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. . EXHIBIT B NOTICE OF SALE $1,975,000 General Obligation Bonds, Series 1986A City of Elk River Sherburne County, Minnesota Sealed bids for these bonds will be opened by the City Administrator, or his designee, on Monday, July 21, 1986, at 11:00 a.m., at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, St. Paul, Minnesota, for consider- ation and award by the City Council at 7:30 p.m. at the City Hall in Elk River, Minnesota. Dated August 1, 1986, the bonds will mature on February 1 in the years and amounts as follows: Year Amount 1988 1989 1990 - 1995 1996 - 1997 1998 - 2001 2002 2003 $ 70,000 165,060 140,000 135,000 110,000 105,000 85,000 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, 1987, and semiannually thereafter. Minimum price, One Million Nine Hundred Thirty-nine Thousand Four Hundred Fifty Dollars ($1,939,450) plus accrued interest. Bids shall specify interest rates for each maturity and a net average interest rate of the issue not exceeding the maximum permitted by law on the day of sale. 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 four 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 Pat Klaers Administrator Dated: June 16, 1986 . SBS:BAl