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BID TABULATION <br /> <br /> $2,020,000' General Obligation Water Revenue Bonds, Series 2003B <br /> <br /> CITY OF ELK RIVER, MINNESOTA <br /> <br /> SALE: November 10, 2003 <br /> <br /> AWARD: ROBERT W. BAIRD & COMPANY, INC. <br /> <br />RATING: Moody's Investors Service '%2" <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 />ROBERT W. BAIRD & COMPANY, INC. <br />Milwaukee, Wisconsin <br /> <br />CITIGROUP GLOBAL MARKETS, INC. <br />Chicago, Illinois <br /> <br />U.S. BANCORP PIPER JAFFRAY <br />Minneapolis, Minnesota <br /> <br />2005 2.000% 1.350% <br />2006 2.000% 1.750% <br />2007 2.500% 2.100% <br />2008 2.875% 2.500% <br />2009 3.000% 2.850% <br />2010 3.250% 3.150% <br />2011 3.250% 3.350% <br />2012 3.400% 3.500% <br />2013 3.550% 3.650% <br />2014 3.700% 3.800% <br /> <br />2005 2.000% <br />2006 2.000% <br />20O7 2.25O% <br />2008 2.75O% <br />2009 3.000% <br />2010 3.250% <br />2011 3.375% <br />2012 3.375% <br />2013 3.500% <br />2014 3.700% <br /> <br />2005 3.000% <br />2006 3.000% <br />2007 3.000% <br />2008 3.000% <br />2009 3.000% <br />2010 3.100% <br />2011 3.300% <br />2012 3.400% <br />2013 3.500% <br />2014 3.600% <br /> <br />$2,008,805.85 $403,789.67 3.3628% <br /> <br />$2,005,449.20 $405,148.74 3.3771% <br /> <br />$2,012,348.80 $405,425.64 3.3800% <br /> <br />*Subsequent to bid opening the issue size was decreased to $1,995,000 with the 2005 maturity decreased $10,000 to $165,000, the <br />2006 maturity decreased $10,000 to $175,000 and the 2014 maturity decreased $5,000 to $235,000 in maturity value. <br /> <br />Adjusted Price - $1,983,897.00 <br />Adjusted Net Interest Cost- $401,164.02 <br />Adjusted TIC - 3.3647% <br /> <br />EHLERS <br /> <br />& ASSOCIATES INC <br /> <br /> LEADERS IN PUBLIC FINANCE <br /> 3060 Centre Pointe Drive, Roseville, MN 55113-1105 <br />651.697.8500 fax 651.697.8555 www.ehlers-inc.com <br /> Offices in Roseville, MN, Brookfield, WI and Naperville, IL <br /> <br /> <br />