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Springsted <br />Spnngsted Incorporated <br />380 Jackson Street, Suite 300 <br />Saint Paul, MN 55101-2887 <br />TeL 651-223-3000 <br />Fax: 651-223-3002 <br />Emaii: advisors@spnngsted.com <br />wwww. spri ngsted.corn <br />$2,645,000' <br />CITY OF LINO LAKES, MINNESOTA <br />GENERAL OBLIGATION BONDS, SERIES 2014A <br />(BOOK ENTRY ONLY) <br />AWARD: UNITED BANKERS' BANK <br />SALE: Monday, October 27, 2014 <br />Standard & Poor's Rating: AA <br />Bidder <br />Interest Net Interest True Interest <br />Rates Price Cost Rate <br />UNITED BANKERS' BANK <br />0.40% 2016 $2,632,463.25 $222,362.99 1.6265% <br />0.60% 2017 <br />0.80% 2018 <br />1.05% 2019 <br />1.25% 2020 <br />1.55% 2021 <br />1.75% 2022 <br />1.95% 2023 <br />2.15% 2024 <br />2.30% 2025-2026 <br />NORTHLAND SECURITIES, INC. 2.00% 2016-2023 $2,695,816.35 $245,721.36 1.7448% <br />BERNARDI SECURITIES. 2.50% 2024-2025 <br />INCORPORATED 3.00% 2026 <br />UMB BANK, N.A. 1.50% 2016-2018 $2,701,074.00 $246,860.10 1.7456% <br />2.00% 2019-2021 <br />2.25% 2022 <br />2.50% 2023-2024 <br />3.00% 2025-2026 <br />* Subsequent to bid opening. the issue size was not changed. <br />451619v2 JAE LN140-113 <br />A-2 <br />Public Sector Advisors <br />