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No. R- Rate UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF GEM LAKE GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 2006A Maturity February 1, 20_ Date of Original Issue August 23, 2006 n/a CUSIP The City of Gem Lake, 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 Registered Owner specified above or registered assigns, the principal sum of $ , maturing serially on February 1 in the years and amounts as follows: Year Amount Year Amount 2008 20,000 2013 25,000 2009 20,000 2014 25,000 2010 20,000 2015 25,000 2011 25,000 2016 30,000 2012 25,000 2017 30,000 with interest thereon from the date hereof at the annual rate specified above, payable February 1 and August 1 in each year, commencing February 1, 2007, to the person 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 Bond Trust Services Corporation, Roseville, Minnesota, as Bond Registrar, Paying Agent, Transfer Agent and Authenticating Agent, or its designated successor under the Resolution described herein. 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 A4 1, 2010, and any day thereafter to prepay Bonds due on or after February 1, 2011. Redemption may be in whole or in part and if in part, at the option of the City and in such manner as the City will determine. Prepayments will be at a price of par plus accrued interest. The City Council has designated the issue of Bonds of which this Bond forms a part as "qualified tax exempt obligations" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the "Code") relating to disallowance of interest expense for financial institutions and within the $10 million limit allowed by the Code for the calendar year of issue. This Bond is one of an issue in the aggregate principal amount of $245,000 all of like original issue date and tenor, except as to number, maturity date, and interest rate, all issued pursuant to a 0