bonds, a Reserve Account (the "Reserve Account"), from which money is to be applied to pay principal of and interest on the Bonds in the event collections of special assessments are insufficient therefor,,,,�The City does not have any obligation to replenish the Reserve Account if funds are withdrawn t The Bonds are special, limited obligations of the City payable solely from the revenues , :. ` i� nder the Resolution and the Bonds are not general obligations of the City,' G� The C has also validly established a Special Im ravementF; City y p p Vkk v, tr " Revolving Fund Fund" to secure the payment of certain of its special i.. ovement district bonds (the"Revolving ) p � P � including the Bonds. The City has also agreed, to the extent permitted by the Act, to issue orders annually authorizing loans or advances from the Revolving Fund to District Fund, in amounts sufficient to make good any deficiency in the District Fund to pay principal of or interest on the Bonds after depletion of the Reserve Account, to the extent that funds are available in the Revolving Fund, and to provide funds for the Revolving Fund by annually making a tax levy or loan from its general fund in an amount sufficient for that purpose, subject to the limitation that no such tax levy or loan may in any year cause the balance in the Revolving Fund to exceed five percent of the principal amount of the City's then outstanding special improvement district bonds secured thereby and the durational limitations specified in the Act. while any property tax levy to be made by the City to provide funds for the Revolving Fund is subject to levy limits under current law, the City has agreed in the Resolution to levy property taxes to provide funds for the Revolving Fund to the extent described in this paragraph and, if necessary, to reduce other property tax levies correspondingly to meet applicable levy limits. The Bonds are subject to mandatory redemption in order of stated maturities and within a stated maturity in $5,000 principal amounts selected by lot or other manner deemed fair by the Registrar on any Payment Date if, after paying all principal and interest then due on the Bonds, there are funds to the credit of the District Fund, from the prepayment of special assessments levied in the District or from surplus proceeds of the Bonds not required to pay costs of the Improvements, for the redemption thereof, and in the manner provided for the redemption of the same. The Bonds maturing on or after July 1, 2014 are subject to redemption, at the option of the City, from other sources of funds available therefor on July 1, 2013 or any date thereafter; provided, however, that the City hereby agrees not to redeem the Bonds from (i) amounts on deposit in the Reserve Account in the District Fund or (ii) the proceeds of refunding special improvement district bonds prior to July 1, 2013. The redemption price is equal to the principal 2 amount of the Bonds or portions thereof to be redeemed plus interest accrued thereon to the date of redemption. The date of redemption of Bonds and principal amount of Bonds to be redeemed shall be fixed by the City Finance Director, who shall give notice thereof to the Registrar in sufficient time for the Registrar to give notice, by first class mail, postage prepaid, or by other means required by the securities depository, to the owner or owners of such Bonds at their addresses shown on the Bond register, of the Bonds or portions thereof to be redeemed and the date on, which payment will be made, which date shall not be less than thirty (30) days after the date of mailing of notice, on which date so fixed interest shall cease. On the date so fixed interest on the Bonds or portions thereof so redeemed shall cease to accrue. Upon partial redemption of any Bond, a new Bond or Bonds will be delivered to the registered owner without charge, representing the remaining principal amount outstanding. The Bonds have been designated by the City as "qualified tax-exempt obligations" pursuant to Section 265 of the Internal Revenue Code of 1986, as amended. As provided in the Bond Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the operations center of the Registrar, by the registered owner hereof in person or by his attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or his attorney, and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange, the City will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental charg required to be paid with respect to such transfer or exchange.`. The City and the Registrar may deem. and treat the person in whose name �.= sF re istered g �' p g as the absolute owner hereof, whether this Bond is overdue or not, for the p eiving payment and for all other purposes, and neither the City_ nor the Registrar shall bete y any notice to the contrary. v IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all things required to be done precedent to the issuance of this Bond have been properly done, happened and been performed in the manner prescribed by the laws of the State of Montana and the resolutions and ordinances of the City of Kalispell, Montana, relating to the issuance thereof; and that the opinion attached hereto is a true copy of the legal opinion given by Bond Counsel with reference to the Bonds, dated the date of original issuance and delivery of the Bonds. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Bond Resolution until the Certificate of Authentication and Registration herein shall have been executed by the Registrar by the manual signature of one of its authorized representatives. (The remainder of this page is intentionally left blank.) J IN WITNESS WHEREOF, the City of Kalispell, Flathead County, Montana, by its City Council, has caused this Bond to be executed by the facsimile signatures of the Mayor and the City Clerk, and by a facsimile of the official seal of the City. CITE' OF KALISPELL, MONTANA W By Cl CERTIFICATE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Bond Resolution mentioned within. U.S. BAND. NATIONAL ASSOCIATION, as Bond Registrar, Transfer Agent, and Paying Agent MD Authorized Signer 4 The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM -r- as tenants . in common TEN ENT -- as tenants by the entireties JT TEN - as joint tenants with right of survivorship and not as tenants in common UTMA ..................Custodian ........................... (Gust) (Minor) under Uniform Transfers to Minors Act ........................ (State) Additional abbreviations may also be used. E ASSIGNMENT FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto and hereby irrevocably constitutes and appoints attorney to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises. Dated. - PLEASE INSERT SOCIAL SECURITY OR OTHER. IDENTIFYING NUMBER OF ASSIGNEE SIGNATURE GUARANTEED NOTICE: The signature to this assignment must correspond with the name as it appears on the face of the Bond in every particular, without alteration, enlargement or any change whatsoever. Signature(s) must be guaranteed by an "eligible guarantor institution meeting the requirements of the Bond Registrar, which requirements include membership or participation in STAMP or such other "signature guaranty program" as may be determined by the Bond Registrar in addition to or in substitution for STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. KA225-1 (BWJ) 292323v.1 R