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19 EHLERS <br />LEADERS IN PUBLIC FINANCE <br />BID TABULATION <br />$666,000* General Obligation Improvement Bonds, Series 2018A <br />City of Gem Lake, Minnesota <br />SALE: June 19, 2018 <br />AWARD: NORTHLAND SECURITIES, INC. <br />MN Credit Enhancement Rating: S&P Global Ratings "AA+" BBI: 3.92% <br />Bank Qualified <br />NET TRUE <br />MATURITY REOFFERING INTEREST INTEREST <br />NAME OF BIDDER (February 1) RATE YIELD PRICE COST _ RATE <br />NORTHLAND SECURITIES, INC. <br />Minneapolis, Minnesota <br />United Banker's Bank <br />D.A. Davidson <br />2020 <br />3.000% <br />2.100% <br />2021 <br />3.000% <br />2.200% <br />2022' <br />3.000% <br />3.000% <br />20231 <br />3.000% <br />3.000% <br />20241 <br />3.000% <br />3.000% <br />20251 <br />3.000% <br />3.000% <br />2026 ' <br />3.000% <br />3.000% <br />2027' <br />3.000% <br />3.000% <br />20281 <br />3.000% <br />3.000% <br />20292 <br />4.000% <br />3.200% <br />20302 <br />4.000% <br />3.200% <br />20312 <br />4.000% <br />3.200% <br />20322 <br />4.000% <br />3.200% <br />20332 <br />4.000% <br />3.200% <br />20342 <br />4.000% <br />3.200% <br />Subsequent to bid opening the issue size was decreased to $660,000. <br />Adjusted Price - $655,467.15 Adjusted Net Interest Cost - $226,913.83 <br />1 $290,000 Term Bond due 2028 with mandatory redemption in 2022-2027. <br />2 $305,000 Term Bond due 2034 with mandatory redemption in 2029-2033. <br />$659,859.90 $224,048.71 3.7254% <br />Adjusted TIC - 3.7265% <br />1-800-552-1171 1 wwa ,ehlers inc.c��m <br />