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. . . EXHIBIT B NOTICE OF SALE $1,180,000 General Obligation Improvement Bonds, Series 1988A City of Elk River Sherburne County, Minnesota Sealed bids for these bonds will be opened by the City Administrator, or his designee, on Monday, April 18, 1988, at 11:00 a.m., at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, for consideration and award by the City Council at 7:00 p.m. at the Elk River City Library in Elk River, Minnesota. The bonds will be improvement bonds and shall be general obligations supported by the full faith and credit of the City. The bonds will be dated May 1, 1988 and will mature on February 1 in the years and amounts as follows: Year Amount 1990 1991 1992 1993 1994 1995 - 1999 $325,000.00 190,000.00 185,000.00 130,000.00 125,000.00 45,000.00 Bonds maturing on or after February 1, 1996, are subject to prior redemption on February 1, 1995, and any interest payment date thereafter, at par plus accrued interest. Interest will be payable on February 1, 1989, and semiannually thereafter. Minimum price, One Million One Hundred Sixty-four Thousand Seventy Dollars ($1,164,070) plus accrued interest. Bids shall specify interest rates for each maturity in accord with the Official Terms of Offering. An approving legal opinion will be furnished by Larkin, Hoffman, Daly & Lindgren, Ltd., Minneapolis, Minnesota. The purpose of the Bonds is to provide financing for three improvement projects. The Official Terms of Offering to be published in the Official Statement for the offering may contain additional bidding terms and information relative to the issue. In the event of a variance between the statements in this notice and the Official Terms of Offering, the provisions of the latter shall govern. BY ORDER OF THE CITY COUNCIL Dated: March 21, 1988 /s/ Patrick D. Klaers City Administrator SBS:B08