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EXHIBIT B OFFICIAL TERMS OF BOND SALE $380,000 • CITY OF ELK RIVER, MINNESOTA GENERAL OBLIGATION IMPROVEMENT BONDS OF 1979 These Bonds (the "Obligations") will be offered for sale on sealed bids on Monday, September 17, 1979. Bids will be opened and acted upon at 7:30 P.M., Central Time, at the City Hall in Elk River. The Obligations will be offered upon the following terms: DETAILS OF THE OBLIGATIONS The Obligations will be dated October I, 1979, and will bear interest payable on each February I, and August I to maturity, commencing August I, 1980. The Obligations will be general obligations of the Issuer for which its full faith and credit and unlimited taxing powers will be pledged in addition to special assessments against benefited property. The Obligations will be non-registrable in bearer form with interest coupons attached, and will be of the denomination of $5,000 each unless other denominations are requested by the Purchaser within 48 hours after the award. The proceeds will be used to finance various improvements within the City. The Obligations will mature February I, in the amounts and years as follows: $15,000 1981 $25,000 1982-90 $20,000 1991-97 All Obligations maturing on or after February I, 1991 at the option of the Issuer will be subject to redemption prior to maturity in inverse order of serial numbers on February 1, 1990 and any interest payment date thereafter, at a price of par and accrued interest. TYPE OF BID A sealed bid for not less than par and accrued interest on the total principal amount of the Obligations, and a certified or cashier's check in the amount of $3,800 payable to the order of the Issuer must be filed with the undersigned or the Issuer's Financial Advisor, SPRINGSTED Incorporated, prior to the time of sale; no bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the Issuer as liquidated damages in the event the Purchaser fails to comply with the accepted bid. No bid may be withdrawn until the conclusion of the meeting of the Issuer at which bids are to be acted upon. RATES Bidders must specify rates each of which must be in an integral multiple of 5/100 or I/8 of I% not exceeding 7% per annum. All Obligations of the same maturity must bear a single rate from the date of issue to maturity. No rate may exceed the rate specified for any subsequent maturity by more than 11/4.% per annum. Additional coupons may not be used. The net effective average rate of the Issue may not exceed 7% per annum.