1. MIDA Bond Oak Grove Lutheran School

be loaned to Oak Grove Lutheran School, a North Dakota nonprofit corporation (the "Corporation"), under the provisions of a Loan Agreement dated as of July I, 2006, by and between the Issuer and the Corporation (the "Loan Agreement"). The Bonds have been designated as "qualified tax-exempt obligations" by the Issuer for purposes of Seetion 265(b )(3) of the Internal Revenue Code of 1986, as amended. Additional provisions of this Series 2006B Bond are contained on the reverse hereof and such provisions shall for all purposes have the same effect as though fully set forth at this place. IN WITNESS WHEREOF, Cass County, North Dakota, has caused this Series 2006B Bond to be signed in its name by the manual signatures of its Chairofthe Board of County Commissioners and its County Auditor. COUNTY OF CASS, NORTH DAKOTA (signature) Chair, Board of County Commissioners ATTEST: (signature) County Auditor (form of reverse of Series 2006B Bond) The Corporation has agreed under the Loan Agreement to repay the Loan, together with interest thereon, in amounts and at times sufficient to pay the principal of and interest on the Bonds as the same shall become due and payable (the "Basic Payments"). Pursuant to the Pledge Agreement, the Issuer has assigned and pledged to the Lender, the Basie Payments due under said Loan Agreement and all other assets and revenues held pursuant to the Resolution and Loan Agreement from time to time. Payments under the Loan Agreement are secured by a Mortgage, Security Agreement and Fixture Financing Statement dated as of July 1,2006 (the "Mortgage") from the Corporation to the Lender and an Assignment of Capital Campaign Contributions dated as of July 1,2006 (the "Assignment"), from the Corporation and Oak Grove Lutheran School Foundation (the "Foundation") to the Lender. Reference is hereby made to the Loan Agreement, the Mortgage, the Assignment and the Pledge Agreement for a description of the prope11ies; and rights encumbered and assigned, the provisions, among others, with respect to the nature and extent of the seeurity, the rights of the Lender, and the rights, duties and obligations of the Corporation and the terms upon which the Bonds are issued and secured. This Series 2006B Bond and the issue of Bonds of which it fonns a pm1 are issued pursuant to and in full compliance with the Constitution and laws of the State of North Dakota particularly North Dakota Century Code, Chapter 40-57, and pursuant to a resolution adopted and approved by the County Commission on July 17,2006. This Series 2006B Bond and the issue of which it forms a part are limited obligations of the Issuer and are payable solely out of the revenues and other B.2