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EXHIBIT B <br /> FORM OF BOND <br /> No. R- UNITED STATES OF AMERICA $ <br /> STATE OF MINNESOTA <br /> COUNTY OF SHERBURNE <br /> CITY OF ELK RIVER <br /> CITY OF ELK RIVER,MINNESOTA <br /> GENERAL OBLIGATION SEWER REVENUE BOND <br /> SERIES 2014B <br /> Date of <br /> Rate MatuL4 Original Issue CUSIP <br /> February 1, 20_ August 21,2014 <br /> Registered Owner: Cede& Co. <br /> The City of Elk River, Minnesota, a duly organized and existing municipal corporation in <br /> Sherburne County,Minnesota (the "City"),acknowledges itself to be indebted and for value received <br /> hereby promises to pay to the Registered Owner specified above or registered assigns, the principal <br /> sum of $ on the maturity date specified above, with interest thereon from the date <br /> hereof at the annual rate specified above, payable February 1 and August 1 in each year, <br /> commencing February 1,2015, to the person in whose name this Bond is registered at the close of <br /> business on the fifteenth day (whether or not a business day) of the immediately preceding month. <br /> The interest hereon and, upon presentation and surrender hereof, the principal hereof are payable in <br /> lawful money of the United States of America by check or draft by U.S. Bank National Association, <br /> St. Paul, Minnesota, as Registrar, Paying Agent, Transfer Agent and Authenticating Agent, or its <br /> designated successor under the Resolution described herein. For the prompt and full payment of <br /> such principal and interest as the same respectively become due, the full faith and credit and taxing <br /> powers of the City have been and are hereby irrevocably pledged. <br /> The City may elect on February 1, 2022, and on any day thereafter to prepay Bonds due on <br /> or after February 1,2023. Redemption may be in whole or in part and if in part, at the option of the <br /> City and in such manner as the City will determine. If less than all Bonds of a maturity are called for <br /> redemption, the City will notify The Depository Trust Company ("DTC") of the particular amount <br /> of such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest <br /> in such maturity to be redeemed and each participant will then select by lot the beneficial ownership <br /> interests in such maturity to be redeemed. Prepayments will be at a price of par plus accrued <br /> interest. <br /> The Bonds maturing in the year 2034 are subject to mandatory sinking fund redemption on <br /> February 1 of the following years in the following principal amounts: <br /> 445655v4 JSB EL 185-27 B-l <br />