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EXHIBIT B UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF SHERBURNE CITY OF ELK RIVER ELECTRIC REVENUE BOND, SERIES 2021B No. $ Interest Rate Maturity Date Date of Original Issue CUSIP August 1, May 13, 2021 REGISTERED OWNER: CEDE& CO. PRINCIPAL AMOUNT: THE CITY OF ELK RIVER, Sherburne County, Minnesota (the "City"), acknowledges itself to be indebted and, for value received, hereby promises to pay to the registered owner specified above, or registered assigns, the principal amount specified above, on the maturity date specified above, with interest thereon from the date of original issue specified above or from the most recent interest payment date to which interest has been paid or duly provided for, at the annual rate specified above. Interest hereon is payable on February 1 and August 1 in each year, commencing February 1, 2022, calculated on the basis of a 360-day year of twelve 30-day months, to the person in whose name this Series 2021B Bond is registered at the close of business on the 15th day (whether or not a business day) of the immediately preceding month. The principal of and premium, if any, on this Series 2021B Bond are payable upon presentation and surrender hereof at the principal office of U.S. Bank National Association, in St. Paul, Minnesota (the "Bond Registrar"), acting as paying agent, or any successor paying agent duly appointed by the City. Interest on this Series 2021B Bond will be paid on each Interest Payment Date by check or draft mailed to the person in whose name this Series 2021B Bond is registered (the "Holder" or "Bondholder") on the registration books of the City maintained by the Bond Registrar and at the address appearing thereon at the close of business on the 15th day of the calendar month next preceding such Interest Payment Date (the "Regular Record Date"). Any interest not so timely paid shall cease to be payable to the person who is the Holder hereof as of the Regular Record Date, and shall be payable to the person who is the Holder hereof at the close of business on a date (the Special Record Date) fixed by the Bond Registrar whenever money becomes available for payment of the defaulted interest. Notice of the Special Record Date shall be given to Bondholders not less than 10 days prior to the Special Record Date. The principal of and premium, if any, and interest on this Series 2021B Bond are payable in lawful money of the United States of America. So long as this Series 2021B Bond is registered in the name of the Depository or its Nominee as provided in the Resolution hereinafter described, and as those terms are defined therein, payment of principal of, premium, if any, and interest on this Series EL 185-68-707442 v4 B-1