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								    					    	NORTHLAND	   	SECURITIES
<br />								   	TABULATION OF BIDS
<br />							  	CITY OF CENTERVILLE, MINNESOTA
<br />									   	$2,760,OOOt
<br />				  	GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 201 lA
<br />		  	AWARD:												iJNITED BANKERS' BANK
<br />		  	DATE OF SALE:									  	WEDNESDAY, MARCH 23, 2011
<br />		  	STANDARD AND POOR'S UNDFRLYII�TG RATII�TG:								   	AA
<br />																		TRUE
<br />										    	PURCHASE   	�	   	NET	     	INTEREST
<br />		  	BIDDER							    	PRICE	  	'INTEREST COST     	COST (TIC)		  	,
<br />																				   	�
<br />		  	UNTIED BANKERS' BANK    	��`		     	�$,  36,031.25	  	$276,074.37	  	1.997200%
<br />										     	�
<br />		    	Bloomington, MN		    	�a     	�		 	�									    	I
<br />		  	PIPER JAFFRAY				�				$�,771,642.30	  	$291,749.89	  	2.099349%		   	I
<br />		    	Kansas City, MO				 	-�..�	  	�
<br />							    	�			_�				�							  	I
<br />		  	MORGAN KEEGAN & CO., INC.     	�				$,869,781.77		�$299,480.73	  	2.110063%
<br />		    	Memplus, TN					    	r � `										  	I
<br />								�    	�»-.�_ �   	�					   	�						  	�
<br />		  	UMB BANK N.A.							$2,	 	.50	  	$294,005.13	  	2.128637%		   	I
<br />		    	Kansas City, MO															    	I
<br />		  	BERNARDI SECURITIES, INC.					$2,764,642.50	   	299,614.38	  	2.159317%
<br />		    	Chicago, IL																  	!
<br />		  	ROBERT W.BAIRD & CO., INC.					$2,773,637.40	  	$307,465.73	  	2.208940%
<br />		    	Milwaukee, WI
<br />		  	t  Par amou�lt increased from $2,755,000 to $2,760,000. The adjusted purchase price is $2,�40,996.82 and the adjusted TIC is
<br />		    	1.99986S5%.
<br />				   	Mais OtHce 45 Sowh 7th Street, Suite 2000, Minneapolis, Mmnesota 55402 Main Office Toll Frec 1-800-851-2920
<br />		     	Iowa O�Ce 6600 Westown Parkway, Suite 255, West Des Moines, Iowa 50266  Toll Froe 1-800-851-2920 Dirxt 515-661-6182 Fax 515-661-6192
<br />				Soath Dakota OtSce 215 West Sioux Avenue, Pieae, South Dakota 57501 Toll Free 1-877-224-5557 Direct 605-2245557 Fax 605-224-9554
<br />										www.aordilandsecurit�s.com
<br />									 	Member FINRA and SIPC
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