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bakertilly <br />MUNICIPAL ADVISORS <br />e� 1 nowjoined with <br />Springsted and Umbaugh <br />$33,375,000(a) <br />GENERAL OBLIGATION SALES TAX REVENUE BONDS, SERIES 2019A <br />CITY OF ELK RIVER, MINNESOTA <br />(BOOK ENTRY ONLY) <br />AWARD: PIPER JAFFRAY & CO. <br />SALE: August 19, 2019 <br />BBI: 3.10% <br />Average Maturity: 15.124 Years <br />S&P Rating: AA+ <br />Net True <br />Maturity Interest Interest Interest <br />Bidder II)ecember 1) Rate Yield Price Cost Rate <br />PIPER JAFFRAY & CO. <br />2020 <br />5.00% <br />0.97% <br />2021 <br />5.00% <br />0.98% <br />2022 <br />5.00% <br />0.99% <br />2023 <br />5.00% <br />1.00% <br />2024 <br />5.00% <br />1.01% <br />2025 <br />5.00% <br />1.07% <br />2026 <br />5.00% <br />1.14% <br />2027 <br />5.00% <br />1.22% <br />2028 <br />5.00% <br />1.28% <br />2029 <br />4.00% <br />1.39% <br />2030 <br />4.00% <br />1.52% <br />2031 <br />4.00% <br />1.61% <br />2032 <br />3.00% <br />1.91% <br />2033 <br />3.00% <br />2.00% <br />2034 <br />3.00% <br />2.16% <br />2035 <br />3.00% <br />2.22% <br />2036 <br />3.00% <br />2.28% <br />2037 <br />2.375% <br />2.375% <br />2038 <br />2.375% <br />2.41% <br />2039 <br />2.50% <br />2.45% <br />2040 <br />2.50% <br />2.50% <br />2041 <br />2.50% <br />2.55% <br />2042 <br />3.00% <br />2.51% <br />2044 <br />3.00% <br />2.55% <br />(a) Subsequent to bid opening, the issue size decreased from $33,735,000 to $32,715,000 <br />$36,893,663.31(b) $12,595,992.94(b) 2.3594%(b) <br />(b) Subsequent to bid opening, the price, net interest cost, and true interest rate have changed to $35,809,367.51, $12,177,306.24, and 2.3548% <br />respectively. <br />Baker Tilly Municipal Advisors, LLC is a registered municipal advisor and wholly-owned subsidiary of Baker Tilly Virchow Krause, LLP, an accounting firm. Baker Tilly <br />Virchow Krause, LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal <br />entities. © 2019 Baker Tilly Municipal Advisors, LLC. <br />