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$7,295,000 <br />City of Elk River, Minnesota <br />Taxable General Obligation Sewer Revenue Refunding Bonds, Series 2020C <br />Crossover Refunding of Series 2014B <br />Refunding Summary <br /> Dated 12/29/2020 | Delivered 12/29/2020 <br />Sources Of Funds <br />Par Amount of Bonds............................................................................................................................................$7,295,000.00 <br />Total Sources.....................................................................................................................................................$7,295,000.00 <br />Uses Of Funds <br />Deposit to Crossover Escrow Fund.........................................................................................................................7,165,192.63 <br />Total Underwriter's Discount (1.100%)....................................................................................................................80,245.00 <br />Costs of Issuance.................................................................................................................................................49,200.00 <br />Rounding Amount.................................................................................................................................................362.37 <br />Total Uses...........................................................................................................................................................$7,295,000.00 <br />Flow of Funds Detail <br />State and Local Government Series (SLGS) rates for...............................................................................................10/22/2020 <br />Date of OMP Candidates....................................................................................................................................... <br />Crossover Escrow Fund Solution Method................................................................................................................Net Funded <br />Total Cost of Investments......................................................................................................................................$7,165,192.63 <br />Interest Earnings @ 0.120%..................................................................................................................................9,347.76 <br />Total Draws..........................................................................................................................................................$7,174,540.39 <br />Issues Refunded And Call Dates <br />2014B GO Sewer Rev Bonds - PS tb......................................................................................................................2/01/2022 <br />PV Analysis Summary (Net to Net) <br />Net PV Cashflow Savings @ 2.063%(TIC)..............................................................................................................352,552.52 <br />Contingency or Rounding Amount..........................................................................................................................362.37 <br />Net Present Value Benefit.....................................................................................................................................$352,914.89 <br />Net PV Benefit / Refunded Principal.......................................................................................................................5.013% <br />Net PV Benefit / Refunding Principal.......................................................................................................................4.838% <br />Average Annual Cash Flow Savings........................................................................................................................27,422.17 <br />Total New Net D/S................................................................................................................................................9,566,325.00 <br />Total Prior D/S......................................................................................................................................................9,977,657.50 <br />Total Cashflow Savings..........................................................................................................................................411,332.50 <br />Bond Statistics <br />Average Life.........................................................................................................................................................8.323 Years <br />Average Coupon...................................................................................................................................................1.9304808% <br />Net Interest Cost (NIC)..........................................................................................................................................2.0626399% <br />Bond Yield for Arbitrage Purposes..........................................................................................................................1.9171159% <br />True Interest Cost (TIC).........................................................................................................................................2.0629795% <br />All Inclusive Cost (AIC)..........................................................................................................................................2.1534721% <br />2020 Txbl GO Ref Bonds (1 | SINGLE PURPOSE | 10/22/2020 | 1:55 PM <br />Page 25 <br />