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BID TABULATION <br />$10,000,000 General Obligation Bonds, Series 2007 <br />ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, MINNESOTA <br />SALE: October 15, 2007 <br />AWARD: J.P. MORGAN SECURITIES, INC. <br />RATING: MBIA Insured (Moody's Investors Service, Inc. "Aaa")'' BBI: 4.48% <br />UNDERLYING RATING: Moody's Investors Service, lnc. "Aa3" <br />NET TRUE <br />NAME OF BIDDER MATURITY RATE REOFFERING PRICE INTEREST INTEREST <br />(February 1) YIELD COST RATE <br />J.P. MORGAN SECURITIES, INC. <br />New York, New York <br />STIFEL, NICOLAUS & CO., INC. <br />Minneapolis, Minnesota <br />2016 <br />2017 <br />2018 <br />2019 <br />2020 <br />2021 <br />2022 <br />2023 <br />2024 <br />2025 <br />2026 <br />2027 <br />2028 <br />2029' <br />2030** <br />2031 "`~ <br />2032*"* <br />2033"" <br />2016 <br />2017 <br />2018 <br />2019 <br />2020 <br />2021 <br />2022 <br />2023 <br />2024 <br />2025 <br />2026 <br />2027 <br />2028 <br />2029 <br />2030 <br />2031 <br />2032 <br />2033 <br />3.800% <br />3.800% <br />3.800% <br />3.850% <br />3.900% <br />3.950% <br />4.000% <br />4.050% <br />4.050% <br />4.100% <br />4.125% <br />4.150% <br />4.200% <br />4.250% <br />4.250% <br />4.300% <br />4.300% <br />4.300% <br />3.850% <br />3.850% <br />3.850% <br />3.900% <br />3.950% <br />4.000% <br />4.000% <br />4.050% <br />4.100% <br />4.100% <br />4.125% <br />4.150% <br />4.150% <br />4.200% <br />4.250% <br />4.250% <br />4.300% <br />4.300% <br />3.770% $9,951,404.15 $7,475,970.74 4.1780% <br />3.800% <br />3.820% <br />3.850% <br />3.900% <br />3.950% <br />4.000% <br />4.050% <br />4.070% <br />4.100% <br />4.125% <br />4:150% <br />4.200% <br />4.280% <br />4.280% <br />4.320% <br />4.320% <br />4.320% <br />MBIA insurance purchased by J.P. Morgan Securities, Inc. <br />"*$1,345,000 Term Bond due 2030 with mandatory redemption in 2029 <br />"*"$2,265,000 Term Bond due 2033 with mandatory redemption in 2031-2032 <br />$9,944,499.28 $7,479,194.16 4.1835% <br />E H L E R S 3060 Centre Pointe Drive, Roseville, MN 55113 <br />651.697.8500 fax 651.697.8555 www.ehlers-inc.com <br />& ASSOCIATES I N C Offices in Roseville. MN Brookfield. WI and Lisle. IL <br />