1. MIDA Bond Oak Grove Lutheran School

the Bonds to be remarketed at par on the Interest Rate Reset Date, the Remarketing Agent shall determine the Variable Rate on such Determination Date to be the lowest rate as would permit the Bonds to be remarketed at par on such Interest Rate Reset Date. The Series 2006C Bonds shall be purchased by the Corporation (an "Optional Tender Purchase") from the Holder thereof at a Purchase Price equal to par, plus accrued and unpaid interest, upon delivery by 5:00 p.m. Minneapolis, Minnesota time on a Determination Date of written notice (or telephonic or oral notice promptly eonfirmed in writing) to the Remarketing Agent at its Principal Office of an irrevocable request (the "Optional Tender Notice") by such Holder, which request shall identify (i) the aggregate principal amount of Bonds to be purchased, and (ii) a Business Day (the "Optional Tender D(lte") no earlier than the seventh ealendar day after such notice is given on which such purchase is to be made. This Series 2006B Bond is one of an authorized issue of bonds in the aggregate principal amount of $1 ,000,000 to be issued for the purpose of financing the construction and equipping of a multipurpose fine arts facility for use by Oak Grove Lutheran School (the "Facility"). Simultaneously with the issuance of the Bonds, the Issuer is also issuing $2,500,000 Sehool Facilities Revenue Bonds (Oak Grove Lutheran School) Series 2006A and $4,000,000 School Facilities Revenue Bonds (Oak Grove Lutheran School) Series 2006B which are equally and ratably secured with the Series 2006C Bonds. The Series 2006A Bonds, the Series 2006B Bonds and the Series 2006C Bonds are collectively refeITed to herein as the "Bonds." Proceeds of the Bonds will 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 [or purposes of Section 265(b )(3) ofthe Internal Revenue Code of 1986, as amended. Additional provisions of this Series 2006C Bond are contained on the reverse hereof and such provisions shall for all purposes have the same effeet as though fully set forth at this place. IN WITNESS WHEREOF, Cass County, North Dakota, has caused this Series 2006C Bond to be signed in its name by the manual signatures of its Chair of the 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 2006C Bond) C-2