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UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />ANOKA COUNTY <br /> <br />CITY OF RAMSEY <br /> <br /> $ <br /> <br />GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 2005B <br /> <br /> INTEREST RATE <br /> <br /> % <br />REGISTERED OWNER: <br />PRINCIPAL AMOUNT: <br /> <br />MATURITY DATE <br /> <br />DECEMBER 15, <br /> CEI~E & CO. <br /> <br />DATE OF <br />ORIGINAL ISSUE <br /> <br />JUNE 1, 2005 <br /> <br />DOLLARS <br /> <br />CUSIP <br /> <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, unless called for earlier redemption, in the manner hereinafter set forth, the <br />principal mount specified above, on the maturity date specified above, and to pay interest <br />thereon semiannually on June 15 and December 15 of each year (each, an "Interest Payment <br />Date"), commencing June 15, 2006, at the rate per annum specified above (calculated on the <br />basis of a 360-day year of twelve 30-day months) until the principal sum is paid or has been <br />provided for. This Bond will bear interest from the most recent Interest Payment Date to which <br />interest has been paid or, if no interest has been paid, from the date of original issue hereof. The <br />principal of and premium, if any, on this Bond are payable upon presentation and surrender <br />hereof at the principal office of Northland Trust Services, Inc., in Minneapolis, Minnesota (the <br />"Bond Registrar"), acting as paying agent, or any successor paying agent duly appointed by the <br />Issuer. Interest on this Bond will be paid on each Interest Payment Date by check or draft mailed <br />to the person in whose name Otis Bond is registered (the "Holder" or "Bondholder") on the <br />registration books of the Issuer maintained by the Bond Registrar and at the address appearing <br />thereon at the close of business on the first day of the calendar month of such Interest Payment <br />Date (the "Regular Record Date"). Any interest not so timely paid shall cease to be payable to <br />the person who is the Holder hereof as of the Regular Record Date, and shall be payable to the <br />person who is the Holder hereof at the close of business on a date (the "Special Record Date") <br />fixed by the Bond Registrar whenever money becomes available for payment of the defaulted <br />interest. Notice of the Special Record Date shall be given to Bondholders not less than ten days <br />prior to the Special Record Date. The principal 0f and premium, if any, and interest on this Bond <br />are payable in lawful money of the United States of America. So long as this Bond is registered <br />in the name of the Depository or its Nominee as provided in the Resolution hereinafter described, <br />and as those terms are defined therein, payment of principal of, premium, if any, and interest on <br />this Bond and notice with respect thereto shall be made as provided in Letter of Representations, <br /> <br />1765284vl 7 <br /> <br />-248- <br /> <br /> <br />