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<br />BID TABULATION
<br />
<br />$1,085,000* General Obligation Improvement Bonds, Series 2005A
<br />
<br />CITY OF ELK RIVER, MINNESOTA
<br />
<br />SALE: May 16, 2005
<br />AWARD: UNITED BANKERS' BANK
<br />
<br />RATING: Moody's Investors Service, Inc. "A 1"
<br />
<br />NAME OF BIDDER
<br />
<br />MATURITY RATE REOFFERING
<br />(February 1) YIELD
<br />
<br />PRICE
<br />
<br />B81: 4.35%
<br />NET TRUE
<br />INTEREST INTEREST
<br />COST RATE
<br />
<br />UNITED BANKERS' BANK
<br />Bloomington, Minnesota
<br />First National Bank of Elk River
<br />
<br />2007
<br />2008
<br />2009
<br />2010
<br />2011
<br />2012
<br />2013
<br />2014
<br />2015
<br />2016
<br />
<br />PIPERJAFFRAY & CO.
<br />Minneapolis, Minnesota
<br />
<br />2007
<br />2008
<br />2009
<br />2010
<br />2011
<br />2012
<br />2013
<br />2014
<br />2015
<br />2016
<br />
<br />2.750%
<br />2.900%
<br />3.000%
<br />3.100%
<br />3.200%
<br />3.300%
<br />3.400%
<br />3.500%
<br />3.600%
<br />3.700%
<br />
<br />3.000%
<br />3.000%
<br />3.250%
<br />3.250%
<br />3.375%
<br />3.500%
<br />3.625%
<br />3.750%
<br />3.875%
<br />4.000%
<br />
<br />2.750%
<br />2.900%
<br />3.000%
<br />3.100%
<br />3.200%
<br />3.300%
<br />3.400%
<br />3.500%
<br />3.600%
<br />3.700%
<br />
<br />$1,076,320.00 $245,275.10 3.5368%
<br />
<br />$1,085,897.15 $252,158.92 3.6132%
<br />
<br />*Subsequent to bid opening the issue size was decreased to $1,070,000 with the 2007 maturity increased $5,000 to $100,000, the 2008
<br />maturity increased $5,000 to $100,000, the 2009 maturity increased $5,000 to $105,000, the 2010 maturity increased $5,000 to $105,000,
<br />the 2012 maturity decreased $5,000 to $105,000, the 2013 maturity decreased $5,000 to $110,000, the 2014 maturity decreased $10,000
<br />to $110,000, the 2015 maturity decreased $5,000 to $115,000, and the 2016 maturity decreased $10,000 to $115,000 in maturity value.
<br />
<br />Adjusted Price - $1,061,440.00
<br />Adjusted Net Interest Cost - $235,944.32
<br />Adjusted TIC - 3.5287%
<br />
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<br />
<br />EHLERS
<br />
<br />& ASSOCIATES INC
<br />
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<br />
<br />3060 Centre Pointe Drive, Roseville, MN 55113
<br />651.697.8500 fax 651.697.8555 www.ehlers-inc.com
<br />Offices in Rosevilfe, MN Brookfield, WI and Lisle, IL
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