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Exhibit B THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS _ ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: ., ;;" TERMS OF PROPOSAL $1,280,000 CITY OF ELK RIVER, MINNESOTA GENERAL OBLIGATION SEWER REVENUE BONDS, SERIES 1994B Proposals for the Bonds will be received on Monday, May 23, 1994, until 12:00 Noon, Central Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award of the Bonds will be by the City Council at 7:00 P.M., Central Time, of the same day. DETAILS OF THE BONDS The Bonds will be dated June 1, 1994, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, commencing February 1, 1995. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Bonds will be issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the purchaser, and fully registered as to principal and interest. Principal will be payable at the main A corporate office of the registrar and interest on each Bond will be payable by check or draft of ., the registrar mailed to the registered holder thereof at the holder's address as it appears on the books of the registrar as of the close of business on the 15th day of the immediately preceding month. The Bonds will mature February 1 in the years and amounts as follows: 1996 $65,000 1997 $70,000 1998 $70,000 1999 $75,000 2000 $80,000 2001 $85,000 2002 $85,000 2003 $90,000 2004 $ 95,000 2005 $100,000 2006 $105,000 2007 $115,000 2008 $120,000 2009 $125,000 OPTIONAL REDEMPTION The City may elect on February 1, 2004, and on any day thereafter, to prepay Bonds due on or after February 1, 2005. Redemption may be in whole or in part and if in part, at the option of the City and in such order as the City shall determine and within a maturity by lot as selected by the registrar. All prepayments shall be at a price of par plus accrued interest. SECURITY AND PURPOSE The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition the City will pledge net revenues of its sewer utility. The proceeds will be used to finance expansion of the wastewater treatment plant. e _ i _