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TEMPLATE RESOLUTION <br />EXHIBITB <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF SHERBURNE <br />CITY OF ELK RIVER <br />ELECTRIC REVENUE BOND, SERIES 2021B <br />No._________$_______________ <br />Interest RateMaturity DateDate of Original IssueCUSIP <br />August 1, ______________,2021 <br />REGISTERED OWNER:CEDE & CO. <br />PRINCIPAL AMOUNT: <br />THE CITY OF ELK RIVER, Sherburne County, Mi <br />itself to be indebted and, for value received, hereby promises to pay to the registered owner <br />specified above, or registered assigns,the principal amount specified above, on the maturity date <br />specified above, with interest thereon from the date of original issue specified above or from the <br />most recent interest payment date to which interest has been paid or duly provided for, at the <br />annual rate specified above. Interest hereon is payable on February 1 and August 1 in eachyear, <br />commencing February 1, 2022, calculated on the basis of a 360-day year of twelve 30-day <br />months,to the person in whose name this Series 2021BBond is registered at the close of <br />business on the 15th day (whether or not a business day)of the immediately preceding month. <br />The principal of and premium, if any, on thisSeries 2021BBond are payable upon presentation <br />and surrender hereof at the principal office of U.S. Bank National Association, in St. Paul, <br />), acting as paying agent, or any successor paying agent duly <br />appointed by the City. Interest on this Series 2021BBond will be paid on each Interest Payment <br />Date by check or draft mailed to the person in whose name this Series 2021BBond is registered <br />(te Bond <br />Registrar and at the address appearing thereon at the close of business on the 15th day of the <br />calendar month next preceding such Interest Payment Date (the <br />interest not so timely paid shall cease to be payable to the person who is the Holder hereof as of <br />the Regular Record Date, and shall be payable to the person who isthe Holder hereof at theclose <br />of business on a date (the Special Record Date) fixed by the Bond Registrar whenever money <br />becomes available for payment of the defaulted interest. Notice of the Special Record Date shall <br />be given to Bondholders not less than 10 days prior to the Special Record Date. The principal of <br />and premium, if any, and interest on this Series 2021BBond are payable in lawful money of the <br />United States of America. So long as this Series 2021BBond is registered in the name of the <br />Depository or its Nominee as provided in the Resolution hereinafter described, and as those <br />terms are defined therein, payment of principal of, premium, if any, and interest on this Series <br />EL185-68-707442.v2 <br />B-1 <br />410 <br />