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<br />EXHIBIT B
<br />NOTICE OF SALE
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<br />$410,000 General Obligation Taxable Tax
<br />Increment Bonds, Series 1989B
<br />City of Elk River
<br />Sherburne County, Minnesota
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<br />Sealed bids for these bonds will be opened by the City
<br />Administrator, or his designee, on Monday, October 23, 1989, at
<br />11:00 a.m., at the offices of Springsted Incorporated, 85 East
<br />Seventh Place, Suite 100, Saipt Paul, Minnesota, for .
<br />consideration and award by the City Council at 7:00 p.m. at the
<br />the Elk River City Library in Elk River, Minnesota. Thebonds
<br />will be tax increment bonds and shall be general obligations
<br />supported by the full faith and credit of the City. Dated
<br />November 1, 1989, the bonds will mature on February 1 in the
<br />years and amounts as follows:
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<br /> ~ Amount ~ Amount
<br /> 1992 $15,000 2000 $25,000
<br /> 1993 $15,000 2001 $25,000
<br /> 1994 $15,000 2002 $30,000
<br />. 1995 $15,000 2003 $30,000
<br />1996 $15,000 2004 $35,000
<br />1997 $20,000 2005 $40,000
<br /> 1998 $20,000 2006 $40,000
<br /> 1999 $25,000 2007 $45,000
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<br />Bonds maturing on or after February 1, 2000, are subject to
<br />prior redemption on February 1, 1999, and on any day thereafter
<br />at par plus accrued interest. Interest will be payable on
<br />February 1, 1990, and semiannually thereafter. Minimum price
<br />$402,000, plus accrued interest. Bids shall specify interest
<br />rates for each maturity in accord with the Official Terms of
<br />Offering. An.approving legal opinion will be furnished by
<br />Larkin, Hoffman, Daly & Lindgren, Ltd., Minneapolis, Minnesota.
<br />The purpose of the bonds is to finance private development costs
<br />in a redevelopment tax increment financing district in the
<br />City.
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<br />The Official Terms of Offering to be published in the Official
<br />Statement for the offering may contain additional bidding terms
<br />and information relative to the issue. In the event of the
<br />variance between the statements of this notice and the Official
<br />Terms of Offering, the provisions of the latter shall govern.
<br />BY ORDER OF THE CITY COUNCIL
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<br />Dated: September 25, 1989
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<br />/s/ Patrick D. Klaers
<br />City Administrator
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<br />SBS:BY6
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