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PROPOSAL SALE DATE: April 13, 2021 <br />City of Elk River, Minnesota <br />$12,620,000*Electric RevenueBonds, Series 2021B <br />For the Series 2021B Bonds of this Issue which shall mature and bear interest at the respective annual rates, as follow, we offer a price of <br />$_________________ (which may not be less than $12,418,080) plus accrued interest, if any, to the date of delivery. <br />InterestDollarInterestDollar <br />YearRate (%)Yield (%)PriceYearRate (%)Yield (%)Price <br />2022%%%2037%%% <br />2023%%%2038%%% <br />2024%%%2039%%% <br />2025%%%2040%%% <br />2026%%%2041%%% <br />2027%%%2042%%% <br />2028%%%2043%%% <br />2029%%%2044%%% <br />2030%%%2045%%% <br />2031%%%2046%%% <br />2032%%%2047%%% <br />2033%%%2048%%% <br />2034%%%2049%%% <br />2035%%%2050%%% <br />2036%%%2051%%% <br />Designation of Term Maturities <br />Years of Term Maturities <br /> <br /> <br />In making this offer on the sale date ofApril 13, 2021we accept all of the terms and conditions of the Terms of Proposal published in the Preliminary <br />Official Statement datedMarch 30, 2021, including the City’s right to modify the principal amount of the Series 2021B Bonds.(See “Terms of Proposal” <br />herein.)In the event of failure to deliver these Series 2021B Bonds in accordance withsaid Terms of Proposal, we reserve the right to withdraw our offer, <br />whereupon the deposit accompanying it will be immediately returned. All blank spaces of this offer are intentional and are not to be construed as an <br />omission. <br />By submitting this proposal, we confirm that we have an established industry reputation for underwriting municipal bonds suchas the Series 2021B Bonds. <br />Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the verification of the offer, we have made the following <br />computations: <br />NET INTEREST COST:$____________________________ <br />TRUE INTEREST RATE:______________ % <br />The Bidder will not will purchase municipal bond insurance from . <br />Account Members <br />______________________________ <br />Account Manager <br />By: ___________________________ <br />Phone: ________________________ <br />....................................................................................................................................................................................................... <br />........................................... <br />The foregoing proposal has been accepted by the Commission. <br />Attest: _______________________________ Date: ________________________________ <br />* <br />_______________________________ <br />Preliminary; subject to change.Phone: 651-223-3000 <br />Fax: 651-223-3046 <br />Email: bondservice@bakertilly.com <br />386 <br />