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R- <br />Interest Rate <br />February 1, <br />REGISTERED OWNER: CEDE & CO. <br />PRINCIPAL AMOUNT: <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />ANOKA COUNTY <br />CITY OF RAMSEY <br />GENERAL OBLIGATION BOND, SERIES 2011A <br />Maturity Date Date of Original Issue <br />September 1, 2011 <br />CUSIP <br />The City of Ramsey, Anoka County, Minnesota (the "Issuer "), certifies that it is indebted <br />and for value received promises to pay to the registered owner specified above, or registered <br />assigns, unless called for earlier redemption, in the manner hereinafter set forth, the principal <br />amount specified above, on the maturity date specified above, and to pay interest thereon <br />semiannually on February 1 and August 1 of each year (each, an "Interest Payment Date "), <br />commencing August 1, 2012, at the rate per annum specified above (calculated on the basis of a <br />360 -day year of twelve 30 -day months) until the principal sum is paid or has been provided for. <br />This Bond will bear interest from the most recent Interest Payment Date to which interest has <br />been paid or, if no interest has been paid, from the date of original issue hereof. The principal of <br />and premium, if any, on this Bond are payable upon presentation and surrender hereof at the <br />principal office of Northland Trust Services, Inc., in Minneapolis, Minnesota (the "Bond <br />Registrar "), acting as paying agent, or any successor paying agent duly appointed by the Issuer <br />(the "Bond Registrar "), acting as paying agent, or any successor paying agent duly appointed by <br />the Issuer. Interest on this Bond will be paid on each Interest Payment Date by check or draft <br />mailed to the person in whose name this Bond is registered (the "Holder" or "Bondholder ") on <br />the registration books of the Issuer maintained by the Bond Registrar and at the address <br />appearing thereon at the close of business on the fifteenth day of the calendar month next <br />preceding such Interest Payment Date (the "Regular Record Date "). Any interest not so timely <br />paid shall cease to be payable to the person who is the Holder hereof as of the Regular Record <br />Date, and shall be payable to the person who is the Holder hereof at the close of business on a <br />date (the "Special Record Date ") fixed by the Bond Registrar whenever money becomes <br />available for payment of the defaulted interest. Notice of the Special Record Date shall be given <br />to Bondholders not less than ten days prior to the Special Record Date. The principal of and <br />premium, if any, and interest on this Bond are payable in lawful money of the United States of <br />America. So long as this Bond is registered in the name of the Depository or its Nominee as <br />provided in the Resolution hereinafter described, and as those terms are defined therein, payment <br />of principal of, premium, if any, and interest on this Bond and notice with respect thereto shall be <br />made as provided in the Letter of Representations, as defined in the Resolution, and surrender of <br />this Bond shall not be required for payment of the redemption price upon a partial redemption of <br />4057760v3 <br />8 <br />