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Tab 09 Specimen BondNo. R- I Rate 3.700% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KALISPELL SPECIAL EWFROVEMENT DISTRICT NO, 344 BOND SERIES 2006 Maturi!y July 1, 2007 REGISTERED OWNER: CEDE & CO. Date of Original Issue June 15, 2006 $22500 CUSIP 48342N 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 -.4cribed 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 herei ate to which 'Interest hereon has been paid or duly provided for, until the maturi ied 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 appean"ng as such 'in the bond register as of the close of business on the I 5th 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 calty, I I Thi's 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 KALISPELL SPECIAL IMPROVEMENT DISTRICT NO, 344 BOND SERIES 2006 MaturLty- July 1, 2008 REGISTERED OWNER: CEDE & CO. Date of Original Issue _ June 15, 2006 $225�000 CUSIP 48342N AB 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 authorized by Resolution No. 5111'. adopted on April 3, 2006 (the "Authorizing Resolution"), and Resolution No. 5123, 9 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 specified above from the date of registration of this Bond, as expressed herein, or fro which 'interest hereon has been paid or duly provided for, until the maturi d ove or an ty earlier date on which this Bond shall have been duly called for redemption b hance Director. Interest on this Bond i's 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 'I's 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 thi's 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 thi's 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-3 Rate 3.850% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KALISPELL SPECIAL IMPROVEMENT DISTRICT NO, 344 BOND SERIES 2006 Maturity July 1, 2009 REGISTERED OWNER: CEDE& CO. Date of Original Issue - June 15, 2006 $22500 CUSIP 48342N 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 5123� ibed adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions hereina. 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, r date to 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 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 i's 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 'I's 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 EUPROVEMENT DISTRICT NO, 344 BOND SERIES,2006 Matur!i�y - July 1, 20 10 REGISTERED 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 speciffied above, solely from the revenues hereinafter specified, as authorized by Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resoluti o.5123, adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions here" scribed relating to the redemption of this Bond before maturity. Thi's Bond bears interes r annurn s i f pec ied 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 cified 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 appean'ng 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 princ ipal 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 C4t I Y, Thi's 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 04MI R.I.&WI, Rate 4.000% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KALISPELL SPECIAL EMPROVEMENT DISTRICT NO. 344 BOND SERIES 2006 Maturity July 1, 2011 REGISTERED OWNER: CEDE & CO. , Date.of Origilal_ Issue - June 15, 2006 $225,000 CUSIP 48342N AE 5 PRINCIPAL AMOUNT: TWO HUN-DRED 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 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 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 '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 i's 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 Cqmpany ("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. Thi's 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-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* ft. No. 5123, adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions her ,.`4.escribed relating to the redemption of this Bond before maturity. Thi's Bond bears intere 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 m ecified above or an earlier date on which this Bond shall have been duly called for redempti 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 registeredin 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 deposito-ry, 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 Cat I ye This Bond is one of an 'Issue in the aggregate principal amount of $4,520,000 (the "Bonds"), all of I 'Ike 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 C OUNTY OF FLATHEAD CITY OF KALISPELL SPECIAL EWPROVEMENT DISTRICT NO. 344 BOND SERIES 2006 Maturily July 1, 2013 REGISTERED OWNER.: CEDE & CO. Date of Original Issue - June 15, 2006 $225�000 CUSIP 48342N AG 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 & ; V. Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resol 0. 51233, 'bed adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions scri relating to the redemption of this Bond before maturity. This Bond bears inte per annum 'fied above from the date of registration of this Bond, as expressed h such later date to speci. which interest hereon has been paid or duly provided for, until the ma specified above or an earlier date on which this Bond shall have been duly called for redemptio the City Finance Director. Interest on this Bond i's 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 4.300% 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 CUSEP 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 ibed relating to the redemption of this Bond before maturity. This Bond bears interest at urn specified above from the date of registration of this Bond, as expressed herein, or fob er date to which interest hereon has been paid or duly provided for, until the matur' ed above or an earlier date on which this Bond shall have been