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EXHIBIT B FORM OF BOND No. R- UNITED STATES OF AMERICA $ STATE OF MINNESOTA COUNTY OF SHERBURNE CITY OF ELK RIVER GENERAL OBLIGATION WATER REVENUE BOND, SERIES 2021C Date of Rate Maturity Date Original Issue CUSIP August 1, 20 June 10, 2021 Registered Owner: Cede & Co. The City of Elk River, Minnesota, a duly organized and existing municipal corporation in 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 sum set forth above on the Maturity Date specified above, unless called for earlier redemption with interest thereon from the date hereof at the annual Rate specified above (calculated on the basis of a 360 day year of twelve 30 day months), payable February 1 and August 1 in each year, commencing February 1, 2022, to the person in whose name this Bond is registered at the close of business on the 15th day (whether or not a business day) of the immediately preceding month. The interest hereon and, upon presentation and surrender hereof, the principal hereof are payable in lawful money of the United States of America by check or draft by U.S. Bank National Association, St. Paul, Minnesota, as Registrar, Paying Agent, Transfer Agent and Authenticating Agent, or its designated successor under the Resolution described herein. 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 in the aggregate principal amount of$1,615,000, all of like original issue date and tenor, except as to number, maturity date, denomination, redemption privilege, and interest rate, issued pursuant to a resolution adopted by the Elk River Municipal Utilities Commission (the "Commission") on May 11, 2021 and the City Council of the City on April 19, 2021 (collectively, the "Resolution"), for the purpose of financing costs related to the construction of a field house facility to house service trucks, inventory and offices and pursuant to and in full conformity with the Constitution, and the laws of the State of Minnesota, including Minnesota Statutes, Chapter 475, as amended and Minnesota Statutes, Section 444.075. The principal hereof and interest hereon are payable primarily from the net revenues of the water system of the City in a special debt service fund of the City, as set forth in the Resolution to which B-1 EL185-69-713323 v2