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registered Bonds of other Authorized Denominations in equal aggregate principal amounts at the <br />principal office of the Bond Registrar, but only in the manner and subject to the limitations <br />provided in the Resolution. Reference is hereby made to the Resolution for a description of the <br />rights and duties of the Bond Registrar. Copies of the Resolution are on file in the principal <br />office of the Bond Registrar. <br /> <br /> Transfer. This Bond is transferable by the Holder in person or by the Holder's attorney <br />duly attthorized in writing at the principal office of the Bond Registrar upon presentation and <br />surrender hereof to the Bond Registrar, all subject to the terms and conditions provided in the <br />Resolution and to reasonable regulations of the Issuer contained in any agreement with the Bond <br />Registrar. Thereupon the Issuer shall execute and the Bond Registrar shall authenticate and <br />deliver, in exchange for this Bond, one or more new fully registered Bonds in the name of the <br />transferee (but not registered in blank or to "bearer" or similar designation), of an Authorized <br />Denomination or Denominations, in aggregate principal amount equal to the principal amount of <br />this Bond, of the same maturity and bearing interest at the same rate. <br /> <br /> Fees upon Transfer or Loss. The Bond Registrar may require payment of a sum <br />sufficient to cover any tax or other governmental charge payable in connection with the transfer <br />or exchange of this Bond and any legal or unusual costs regarding transfers and lost Bonds. <br /> <br /> Treatment of Registered Owners. The Issuer and Bond Registrar may treat the person in <br />whose name this Bond is registered as the owner hereof for the purpose of receiving payment as <br />herein provided (except as otherwise provided on the reverse side hereof with respect to the <br />Record Date) and for all other purposes, whether or not this Bond shall be overdue, and neither <br />the Issuer nor the Bond Registrar shall be affected by notice to the contrary. <br /> <br /> Authentication. This Bond shall not be valid or become obligatory for any purpose or be <br />entitled to any security unless the Certificate of Authentication hereon shall have been executed <br />by the Bond Registrar. <br /> <br /> Qualified Tax-Exempt Obligation. This Bond has been designated by the Issuer as a <br />"qualified tax-exempt obligation" for purposes of Section 265(b)(3) of the Internal Revenue <br />Code of' 1986, as amended. <br /> <br /> IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things <br />required by the City Charter, the Constitution and laws of the State of Minnesota to be done, to <br />happen and to be performed, precedent to and in the issuance of this Bond, have been done, have <br />happened and have been performed, in regular and due form, time and manner as required by <br />law, and that this Bond, together with all other debts of the Issuer outstanding on the date of <br />original issue hereof and the date of its issuance and delivery to the original purchaser, does not <br />exceed any charter, constitutional or statutory limitation of indebtedness. <br /> <br /> IN WITNESS WHEREOF, the City ofRamsey, Anoka County, Minnesota, by its City <br />Council has caused this Bond to be executed on its behalf by the facsimile signatures of its <br />Mayor and its Administrator, the corporate seal of the Issuer having been intentionally omitted as <br />permitted by law. <br /> <br />iDate of Registration: <br /> <br />Registrable by: U.S. BANK NATIONAL <br /> <br />1487836v1 9 <br /> <br /> <br />