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<br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />ANOKA COUNTY <br />CITY OF RAMSEY <br /> <br />R- <br /> <br />$ <br /> <br />GENERAL OBLIGATION TAX INCREMENT REFUNDING BOND, SERIES 2007B <br /> <br />Interest Rate <br /> <br />Maturity Date Date of Original Issue <br /> <br />CUSIP <br /> <br />% <br /> <br />December 15, _ March 1,2007 <br /> <br />REGISTERED OWNER: CEDE & CO. <br />PRINCIPAL AMOUNT: <br /> <br />DOLLARS <br /> <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, in the manner hereinafter set forth, the principal amount specified above, on the maturity <br />date specified above, unless called for earlier redemption, and to pay interest thereon <br />semiannually on June 15 and December 15 of each year (each, an "Interest Payment Date"), <br />commencing December 15,2007, at the rate per annum specified above (calculated on the basis <br />of a 360-day year of twelve 30-day months) until the principal sum is paid or has been provided <br />for. This Bond will bear interest from the most recent Interest Payment Date to which interest <br />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 this 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 next preceding such <br />Interest Payment Date (the "Regular Record Date"). Any interest not so timely paid shall cease <br />to be payable to the person who is the Holder hereof as of the Regular Record Date, and shall be <br />payable to the person who is the Holder hereof at the close of business on a date (the "Special <br />Record Date") fixed by the Bond Registrar whenever money becomes available for payment of <br />the defaulted interest. Notice of the Special Record Date shall be given to Bondholders not less <br />than ten days prior to the Special Record Date. The principal of and premium, if any, and <br />interest on this Bond are payable in lawful money of the United States of America. So long as <br />this Bond is registered in the name ofthe Depository or its Nominee as provided in the <br />Resolution hereinafter described, and as those terms are defined therein, payment of principal of, <br />premium, if any, and interest on this Bond and notice with respect thereto shall be made as <br />provided in the Letter of Representations, as defmed in the Resolution. Until termination of the <br />book-entry only system pursuant to the Resolution, Bonds may only be registered in the name of <br />the Depository or its Nominee. <br /> <br />1988178vl <br /> <br />7 <br />