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BID TABULATION
<br />
<br /> $1,275,000' General Obligation Improvement Bonds, Series 2003A
<br />
<br /> CITY OF ELK RIVER, MINNESOTA
<br />
<br /> ,?,ALE: November 10, 2003
<br />
<br /> AWARD: CITIGROUP GLOBAL MARKETS, INC.
<br />
<br />RATING: Moody's Investors Service "A2."
<br />
<br />BBI: 4.83%
<br />
<br />NAME OF BIDDER MATURITY RATE REOFFERING PRICE
<br /> (February 1) YIELD
<br />
<br /> NET TRUE
<br />INTEREST INTEREST
<br />COST RATE
<br />
<br />CITIGROUP GLOBAL MAP,KETS, INC.
<br /> Chicago, Illinois
<br />CP, ONIN & CO., INC.
<br /> Minneapolis, Minnesota
<br />UBS FINANCIAL SERVICES INC.
<br /> Chicago, Illinois
<br />MORGAN STANLEY & CO., INC.
<br /> New York, New York
<br />CIBC WORLD MARKETS
<br /> New York, New York
<br />CITIZENS BANK
<br /> Flint, Michigan
<br />
<br />UNITED BANKERS BANK
<br />Bloomington, Minnesota
<br />
<br />2005 2.000% 1.350%
<br />2006 2.000% 1.700%
<br />2007 2.250% 2.150%
<br />2008 2.750% 2.600%
<br />2009 3.000% 2.880%
<br />2010 3.250% 3.100%
<br />2011 3.500% 3.400%
<br />2012 3.500% 3.600%
<br />2013 3.700% 3.750%
<br />2014 4.000% 3.900%
<br />
<br />2005 1.450%
<br />2006 1.900%
<br />2007 2.200%
<br />2008 2.500%
<br />2OO9 3.150%
<br />2010 3.150%
<br />2011 3.500%
<br />2012 3.500%
<br />2013 3.800%
<br />2014 3.800%
<br />
<br />$1,269,251.00 $187,224.92 3.2058%
<br />
<br />$1,264,800.00 $188,421.25 3.2325%
<br />
<br />MILLER JOHNSON STEICHEN KINNARD
<br />INVESTMENT SECURITIES, INC.
<br /> Minneapolis, Minnesota
<br />
<br />2O05 1.350%
<br />2006 1.700%
<br />20O7 2.100%
<br />2O08 2.5O0%
<br />2009 2.850%
<br />2010 3.150%
<br />2011 3.300%
<br />2012 3.550%
<br />2013 3.700%
<br />2014 3.800%
<br />
<br />$1,259,700.00 $188,365.83 3.2397%
<br />
<br />*Subsequent to bid opening the issue size was decreased to $1,255,000 with the 2006 maturity decreased $5,000 to $225,000, the 2007
<br />maturity decreased $5,000 to $225,000, the 2012 matudty decreased $5,000 to $90,000, and the 2013 maturity decreased $5,000 to $90,000
<br />in maturity value.
<br />
<br />Adjusted Price - $1,249,434.49
<br />Adjusted Net Interest Cost - $183,356.23
<br />Adjusted TIC - 3.2016%
<br />
<br />EHLERS
<br />
<br />& ASSOCIATES tNC
<br />
<br /> LEADERS IN PUBLIC FINANCE
<br /> 3060 Centre Pointe Drive, Roseville, MN 55113-1105
<br />651.697.8500 tax 651.697.8555 www.ehlers inc.com
<br /> Offices in Roseville, MN, Brookfield, WI and Naperville, IL
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