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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 June 15 and December 15 of each year (each, an "Interest Payment Date"), <br /> commencing June 15, 2024, 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 been <br /> paid or, if no interest has been paid, from the date of original issue hereof. The principal of and <br /> premium, if any, on this Bond are payable upon presentation and surrender hereof at the principal <br /> office of Bond Trust Services Corporation, in Roseville, Minnesota(the 'Bond Registrar"), acting <br /> as paying agent,or any successor paying agent duly appointed by the Issuer(the"Bond Registrar"), <br /> acting as paying agent, or any successor paying agent duly appointed by the Issuer. Interest on <br /> this Bond will be paid on each Interest Payment Date by check or draft mailed to the person in <br /> whose name this Bond is registered (the "Holder" or 'Bondholder") on the registration books of <br /> the Issuer maintained by the Bond Registrar and at the address appearing thereon at the close of <br /> business on the first (1") day of the calendar month of such Interest Payment Date (the "Regular <br /> Record Date"). Any interest not so timely paid shall cease to be payable to the person who is the <br /> Holder 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 Date. <br /> The principal of and premium, if any, and interest on this Bond are payable in lawful money of the <br /> United States of America. So long as this Bond is registered in the name of the Depository or its <br /> Nominee as provided in the Resolution hereinafter described, and as those terms are defined <br /> therein,payment of principal of,premium, if any, and interest on this Bond and notice with respect <br /> thereto shall be made as provided in the Letter of Representations, as defined in the Resolution, <br /> and surrender of this Bond shall not be required for payment of the redemption price upon a partial <br /> redemption of this Bond. Until termination of the book-entry only system pursuant to the <br /> Resolution, Bonds may only be registered in the name of the Depository or its Nominee. <br /> Optional Redemption. All Bonds of this issue (the 'Bonds") maturing on December 15, <br /> 2033, and thereafter, are subject to redemption and prepayment at the option of the Issuer on <br /> December 15, 2032, and on any date thereafter at a price of par plus accrued interest. Redemption <br /> may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the <br /> maturities and the principal amounts within each maturity to be redeemed shall be determined by <br /> the Issuer; and if only part of the Bonds having a common maturity date are called for prepayment, <br /> the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions <br /> thereof called for redemption shall be due and payable on the redemption date, and interest thereon <br /> shall cease to accrue from and after the redemption date. Mailed notice of redemption shall be <br /> given to the paying agent and to each affected registered holder of the Bonds not more than sixty <br /> (60) days and not fewer than thirty (30) days prior to the date fixed for redemption. <br /> Prior to the date on which any Bond or Bonds are directed by the Issuer to be redeemed in <br /> advance of maturity, the Issuer will cause notice of the call thereof for redemption identifying the <br /> Bonds to be redeemed to be mailed to the Bond Registrar and all Bondholders, at the addresses <br /> 8 <br /> 129376828v1 <br />