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Debt Issuance Services <br />City of Elk River, Minnesota <br />Results of Bond Sale -February 21, 2012 <br />$1,525,000 General Obligation Capital Improvement Refunding <br />Bonds, Series 2012B <br />Purpose: To effect an advance crossover refunding of the 2014 through 2018 <br />maturities of the City's $3,090,000 General Obligation Improvement Bonds, <br />Series 2007C, dated June 26, 2007. <br />Rating: Standard & Poor's Credit Markets "AA+" <br />Number of Bids: 6 <br />LOW Bidder: Piper Jaffray & Co., Leawood, Kansas <br />True Interest Cost: 0.7876% <br />Interest Savings from Low Bid High Bid Low/High Bid <br />Lowest to Highest Bid: Difference <br />0.7866% 0.9422% $8,033 <br />Summary of Results: Projected Results of Sale Difference <br />Principal Amount *: $1,515,000 $1,525,000 $10,000 <br />Reoffering Premium: $0 $76,232 $76,232 <br />Discount Allowance: $25,000 $6,481 -$18,519 <br />True Interest Cost: 1.46% 0.7876% -0.67% <br />Cost of Issuance: $25,000 $26,380 $1,380 <br />City Cash: $80,000 $0 -$80,000 <br />Present Value Savings: $70,875 $110,855 $39,980 <br />Savings Percentage: 4.30% 7.269% 2.973% <br />Closing Date: March 15, 2012 <br />COUI'1Cii Action: A Resolution Awarding The Sale Of $1,525,000 General Obligation <br />Improvement Refunding Bonds, Series 2012B; Fixing Their Form And <br />Specifications; Directing Their Execution And Delivery; <br />Providing For Their Payment; And Providing For The Redemption Of <br />Bonds Refunded Thereby <br />Attachments: Bid Tabulation <br />• Updated Debt Service Schedules <br />• Bond Resolution (Distributed in Council Packets) <br />* The size of the bond issue changed from the presale amount due to a decision not to insert City cash to write down <br />the bonds. The amount of the sale was lower than the official statement amount due to lower costs and lower interest <br />rates on the bonds. <br />,,~:,., ,.-,ehlers-inc,cc'~~77nfi <br />E H L E R S Minnesota phone 651-697-8500 3060 Centre Pointe Dive <br />LEADERS IN PUBLIC FINANCE Offices also in Wisconsin and Illinois fax 651-697-8555 Roseville, MN 55113-1122 <br />