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EXHIBIT B FORM OF BOND No: R UNITED STATES OF AMERICA $ STATE OF MINNESOTA.. COUNTY OF RAMSEY CITY *OF GEM LAKE GENERAL OBLIGATION REFUNDING BOND SERIES 2015A Date of RaW Maturity Original Issue CUSIP August I,,20_ June 17,.2015 Registered Ownet: Cede & Co. The. 'City. of Gem Lake, Minnesota, a duly organized and existing municipal corporation in Ramsey County, Minnesota (tlie "City"), acknowledges itself to be indebted and for value received promises.. to pay to the Registered Owner specified above or registered assigns; the principal sum of $ on the maturity date specified above, with interest thereon from the date hereof at. the annual. rate specified- above, payable February I and August 1, in each year, commencing February 1, 2016, to the .persbn in* whose name: this Bond is registered at the close of business on the. fifteenth day (whether or not a business day) of:the immediately preceding, month. The interest hereon and, upon. presentation and surrender .hereof, the principal hereof are payable in lawful money of the United. States. of America by check or draft by U.S. Bank National Association, St. Paul, Minnesota, as Registrar, Paying Agent, Transfer-Agernt and Authbnticattiig Agerit, or its designated.suceessor under the Resolution described herein. For the prompt and f4tll payment of such. principal* and interest as the same .respectively become due, the full Aith'and eredit. and taxing powers of the City have been and are hereby irrevocably pledged. The City may elect on February. 1, 2024, and -on. any day thereafter- W prepay Bonds due on or after February 1., 2025. Redemption maytd in whole or in part and if in part; at-Ae option.ofthe City -and in suchmanner as the City will. determine. If less than all -Bonds of a matutityare called for redemption; the.City will notify The Depository Trust Company ("DTC' Qf the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's: interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to: be redeemed. Prepayments will be at a price of par plus accrued interest. This Bond is**one, of anissue in the aggregate- principal amount of $ all of .like. original. issue date and tenor, except as. to number, amount, ma;urity date, interest rate, and redemption privilege, all issued pursuant to a resolution adopted by the City Council on May 193 2015 .(tl)e "Resolution".), for. the purpose of providing money to refund in advance. of maturity Redemption Date (February t,,20.16� :all ".defined. in the Resolution, a portion of certain general obligation -bonds of the City, pursuant to and in full conformity with the the- Opnstitution: and. laws of. the State of" Minnesota, including Minnesota Statutes, Chapter 475, as amended, specifcally ScQtion.475.67, subdivision Q. A portion of the interest 461255fl OAF 0EE9042 $_1