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City of Elk River, Minnesota <br />$580,000 General Obligation Improvement Refunding Bonds <br /> Series 1999B <br /> Full Crossover Advance Refunding of Series 1994A <br /> <br /> DEBT SERVICE SCHEDULE <br /> <br />Date Principal Coupon Interest Total P+I <br /> <br />2/01/2000 - - <br />8/01/2000 - 17,183.33 17,183.33 <br />2/01/2001 - 12,887.50 12,887.50 <br />8/01/2001 - 12,887.50 12,887.50 <br />2/01/2002 225,000.00 4.300% 12,887.50 237,887.50 <br />8/01/2002 - 8,050.00 8,050.00 <br />2/01/2003 230,000.00 4.500% 8,050.00 238,050.00 <br />8/01/2003 - 2,875.00 2,875.00 <br />2/01/2004 125,000.00 4.600% 2,875.00 127,875.00 <br /> <br />Total 580,000.00 - 77,695.83 657,695.83 <br /> <br />SIGNIFICANT DATES <br /> <br />Dated Date ............................................................................................................... 12/01/1999 <br />Delivery Date ............................................................................................................ 12/15/1999 <br />First Coupon Date .................................................................................................... 8/01/2000 <br />Accrued Interest from 12/01/1999 to 12/15/1999 ..................................................... 1,002.36 <br /> <br />YIELD STATISTICS <br /> <br />Accrued Interest from 12/01/1999 to 12/15/1999 ..................................................... 1,002.36 <br />Bond Year Dollars .................................................................................................... $1,736.67 <br />Average Life ............................................................................................................. 2.994 Years <br />Average Coupon ...................................................................................................... 4.4738482% <br /> <br />Net Interest Cost (NIC) ............................................................................................. 4.7076294% <br />True Interest Cost (TIC) ........................................................................................... 4.7222840% <br />Bond Yield for Arbitrage Purposes ........................................................................... 4.4678147% <br />All Inclusive Cost (AIC) ............................................................................................ 6.1441271% <br /> <br />IRS FORM 8038 <br />Net Interest Cost ...................................................................................................... 4.4742415% <br />Weighted Average Maturity ...................................................................................... 2.955 Years <br /> <br />Springsted Incorporated <br />Public Finance Advisors <br /> <br />File = Elkriver. sf-s99r94aDA VE <br /> 11/19/1999 11:59 AM <br /> <br />Page 3 <br /> <br /> <br />