duly called for redemption b Ci Finance Director. Interest on this Bond is payable semiannually, corn m-encing 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 appean"ng as such in the bond register as of the close of business on the 15th day (whether or not such 'I's 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 CqV, 1 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 QrSIM0. Rate 4.400% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KALISPELL SPECIAL EUPROVEMENT DISTRICT NO. 344 BOND SERIES 2006 Maturt July 1, 2015 REGISTERED OWNER: CEDE& CO. Date of Origi�nal Issue June 15,, 2006 $2259000 C-USIP 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 herem*after specified, as authorized by Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resolution No,�,,5123, J 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 maturi ed above or an earlier date on which this Bond shall have been duly called for redemption b it-y 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 i's 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 Un'ted 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 EUPROVEMENT 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 AK I PRINCIPAL AMOUNT-, TWO HUNDRED TWENTY-FrVE THOUSAND DOLLARS FOR VALUE RECEIVED, the City of Kalispell, Flathead County, Montana (the "City"), will a 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 Resolutil 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 heresrlll�- 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 re'Cord of this Bond appearing as such in the bond register as of the close of business on the 15th day (whether or not such i's 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 thi's Bond, only to Cede & Co. or other nominee in acco rdance 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-1 I 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 $22500 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 Resolution4.40.'�,7 23, adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions herei ed relating to the redemption of this Bond before maturity. This Bond bears 'Interest r annum specified above from the date of registration of this Bond, as expressed herein later date to -ty which interest hereon has been paid or duly provided for, unt"I the maturi p fled 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 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 0 * *nal Issue June 15, 2006 $2255000 CUSIP 48342N AM 7 PRINCIPAL AMOUNT: TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS FOR VALUE RECEWED, 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 audio ed by I Resolution No. 5 111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resolu 123 , "bed adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions cri relating to the redemption of this Bond b.efore maturity. This Bond bears intere per annurn W specified above from the date of registration of this Bond, as expressed herep,;,, uch later date to which interest hereon has been paid or duly provided for, until the maturity speci ied above or an earlier date on which thi's 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 thisBond, 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 Maturt- July 1, 2019 REGISTERED OWNER: CEDE & CO. I 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 "YA,,�zed by 5123 Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resol adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions scribed 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 maturi. 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, 2007, on the first day of January and the first day of July in each year, to the owner of record of this Bond appean"ng as such in the bond register as of the close of business on the 15th day (whether or not such 'I's 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 i's 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-14 Rate 4.900% UNITED STATES OF AMERICA STATE OF MONTANA COUNTY OF FLATHEAD CITY OF KALISPELL SPECIAL IMPROVEMENT DISTRICT NO, 344 BOND SERIES 2006 Maturity July 1, 2020 REGISTERED OWNER: CEDE & CO. Date of Or* 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, N. % adopted on June 19, 2006 (the "Bond Resolution"'), all subject to the provisions herein. ibed relating to the redemption of this Bond before maturity. This Bond bears interest 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 maturi cified above or an earlier date on which this Bond shall have been duly called for redemption b City Finance Director. Interest on thi's 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 thi's 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 C.USIP 48342N AQ 8 PRINCIPAL AMOUNT: TWO HUNDRED TVvENTY-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 Res 51239 adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provision escribed relating to the redemption of thi's Bond before maturity. This Bond bears int. N per annum such later date to specified above from the date of registration of th*s Bond, as expressed her4,,., which interest hereon has been paid or duly provided for, until the maturi 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, 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 10ty. 