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200510856 GRAND ISLAND FACILITIES CORPORATION a Nebraska nonprofit corporation issuing on behalf of THE CITY OF GRAND ISLAND, NEBRASKA BUILDING BOND (LIBRARY PROJECT) SERIES 2005 E1 Interest Rate Maturity Date Date of Original Issue CUSIP No. % November 1, 20� , 2005 Registered Owner: Principal Amount: Grand Island Facilities Corporation, a nonprofit corporation organized and existing under the laws of the State of Nebraska, hereby acknowledges itself to owe and for value received promises to pay to the registered owner specified above, or registered assigns, the principal amount specified above in lawful money of the United States of America on the date of maturity specified above with interest thereon to maturity (or earlier redemption) from the date of original issue or most recent Interest Payment Date, whichever is later, at the rate per annum specified above, payable on May 1 and November 1 of each year commencing May 1, 2006 (each of said dates an "Interest Payment Date "). Said interest shall be computed on the basis of a 360 - day year consisting of twelve 30 -day months. The principal hereof is payable upon presentation and surrender of this bond at the designated office of Wells Fargo Bank, National Association, as trustee (the "Trustee "), initially located in Lincoln, Nebraska. Interest on this bond will be paid on each Interest Payment Date by a check or draft mailed by the Trustee to the registered owner of this bond, as shown on the books of record maintained by the Trustee, at the close of business on the fifteenth day of the month immediately preceding the month in which the Interest Payment Date occurs, to such owner's address as shown on such books and records. Any interest not so timely paid shall cease to be payable to the person entitled thereto as of the record date such interest was payable, and shall be payable to the person who is registered owner of this bond (or of one or more predecessor bonds hereto) on such special record date for payment of such defaulted interest as shall be fixed by the Trustee whenever monies for such purpose become available. This bond is one of a series of fully registered bonds of the total principal amount of $7,000,000 of even date and like tenor except as to denomination, date of maturity and rate of interest issued for the purpose of providing funds for acquiring and constructing a library addition and related improvements (the "Project'), which Project has been sold and leased to the City of Grand Island, Nebraska (the "City") under a Lease Purchase Agreement dated as of July 12, 2005 as supplemented and amended by an Addendum to Lease Purchase Agreement dated as of October 1, 2005 (together, the "Agreement ") between the City and the Corporation. The bonds are to be paid out of fixed payments (the "Payments ") to be made by the City pursuant to the Agreement, C1