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EXHIBIT B FORM OYBOND No. R- UNITED STATES OF AMERICA. $ STATE OF' MINNESOTA COUNTY OF RAMSEY CITY OF GEM LAKE GENERAL OBLIGATION IMPROVEMENT BOND SERIES :2018A Date of Rate MaturLty Original Issue C.USIP February. 1, 20� July12, 2018 Registered Owner: Cede. & Co. The City of Gem Lake, Minnesota, a duly organized. and existing. municipal corporation in Ramsey County Minnesota .(.tile "City"), acknowledges .itself to :be indebted and.. for value received hereby 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 (calculated on the basis of. a 360 day year of twelve 30 day months), payable February 1. and August 1 in each year; commencing February.]., .2019, to the personin whose name this Bond isregistered at the -close of business on the fifteenth (I 5`h) day (whether or not. a business day) of the immediately preceding .montli. The interest hereon and, upon presentation and surrender hereof, the principal hereof are. payable inlawful money of'the United States of America by .check or draft. by Bond Trust. Services Corporation, Roseville, Minnesota as Bond .Registrar, Paying Agent, Transfer Agent. and Authenticating Agent, or its designated successor under the Resolution described. herei n. 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. The City may elect on February 1,.2027., and on any day thereafter to prepay Bonds due on or .after February 1, 2028. Redemption may be in whole or in part and if in part, at the option of the City and in such planner as the City will determine. If less than all Bonds of a maturity are called for redemption, the City will notify The.:Depository Trust Company CD.TC"} of 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 participantwill 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 an issue. in the aggregate principal amount. of $005,000 all of .like.origiiial issue date. and. tenor, except as to:.number,:.maturity date, redemption privilege, and interest rate, a] 1. issued pursuant. to a resolution adopted by the City Council on June 19, 2018 (the: "Resolution"), for the purpose of providing money to defray the expenses incurred.and to. be: incurred in making certain. assessable local improvements, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapters 429 and 475, as amended: The principal Hereof and interest hereon are payable. in part .from special assessments against property specialty .benefited. by local improvements and in part from ad valorem taxes for the City's share of the cost of.the improvements, as 526486y1 GAF GE19U-14 S-1