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BID TABULATION <br />$1,595,000* General Obligation Improvement Refunding Bonds, Series 20126 <br />CITY OF ELK RIVER, MINNESOTA <br />SALE: February 21, 2012 <br />AWARD: PIPER JAFFRAY & CO. <br />RATING: Standard & Poor's Credit Markets " AA+" BBI: 3.65% <br /> NET TRUE <br />NAME OF BIDDER MATURITY RATE REOFFERING PRICE INTEREST INTEREST <br /> (February 1) YIELD COST RATE <br />PIPER JAFFRAY & CO. 2014 2.000% 0.400% $1,667,747.80 $49,453.31 0.7866% <br />Leawood, Kansas 2015 2.000% 0.500% <br /> 2016 2.000% 0.600% <br /> 2017 2.000% 0.700% <br /> 2018 2.000% 0.900% <br />FTN FINANCIAL CAPITAL MARKETS <br />Memphis, Tennessee <br />MORGAN KEEGAN <br />Memphis, Tennessee <br />BOSC, INC., A SUBSIDIARY OF BOK <br />FINANCIAL CORPORATION <br />Menomonee Falls, Wisconsin <br />UNITED BANKERS' BANK <br />2014 <br />2015 <br />2016 <br />2017 <br />2018 <br />1.000% <br />1.000% <br />1.000% <br />1.000% <br />1.000% <br />$1,603,233.80 $52,866.76 0.8624% <br />2014 <br />2015 <br />2016 <br />2017 <br />2018 <br />2014 <br />2015 <br />2016 <br />2017 <br />2018 <br />1.000% <br />1.500% <br />2.000% <br />2.000% <br />2.000% <br />2.000% <br />2.000% <br />2.000% <br />2.000% <br />2.000% <br />BAIRD 2014 2.000% <br />Milwaukee, Wisconsin 2015 2.000% <br /> 2016 2.000% <br /> 2017 2.000% <br /> 2018 2.000% <br />UMB BANK, N.A. 2014 0.450% <br />Kansas City, Missouri 2015 0.550% <br /> 2016 0.700% <br /> 2017 0.900% <br /> 2018 1.100% <br />"Subsequent to bid opening the issue size was decreased to $1,525,000. <br />Adjusted Price - $1,594,751.00 <br />FREERS <br />LEADERS IN PUBLIC FINANCE <br />Adjusted Net Interest Cost - $47,521.22 <br />$1,651,834.64 $54,399.53 0.8691 <br />$1,659,774.55 $57,426.56 0.9162% <br />$1,659,541.05 $57,660.06 0.9201 <br />$1,587,503.50 $57,486.44 0.9422% <br />Adjusted TIC - 0.7876% <br />wvwv.ehiers-inc.cam <br />Minnesota phone 651-697-8500 3060 Centre Pointe Drive <br />Offices also in Wisconsin and Illinois fax 651-697-8555 Roseville, MN 551 1 3-1 1 22 <br />