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B-1 529986v2 JSB TW185-2 EXHIBIT B FORM OF REVENUE NOTE UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF ARDEN HILLS GENERAL OBLIGATION UTILITY REVENUE NOTE, SERIES 20__ The City of Arden Hills, Minnesota, a duly organized and existing municipal corporation in Ramsey County, Minnesota (the “City”), acknowledges itself to be indebted and for value received hereby promises to pay to the County of Ramsey, Minnesota, (the “County”), a principal sum not to exceed $__________ plus interest thereon at a rate of ______ percent per annum (calculated on the basis of a 360 day year of twelve 30 day months). No payments of principal of or accrued interest on this Note shall be due and payable to the County except to the extent of City SAC and City WAC payments as and when received in accordance with the terms of that certain Cooperative Agreement dated __________, 2018 between the City and the County (the “Cooperative Agreement”); provided, however, that all outstanding principal of and accrued interest on this Note shall be due and payable by the City on December 31, 2037 (the “Maturity Date”) notwithstanding the amount of City SAC and City WAC payments received. For the prompt and full payment of such principal and interest as the same respectively become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged and the City Council has obligated itself to levy ad valorem taxes on all taxable property, which taxes may be levied without limitation as to rate or amount. If the City fails to pay the outstanding principal of and accrued interest on this Note on or before the Maturity Date, the County will offset such amount against any amount to be collected by the County on behalf of or for the account of the City and to otherwise be delivered to or applied on the account of the City (including ad valorem real estate taxes collected by or paid to the County for subsequent delivery or attributed to the City). This Note is issued pursuant to a resolution adopted by the City Council on _______________________ (the “Resolution”), for the purpose of providing money to finance the design and construction of certain the “City Utilities” as defined in the Cooperative Agreement, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Section 444.075, and Chapter 475, as amended, and the principal hereof and interest hereon are payable primarily from net revenues of the City’s water, sanitary sewer, and storm sewer utilities consisting of the City SAC and City WAC payments as and when received in accordance with the terms of the Cooperative Agreement, as further set forth in the Resolution to which reference is made for a full statement of rights and powers thereby conferred. THIS NOTE IS NOT TRANSFERABLE.