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* <br />$1,750,000 <br />City of Elk River, Minnesota <br />GeneralObligation Water Utility Revenue Bonds,Series <br />2021C S&PRating:AA+ <br />Sale Date: May 11, 2021BBI:2.25% <br />Average Maturity: 11.156Years <br />BidderTIC <br />Robert W. Baird & Co., Incorporated1.7986% <br />Bernardi Securities, Inc.1.8501% <br />Northland Securities, Inc.1.9220% <br />InterestReofferingReoffering <br />Winning BidderInformationMaturityRateYieldPrice <br />ROBERT W. BAIRD & CO.,8/1/20224.00% 0.20% 104.331% <br />INCORPORATED8/1/20234.00%0.22%108.071% <br />C.L. King & Associates, Inc.8/1/20244.00%0.30%111.560% <br />Colliers Securties LLC8/1/20254.00%0.42%114.683% <br />Fidelity Capital Markets8/1/20264.00%0.55%117.466% <br />Davenport & Company LLC8/1/20274.00%0.65%120.136% <br />Loop Capital Markets, LLC8/1/20284.00%0.80%122.168% <br />Country Club Bank8/1/20294.00%0.95%123.840% <br />Crews & Associates, Inc.8/1/20304.00%1.05%125.648% <br />Sierra Pacific Securities, LLC8/1/20314.00%1.15%124.662% <br />Isaak Bond Investments8/1/20342.00%1.60%103.388% <br />Wintrust Investments, LLC8/1/20372.00%1.85%101.255% <br />SumRidge Partners, LLC8/1/20412.00%2.05%99.177% <br />Midland Securities Limited <br />FMS Bonds, Inc. <br />* <br />Multi-Bank Securities, Inc.Purchase Price: $1,871,386.25 <br />* <br />First Southern Securities, LLCNet Interest Cost: $361,967.08 <br />* <br />Dinosaur Securities, LLCTIC: 1.7986% <br />Mountainside Securities LLC <br />Valdés & Moreno <br />Other Bidders and Syndicate Members <br />BERNARDI SECURITIES, INC. <br />(No Syndicate Members) <br />NORTHLAND SECURITIES, INC. <br />(No Syndicate Members) <br />*Subsequent to bid opening, the par amountdecreasedto $1,615,000; and the price, net interest cost, and true interest cost have changed to <br />$1,721,636.76, $352,279.91and 1.8195%, respectively. <br />Baker Tilly Municipal Advisors, LLC is a registered municipal advisor and controlledsubsidiary ofBaker Tilly US, LLP, an accounting firm. <br />Baker Tilly US, LLP,trading as Baker Tilly,is a member of the global network of Baker Tilly International Ltd., the members of which are separate and <br />independent legal entities.© 2021Baker Tilly Municipal Advisors, LLC <br />Page 1 |1 <br />