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EXHIBIT B FORM OF NOTE No. R-1 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF LINO LAKES GENERAL OBLIGATION WATER REVENUE NOTE SERIES 2024 Date of Original Issue: 2024 $15,996,190 The City of Lino Lakes, a municipal corporation in Anoka County, Minnesota (the "City"), certifies that it is indebted for value received and promises to pay to the Minnesota Public Facilities Authority or registered assigns, the principal sum of $15,996,190, or so much thereof as may have been disbursed on August 20 in the years and in the installments as follows: Year Installment Year Installment 2025 $349,190 2035 $819,000 2026 688,000 2036 835,000 2027 702,000 2037 851,000 2028 716,000 2038 868,000 2029 729,000 2039 885,000 2030 744,000 2040 902,000 2031 758,000 2041 919,000 2032 773,000 2042 937,000 2033 788,000 2043 956,000 2034 803,000 2044 974,000 and to pay interest on so much of the principal amount of the debt as may be disbursed from time to time as provided in the Project Loan Agreement (as defined below) and remains unpaid, from the date of this Note for disbursements made on or prior to that date or from the date of each later disbursement until the principal amount hereof is paid or has been provided for, at the rate of 1.947% per annum on each February 20 and August 20, commencing August 20, 2025. Principal and Interest Payments. Interest accrues only on the aggregate amount of this Note that has been disbursed under the Bond Purchase and Project Loan Agreement, dated August 14, 2024 (the "Project Loan Agreement"), between the Minnesota Public Facilities Authority (the "PFA") and the City. The principal installments will be paid in the amounts scheduled above even if at the time of payment the full principal amount of this Note has not been