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<br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />ANOKA COUNTY <br />CITY OF RAMSEY <br />R-_______ $_________ <br />GENERAL OBLIGATION STREET RECONSTRUCTION BOND, SERIES 2015B <br />Interest Rate Maturity Date Date of Original CUSIP <br />Issue <br /> <br />____% December 1, June 18, 2015 ___________ <br /> <br />REGISTERED OWNER: CEDE & CO. <br />PRINCIPAL AMOUNT: ________________________________________ DOLLARS <br />THE CITY OF RAMSEY, ANOKA COUNTY, MINNESOTA (the "Issuer"), certifies <br />that it is indebted and for value received promises to pay to the registered owner specified above, <br />or registered assigns, in the manner hereinafter set forth, the principal amount specified above, <br />on the maturity date specified above, and to pay interest thereon semiannually on June 1 and <br />December 1 of each year (each, an "Interest Payment Date"), commencing December 1, 2015, at <br />the rate per annum specified above (calculated on the basis of a 360-day year of twelve 30-day <br />months) until the principal sum is paid or has been provided for. This Bond will bear interest <br />from the most recent Interest Payment Date to which interest has been paid or, if no interest has <br />been paid, from the date of original issue hereof. The principal of and premium, if any, on this <br />Bond are payable upon presentation and surrender hereof at the principal office of Bond Trust <br />Services Corporation, in Roseville, Minnesota (the "Bond Registrar"), acting as paying agent, or <br />any successor paying agent duly appointed by the Issuer. Interest on this Bond will be paid on <br />each Interest Payment Date by check or draft mailed to the person in whose name this Bond is <br />registered (the "Holder" or "Bondholder") on the registration books of the Issuer maintained by <br />the Bond Registrar and at the address appearing thereon at the close of business on the fifteenth <br />day of the calendar month next preceding such Interest Payment Date (the "Regular Record <br />Date"). Any interest not so timely paid shall cease to be payable to the person who is the Holder <br />hereof as of the Regular Record Date, and shall be payable to the person who is the Holder <br />hereof at the close of business on a date (the "Special Record Date") fixed by the Bond Registrar <br />whenever money becomes available for payment of the defaulted interest. Notice of the Special <br />Record Date shall be given to Bondholders not less than ten days prior to the Special Record <br />Date. The principal of and premium, if any, and interest on this Bond are payable in lawful <br />money of the United States of America. So long as this Bond is registered in the name of the <br />Depository or its Nominee as provided in the Resolution hereinafter described, and as those <br />terms are defined therein, payment of principal of, premium, if any, and interest on this Bond and <br />notice with respect thereto shall be made as provided in the Letter of Representations, as defined <br />in the Resolution, and surrender of this Bond shall not be required for payment of the redemption <br />price upon a partial redemption of this Bond. Until termination of the book-entry only system <br /> 6 <br />7095976v1 <br /> <br /> <br />