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<br />. <br /> <br />. <br /> <br />. <br /> <br />City of Elk River, Minnesota <br />$580,000 General Obligation Improvement Refunding Bonds <br />Series 1999B <br />Full Crossover Advance Refunding of Series 1994A <br />DEBT SERVICE SCHEDULE <br /> <br />Date <br /> <br />2/01/2000 <br />8/01/2000 <br />2/01/2001 <br />8/01/2001 <br />2/01/2002 <br />8/01/2002 <br />2/01/2003 <br />8/01/2003 <br />2/01/2004 <br /> <br />Principal <br /> <br />Coupon <br /> <br />Interest Total P+I <br />17,183.33 17,183.33 <br />12,887.50 12,887.50 <br />12,887.50 12,887.50 <br />12,887.50 237,887.50 <br />8,050.00 8,050.00 <br />8,050.00 238,050.00 <br />2,875.00 2,875.00 <br />2,875.00 127,875.00 <br />n,695.83 657,695.83 <br /> <br />225,000.00 <br /> <br />4.300% <br /> <br />230,000.00 <br />125,000.00 <br /> <br />4.500% <br /> <br />4.600% <br /> <br />Total 580,000.00 <br /> <br />SIGNIFICANT DATES <br /> <br />Dated Date............................................................................................................... <br /> <br />Delivery Date............................................................................................................ <br /> <br />First Coupon Date.................................................................................................... <br />Accrued Interest from 12/01/1999 to 12/15/1999..................................................... <br /> <br />12/01/1999 <br />12/15/1999 <br />8/01/2000 <br />1,002.36 <br /> <br />YIELD STATISTICS <br /> <br />Accrued Interest from 12/01/1999 to 12/15/1999..................................................... <br /> <br />Bond Year Dollars...... ......... ....... ............ .... ............... .... ..... ......... ............... ...... ........ <br /> <br />Average Life............................................................................................................. <br /> <br />Average Coupon...................................................................................................... <br /> <br />1,002.36 <br />$1,736.67 <br />2.994 Years <br />4.4738482% <br /> <br />Net Interest Cost {NIC)......... .................... ....... .............. ....... ................ ............... ..... 4.7076294% <br />True Interest Cost {TIC)........................................................................................... 4.7222840% <br />Bond Yield for Arbitrage Purposes........................................................................... 4.4678147% <br />All Inclusive Cost {AIC)............................................................................................ 6.1441271 % <br /> <br />IRS FORM 8038 <br />Net Interest Cost..... ......... ........ .......... ....................... ........ .............. ......................... 4.47424150/0 <br />Weighted Average Maturity. ..................... ............... ..... .......... ....................... ........... 2.955 Years <br /> <br />Springsted Incorporated <br />Public Finance Advisors <br /> <br />File = Elkriver.sf-s99r94aDA VE <br />11/19/199911:59AM <br /> <br />Page 3 <br />