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<br />. <br /> <br />. <br /> <br />, <br /> <br />EXHIBIT B <br /> <br />FORM OF BOND <br /> <br />Registered No. <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) BOND, SERIES 1988A <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 <br />registered assigns (the Holder), the principal sum of <br />Dollars <br />($ ), payable, subject to an option of prior payment, <br />as hereinafter provided, in installments as follows: <br /> <br />Date <br /> <br />Amount of Principal Payment <br /> <br />October 1, 1990 <br />October 1, 1991 <br />October 1, 1992 <br />October 1, 1993 <br />October 1, 1994 <br />October 1, 1995 <br />October 1, 1996 <br />October 1, 1997 <br /> <br />together with interest from the date hereof at a rate of ten <br />and three-quarters percent (10 3/4%) per annum, calculated upon <br />the amount of the unpaid principal balance existing from time <br />to time. Installments of interest shall be payable semi- <br />annually on April 1 and October 1 in each year, commencing <br />April 1, 1989. <br /> <br />Both principal and interest are payable at the office of <br />the Bank of Elk River, Elk River, Minnesota, or, at such place <br />as may be designated from time to time by written notice given <br />to the City by the Holder of this Bond. For the prompt and <br />full payment of such principal and interest as the same <br />respectively become due, the full faith and credit and taxing <br />powers of the City have been and are hereby irrevocably <br />pledged. <br /> <br />B-1 <br />