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Debt Issuance Services <br /> Economic Development Authority of the <br /> City of Elk River, Minnesota <br /> Results of Bond Sale — January 15, 2013 <br /> $9,685,000 General Obligation Refunding Bonds, Series 2013A <br /> Purpose: To effect an advance crossover refunding of the 2018 through 2033 <br /> maturities of the Authority's $10,000,000 General Obligation Bonds, <br /> Series 2007, dated November 8, 2007. <br /> Rating: Standard&Poor's Credit Markets "AA+" <br /> Number of Bids: 5 <br /> Low Bidder: Raymond James&Associates, Inc., Memphis, TN <br /> True Interest Cost: 2.1969% <br /> Interest Savings from Low/High Bid <br /> Low Bid High Bid <br /> Lowest to Highest Bid: Difference <br /> 2.1950% 2.3353% $127,382 <br /> Summary of Results: Projected Results of Sale Difference <br /> Principal Amount*: $9,965,000 $9,685,000 -$280,000 <br /> Reoffering Premium: $0 $341,700 $341,700 <br /> Discount Allowance: $99,650 $83,645 -$16,005 <br /> True Interest Cost: 2.0830% 2.1969% 0.11% <br /> Cost of Issuance: $65,000 $70,150 $5,150 <br /> Future Value Savings: $1,060,179 $1,001,112 -$59,067 <br /> Present Value Savings: $826,451 $795,866 -$30,585 <br /> Savings Percentage: 8.186% 7.830% -0.356% <br /> Closing Date: February 12, 2013 <br /> Council Action: A Resolution Providing For The Sale Of General Obligation Refunding <br /> Bonds, Series 2013A; Fixing Their Form And Specifications; Directing <br /> Their Execution And Delivery;And Providing For Their Payment <br /> Attachments: • Bid Tabulation <br /> • Updated Debt Service Schedules <br /> • Bond Resolution (Distributed in Council Packets) <br /> *Principal amount changed due to a premium on the bid from the low bidder. The TIC was adjusted slightly after the <br /> bid. <br /> .ehlers-inc,com <br /> E H L E RS <br /> Minnesota phone 651-697-8500 3060 Centre Pointe Drive <br /> LEADERS IN PUBLIC FINANCE <br /> Offices also in Wisconsin and Illinois <br /> fax 651-697-8555 Roseville,MN 55113-1122 <br />