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 KALISPELL Z SPECIAL UVIPROVEMENT DISTRICT NO. 344 BOND SERIES 2006 Maturity ___ July 1, 2022 REGISTERED OWNER: CEDE& CO. I 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 a� ed by Resolution No. 5111 adopted on April 3, 2006 (the "Authorizing Resolution"), and Reso 123 adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions, escribed relating to the redemption of this Bond before maturity. This Bond bears int e per annum s *f such later date to pect ted above from the date of registration of this Bond, as expressed her0J,-,-,' 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 'i's 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 0 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 KALISPELL SPECIAL EMPROVEMENT DISTRICT NO, 344 BOND SERIES 2006 Maturity July 1, 2023 REGISTERED OWNER: CEDE & CO. I Date of Original Issue June 15, 2006 PRINCIPAL AMOUNT: TWO HUNDRED TI-HRTY THOUSAND DOLLARS $230NO CUSIP 48342N AS 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, 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 annum. specified above from the date of registration of this Bond, as expressed herein, 0 ater date to which interest hereon has been paid or duly provided for, until the maturi�y ied above or an earlier date on which this Bond shall have been duly called for redemption'by��-` Finance Director. Interest on thi's Bond is payable semiannually, commencing January 1, 20073� 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 i's 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 Ci t Y. 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 . Maturitz.... - — July 1. 2024 REGISTERED OWNER: CEDE & CO. I 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 Resolution No. 5111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resolu i6fi 123� adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions herg scribed �A. relating to the redemption of this Bond before maturity. This Bond bears interest 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 maturi 2 A&I ecified above or an earlier date on which this Bond shall have been duly called for redemption b e City Finance Director. Interest on this Bond 'I's 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. 9 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 Ci t Y. Thi's 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 IMPROVEMIENT DISTRICT NO, 344 BOND SERIES 2006 No. R- 19 Rate Maturity 5.100% July 1, 2025 REGISTERED OWNER: CEDE& CO. Date of Original Issue June 15, 2006 PRINCIPAL AMOUNT: TWO HUNDRED THIRTY THOUSAND DOLLARS $2301000 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 au�o .,Oj-ized by Resolution No. 5 111, adopted on April 3, 2006 (the "Authorizing Resolution"), and Resol� 51239 described adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions relating to the redemption of this Bond before maturity. This Bond bears intere t' W"t per annum -sk, specified above from the date of registration of this Bond, as expressed her, A such later date to 'fied above or an which interest hereon has been paid or duly provided for, until the maturi"".., e speci �A earlier date on which this Bond shall have been duly called for redemption y . 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 'i's 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 princ ' ipal 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 COUNTY OF FLATHEAD CITY OF KALISPELL SPECIAL IMPROVEMENT DISTRICT NO, 344 BOND SERIES 2006 Matur!� July 1, 2026 REGISTERED OWNER: CEDE& CO. Date of OrigLnal -Issue June 15, 2006 PRINCIPAL AMOUNT: TWO HUNDRED THIRTY THOUSAND DOLLARS $230�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 ResolutiT 51233, peribed adopted on June 19, 2006 (the "Bond Resolution"), all subject to the provisions herej*& �Ift,,e" relating to the redemption of this Bond before maturity. This Bond bears interest ftr annum .4 A" -K later date to specified above from the date of registration of this Bond, as expressed herein,, which interest hereon has been paid or duly provided for, until the maturity',-' it cified 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 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. Thi's 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 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 "Improvements") 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 Districf') 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 The Bonds are special, limited obligations of the City payable solely from the revenues nder the W, Resolution and the Bonds are not general obligations of the City. X111 The City has also validly established a Special Improveme Revolving Fund (the"Revolving Fund") to secure the payment of certain of its special i ovement district bonds, 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 p 'de funds for the Revolv*ng Fund by annually making a tax levy or loan from its general fund in an rovi I 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 p We funds for the Re rovi volving 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 w ithout charge, representing the remaining principal amount outstanding. I 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 Reso lution 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 tered is regis as the absolute owner hereof, whether this Bond is overdue or not, for the pD eiving payment and for all other purposes, and neither the City- nor the Registrar shall be..".., y any notice to the contrary. 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.) r9l J IN WITNESS V�IHREOF, the City of Kalispell, Flathead County, Montana, by its City Council, has caused this Bond to be executed by the facsimile sipatures of the Mayor and the City Clerk, and by a facsimile of the official seal of the City. CITY OF KALISPELL, MONTANA W By ity Cl CERTIFICATE OF AU ENTICATION This is one"of the Bonds delivered pursuant to the Bond Resolution mentioned within. U.S. BANK 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 -- as tenants 4 in common TEN ENT -- as tenants by the entireties JT TEN - as joint tenants w ith right of survivorship and not as tenants in common UTMA .................. Custodian ........................... (Cust) (Minor) under Uniform Transfers to Minors Act ........................ (State) Additional abbreviations may also be used. R 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 w ith the Securities Exchange Act of 1934, as amended. KA225-1 (BWJ) 292323v.1 ig R