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. . . EXHIBIT B FORM OF BOND Registered No. Registered Amount $ UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF SHERBURNE CITY OF ELK RIVER GENERAL OBLIGATION TAX INCREMENT (TAXABLE) BOND, SERIES 1987A KNO~ ALL MEN BY THESE PRESENTS that the City of Elk River, a duly organized and existing municipal corporation of the County of Sherburne, State of Minnesota, acknowledges itself to be indebted and for value received promises to pay to the order of , or registered assigns (the Holder), the principal sum of Dollars ($ ), payable, subject to an option of prlor payment, in installments as follows: Date Amount of Principal Payment August 1, 1988 August 1, 1989 August 1, 1990 August 1, 1991 August 1, 1992 $28,000 $28,000 $28,000 $28,000 $28,000 together with interest from the date hereof at a rate of ten and three~fourths percent (10 3/4%) per annum, calculated upon the amount of the unpaid principal balance existing from time to time. Installments of interest shall be payable semi- annually on February 1 and August 1 in each year, commencing February 1, 1988. Both principal and interest are payable at the Bank of Elk River, Elk River, Minnesota, or, at such place as may be designated from time to time by written notice given to the City by the Holder of this Bond. For the prompt and full payment of such principal and interest as the same respectively become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. This Bond is one of an issue of a single Bond only, in the total principal amount of $140,000, issued pursuant to a resolution adopted by the council of the City on November 30, 1987 (the Resolution), to provide funds to finance the public development costs of a project in the District, and is issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling, including B-1