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<br />. <br /> <br />. <br /> <br />. <br /> <br />EXHIBIT B <br /> <br />NOTICE OF SALE <br /> <br />$130,000 General Obligation Tax <br />Increment Bonds, Series 1985B <br />City of Elk River <br />Sherburne County, Minnesota <br /> <br />Sealed bids for these bonds will be opened by the City <br />Administrator, or his designee, on Monday, August 12, 1985, at <br />1:00 p.m., for consideration and award by the City Council at <br />7:30 p.m. at the City Hall in Elk River, Minnesota. Dated <br />September 1, 1985, the bonds will mature on February 1 in the <br />years and amounts as follows: <br /> <br />Year <br /> <br />Amount <br /> <br />1989-93 <br />1994-97 <br />1998 <br /> <br />$10,000 <br />15,000 <br />20,000 <br /> <br />Bonds maturing on or after February 1, 1995, are subject to <br />prior redemption on February 1, 1994, and any interest payment <br />date thereafter, at par plus accrued interest. Interest will <br />be payable on August 1, 1986, and semiannually thereafter. <br />Each rate must be in an integral multiple of 5/100 or 1/8 of 1% <br />and no rate may exceed the maximum rate of interest permitted <br />by law on the day of sale. Minimum price, $127,465. An <br />unqualified legal opinion will be furnished by Larkin, Hoffman, <br />Daly & Lindgren, Ltd., Minneapolis, Minnesota. The purpose of <br />the bonds is to finance public development costs in an economic <br />tax increment financing district in the City. <br /> <br />The Official Terms of Offering to be published in the <br />Official Statement for the Offering may contain additional <br />bidding terms and information relative to the issue. In the <br />event of a variance between the statements in this notice and <br />the Official Terms of Of'fering, the provisions of the latter <br />shall govern. <br /> <br />BY ORDER OF THE CITY COUNCIL <br /> <br />Thomas R. Bublitz <br />City Clerk <br /> <br />Dated: July 22, 1985 <br /> <br />4. <br />