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►ns <br />EXHIBIT B <br />FORM OF BOND <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF ARDEN HILLS <br />GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS <br />SERIES 2025A <br />Interest Rate <br />.000% <br />Maturity Date <br />February 1, 20 <br />REGISTERED OWNER: CEDE & CO. <br />Date of <br />Original Issue <br />May , 2025 <br />PRINCIPAL AMOUNT: THOUSAND DOLLARS <br />CUSIP <br />The City of Arden Hills, a duly organized and existing municipal corporation in Ramsey County, <br />Minnesota (the "City"), acknowledges itself to be indebted and for value received hereby promises to pay to <br />the Registered Owner specified above or registered assigns, the Principal Amount specified above, on the <br />Maturity Date specified above, with interest thereon from the date hereof at the annual rate specified above <br />(calculated on the basis of a 360-day year of twelve 30-day months), payable February 1 and August 1 in each <br />year, commencing February 1, 2026, to the person in whose name this Bond is registered at the close of business <br />on the fifteenth day (whether or not a business day) of the immediately preceding month. The interest hereon <br />and, upon presentation and surrender hereof, the principal hereof are payable in lawful money of the United <br />States of America by check or draft by Bond Trust Services Corporation, Roseville, Minnesota, as Registrar, <br />Paying Agent, and Authenticating Agent, or its designated successor under the Resolution described herein. <br />For the prompt and full payment of such principal and interest as the same respectively become due, the full <br />faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. <br />The City may elect on February 1, 2035, and on any date thereafter to prepay Bonds due on or after <br />February 1, 2036. Redemption may be in whole or in part and if in part, at the option of the City and in such <br />order as the City shall determine. If less than all Bonds of a maturity are called for redemption, the City shall <br />notify The Depository Trust Company ("DTC") of the particular amount of such maturity to be prepaid. DTC <br />shall determine by lot the amount of each participant's interest in such maturity to be redeemed and each <br />participant shall then select by lot the beneficial ownership interests in such maturity to be redeemed. <br />Prepayments shall be at a price of par plus accrued interest to the optional redemption date. <br />DOCSOPEN-AR200-22-1009630A-4/21/25 B-1 <br />