--- ## author: Kara Meverden date: D:20260826152945-05'00' --- August 26, 2026 ## SALE DAY REPORT FOR: ## Independent School District No. 727 ## (Big Lake), Minnesota ## $2,545,000 General Obligation Refunding Bonds, Series 2026A Prepared by: ## Ehlers ## 3001 Broadway Street, Suite 320 ## Minneapolis, MN 55413 ## Matthew Hammer, ## Senior Municipal Advisor ## Jodie Zesbaugh, ## Senior Municipal Advisor ## BUILDING COMMUNITIES. IT’S WHAT WE DO. Sale Day Report for Independent School District No. 727 (Big Lake), Minnesota 1 ## Competitive Sale Results PURPOSE: The issue finances a current refunding of the remaining maturities of ## the $4,000,000 General Obligation School Building Bonds, Series ## 2016B. ## RATING: MN Credit Enhancement Rating: Moody's Ratings "Aa1" ## Underlying Rating: Moody's Ratings "Aa3" ## NUMBER OF BIDS: 7 LOW BIDDER: ZIONS BANK division of ZB, N.A., Salt Lake City, Utah ## COMPARISON FROM LOWEST TO HIGHEST BID: (TIC as bid) ## LOW BID:* 2.8245% ## HIGH BID: 3.1901% ## Summary of Sale Results: ## Principal Amount*: $2,545,000 ## Underwriter’s Discount: $6,351 ## Reoffering Premium: $72,048 ## True Interest Cost*: 2.8248% Costs of Issuance: $69,425 Yield: 2.550%-2.700% ## Total Net Principal and Interest: $2,699,865 * The winning bidder submitted a bid with a premium price (a price greater than the par amount of the bonds) that was larger than the Pre-Sale Report estimates. The premium amount will be used to partially finance the prepayment of the 2016B Bonds, so the principal amount of the bonds was decreased from $2,570,000 (in the Pre-Sale Report and the Preliminary Official Statement) to $2,545,000 after receipt of the bids. This caused a slight change in the True Interest Cost. NOTES: The True Interest Cost of 2.82% is lower than the estimate of 3.61% included in the Pre-Sale Report. The net effect of the premium paid by the underwriter, the new interest rates, and district’s use of funds on hand in the debt service fund will reduce future debt service payments by approximately $1,186,000. Sale Day Report for Independent School District No. 727 (Big Lake), Minnesota 2 ## CLOSING DATE: ## REDEMPTION DATE: September 17, 2026 October 22, 2026 ## SCHOOL BOARD ## ACTION: Adopt the resolution awarding the sale of $2,545,000 General Obligation Refunding Bonds, Series 2026A. ## SUPPLEMENTARY ATTACHMENTS ## • Bid Tabulation ## • Updated Sources and Uses of Funds ## • Existing Debt Service Schedule for 2016B Bonds ## • Updated Debt Service Schedule for Refunding Bonds ## • Updated Current Refunding Escrow ## • Updated Debt Service Comparison/Refunding Savings Analysis • Updated Estimated Tax Rates for Capital and Debt Service Levies ## • Rating Report ## • Bond Resolution (Distributed Separately) ## BID TABULATION ## $2,570,000* General Obligation Refunding Bonds, Series 2026A ## Independent School District No. 727 (Big Lake), Minnesota SALE: August 26, 2026 ## AWARD: ZIONS BANK DIVISION OF ZB, N.A. …