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PROPOSAL SALE DATE: May 11, 2021 <br />________________________________ Phone: 651-223-3000 * Preliminary; subject to change. Fax: 651-223-3046 <br />Email: bondservice@bakertilly.com <br /> City of Elk River, Minnesota $1,750,000* General Obligation Water Utility Revenue Bonds, Series 2021C For the Series 2021C Bonds of this Issue which shall mature and bear interest at the respective annual rates, as follow, we offer a price of $_________________ (which may not be less than $1,729,000) plus accrued interest, if any, to the date of delivery. Year Interest Rate (%) Yield (%) Dollar Price Year Interest Rate (%) Yield (%) Dollar Price <br />2022 % % % 2032 % % % <br />2023 % % % 2033 % % % <br />2024 % % % 2034 % % % <br />205 % % % 2035 % % % <br />2026 % % % 2036 % % % <br />2027 % % % 2037 % % % <br />2028 % % % 2038 % % % <br />2029 % % % 2039 % % % <br />2030 % % % 2040 % % % <br />2031 % % % 2041 % % % <br /> Designation of Term Maturities Years of Term Maturities <br /> In making this offer on the sale date of May 11, 2021 we accept all of the terms and conditions of the Terms of Proposal published in the <br />Preliminary Official Statement dated April 30, 2021 including the City’s right to modify the principal amount of the Series 2021C Bonds. <br />(See “Terms of Proposal” herein.) In the event of failure to deliver these Series 2021C Bonds in accordance with said Terms of Proposal, <br />we reserve the right to withdraw our offer, whereupon the deposit accompanying it will be immediately returned. All blank spaces of this <br />offer are intentional and are not to be construed as an omission. <br /> <br />By submitting this proposal, we confirm that we have an established industry reputation for underwriting municipal bonds such as the Series <br />2021C Bonds. <br /> <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 <br />following computations: <br /> <br />NET INTEREST COST: $____________________________ <br /> <br />TRUE INTEREST RATE: ______________ % <br /> <br />The Bidder  will not  will purchase municipal bond insurance from . <br /> <br />Account Members <br /> <br />______________________________ <br />Account Manager By: ___________________________ Phone: ________________________ <br /> ........................................................................................................................................................................................................................... <br />The foregoing proposal has been accepted by the City. <br />Attest: _______________________________ Date: ________________________________ <br /> ........................................................................................................................................................................................................................... <br /> <br />197