Company: RFMZ
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009954
Chunk: 3

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-05-21
Form: 424B5
Chunk 3
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restrictions shall not apply to general obligation bonds and the Fund will consider the obligor or borrower underlying the Municipal Bond
to be the “issuer.” The Fund may invest up to 30% of the Managed Assets allocated to this strategy in Municipal Bonds that
pay interest that may be includable in taxable income for purposes of the Federal alternative minimum tax. The Fund can invest, directly
or indirectly through Underlying Funds, in bonds of any maturity; however, under this strategy, it will generally invest in Municipal
Bonds that have a maturity of five years or longer at the time of purchase.

“Managed Assets” means
the total assets of the Fund, including assets attributable to leverage, minus liabilities (other than debt representing leverage and
any preferred stock that may be outstanding). Such assets attributable to leverage include the portion of assets in tender option bond
trusts of which the Fund owns TOB Residuals (as defined below) that has been effectively financed by the trust’s issuance of TOB
Floaters (as defined below).

Leverage.The Fund
may borrow money and/or issue preferred stock, notes or debt securities for investment purposes. These practices are known as leveraging.
In addition, the Fund may enter into derivative and other transactions that have the effect of leverage. Such other transactions may include
tender option bond transactions (as described herein and in the accompanying Prospectus). As of the time immediately after it enters into
any of the foregoing transactions, the Fund will seek to limit its overall effective leverage to 45% of its Managed Assets. The Fund currently
anticipates that leverage will be obtained through borrowings from banks or other financial institutions and the use of proceeds received
from tender option bond transactions. See “Use of Leverage—Tender Option Bonds” in the accompanying Prospectus. Since
the holders of Common Shares pay all expenses related to the use of leverage, such use of leverage would create a greater risk of loss
for the Fund’s Common Shares than if leverage is not used. See "Use of Leverage” in the accompanying Prospectus.

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Tender Option Bonds.The
Fund may leverage its assets through the use of proceeds received from tender option bond transactions. In a tender option bond transaction,
a tender option bond trust (a “TOB Issuer”) is typically established by forming a special purpose trust into which the Fund,
or an agent on behalf of the Fund, transfers municipal bonds or other municipal securities. A TOB Issuer typically issues two classes