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City of Elk River,Minnesota <br />Pre-Sale Summaryfor Issuance of Bonds <br />$14,460,000Electric Revenue Bonds, Series 2021B <br />The City Counciland Utilities Commission have under consideration the issuance of bonds (the “Bonds”) to finance <br />the construction of a field house facility to accommodateservice trucks, inventory, and offices. This document <br />provides information relative to the proposed issuance. <br />KEY EVENTS:The following summary schedule includes the timing of some of the key events that will <br />occur relative to the bond issuance: <br />March 9, 2021Utilities Commissionsetssale date and terms <br />March 15, 2021City Council sets sale date and terms and authorizes <br />Utilities Commission to award the Bonds <br />Week ofMarch 29,2021Rating conferenceis conducted <br />April 13, 2021, 10:30a.m.Competitive bidsare received <br />April 13,2021,3:30p.m.Utilities Commissionconsiders award of the Bonds <br />May 13, 2021Proceeds are received <br />RATING:An application will be made to Moody’s Investors Service (Moody’s) forarating on the <br />Bonds.The City’selectric revenue supported debt is currently rated “Aa3” by Moody’s. <br />THE MARKET:Performance of the tax-exempt market is often measured by the Bond Buyer’s Index (“BBI”) <br />th <br />which measures the yield of high grade municipal bonds in the 20year for general <br />obligation bondsrated Aa2 by Moody’s or AA by S&P (the BBI 20-Bond GO Index)and the <br />th <br />30year for revenue bondsrated A1 by Moody’s or A+ by S&P (the BBI 25-Bond Revenue <br />Index). The following chart illustrates these two indices over the past five years: <br />894.138_1723355 <br />: March 4, 2021 <br />Study No.: 0Date <br />329 <br />