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City of Elk River,Minnesota <br />Pre-Sale Summaryfor Issuance of Bonds <br />$1,750,000,General Obligation Water Utility Revenue Bonds, Series 2021C <br />TheCityCounciland Utilities Commissionhas under consideration the issuance of bonds (the “Bonds”) to <br />financecosts related to the construction of a fied house facility to accommodate service trucks, inventory, and <br />offices. This document 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 />April 13, 2021Utilities Commissionsetssale date and terms <br />April 19, 2021City Councilauthorizes the sale of bonds and award by <br />Utilities Commission <br />Week ofApril 26,2021Rating conferenceis conducted <br />May 11,2021, 10:30a.m.Competitive bidsare received <br />May 11,2021,3:30p.m.Utilities Commission considers award of the Bonds <br />June 10, 2021Proceeds are received <br />An application will be made to Standard & Poor’sfor a rating on the Bonds.The City’s <br />RATING: <br />general obligation debt is currently rated “AA+” by Standard & Poor’s. <br />Performance of the tax-exempt market is often measured by the Bond Buyer’s Index (“BBI”) <br />THE MARKET: <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 />0894.139_1734989 <br />: April 7, 2021 <br />Study No.: Date <br />418 <br />