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EXHIBIT A
<br />PROPOSALS
<br />TABULATION OF BIDS
<br />CITY OF LAKE ELMO, MINNESOTA
<br />$2,025,000t
<br />GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2025A
<br />AWARD:
<br />DATE OF SALE:
<br />MOODY' S UNDERLYING RATING
<br />BROWNSTONE INVESTMENT GROUP, LLC
<br />TUESDAY, JULY 15, 2025
<br />Aal
<br />TRUE
<br />PURCHASE
<br />NET
<br />INTEREST
<br />BIDDER
<br />PRICE
<br />INTEREST COST
<br />COST (TIC)
<br />Brownstone Investment Group, LLC
<br />$2,329,173.20
<br />$475,577.49
<br />3.3079189%
<br />New York, NY
<br />Robert W. Baird & Co., Inc.
<br />$2,343,405.05
<br />$481,658.98
<br />3.3342029%
<br />Milwaukee, WI
<br />Piper Sandler & Co. $2,386,196.85 $489,733.01 3.3351939%
<br />Minneapolis, MN
<br />TD Securities $2,361,107.30 $487,616.45 3.3531825%
<br />New York, NY
<br />HilltopSecurities $2,340,720.67 $484,343.36 3.3553474%
<br />Dallas, TX
<br />Stifel, Nicolaus & Co., Inc. $2,311,638,20 $493,112.49 3.4471939%
<br />Birmingham, AL
<br />Raymond James & Associates, Inc. $2,301,007.20 $503,743.49 3.5323394%
<br />Dallas, TX
<br />f Par amount decreased from $2,025,000 to $2,025,000. For Brownstone Investment Group, LLC, the adjusted purchase price is
<br />$2,158,663.85, plus accrued interest from the date of issue to the date of delivery, and the adjusted TIC is 3.3165198%.
<br />A-1
<br />4908-6676-6901.2
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