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<br />EXHIBIT B <br /> <br />. <br /> <br />FORM OF NOTE <br /> <br />Registered No. 1 <br /> <br />Registered Amount $ <br /> <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF SHERBURNE <br /> <br />CITY OF ELK RIVER <br /> <br />GENERAL OBLIGATION TAX INCREMENT (TAXABLE) NOTE, SERIES 19920 <br /> <br />KNOW ALL MEN BY THESE PRESENTS that the City of Elk River, <br />(The City), a duly organized and existing municipal corporation <br />of the County of Sherburne, State of Minnesota, acknowledges <br />itself to be indebted and for value received promises to pay to <br />the order of , or registered assigns <br />(the Holder), the principal sum of <br />Dollars ($ ), payable, subject to an option of prior <br />payment, as hereinafter provided, in installments as follows: <br /> <br /> D..a.tJa Amount of Principal Payment <br /> February 1, 1996 $10,000 <br />. February 1, 1997 $10,000 <br />February 1, 1998 $10,000 <br /> February 1, 1999 $ 8,500 <br /> February 1, 2000 $10,000 <br /> February 1, 2001 $11,500 <br /> February 1, 2002 $12,500 <br /> February 1, 2003 $15,000 <br /> February 1, 2004 $16,500 <br /> February 1, 2005 $18,500 <br /> February 1, 2006 $20,000 <br /> February 1, 2007 $17,500 <br /> <br />together with interest from the date hereof at a rate of seven <br />and nine-tenths percent (7.9%) per annum, calculated upon the <br />amount of the unpaid principal balance existing from time to <br />time. Installments of interest shall be payable semi-annually <br />on February 1 and August 1 in each year, commencing February 1, <br />1993. <br /> <br />. <br /> <br />Both principal and interest are payable at the office of <br />the First National Bank of Elk River, Elk River, Minnesota, or, <br />at such place as may be designated from time to time by written <br />notice given to the City by the Holder of this Note. For the <br />prompt and full payment of such principal and interest as the <br />same respectively become due, the full faith and credit and <br />taxing powers of the City have been and are hereby irrevocably <br />pledged. <br /> <br />B-1 <br />