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January 17, 2014 <br />City of Pequot Lakes <br />463$ County Road 11 <br />Pequot Lakes, MN 56472 <br />Attn: Nancy Malecha or Sandy Peine <br />Please find attached the bid amortization for the $193,000 General Obligation <br />Equipment Certificates, Series 2014A, Lakes State Bank lists a 2.5% iixed interest <br />rate for the five year term as outlined the summary of terms. <br />Bond <br />Payment Bond Bond Bond Total <br />Date Principal Rate Interest P& I <br />2/1/2014 <br />8/1/2014 2.50% 2,412.50 2,412.50 <br />2/1/2015 37,000.00 2.50% 2,412.50 39,412.50 <br />8/1/2015 2.50% 1,950.00 1,950.00 <br />2/1/2016 38,000.00 2.50% 1,950.00 39,950.00 <br />8/1/2016 2.50% 1,475.00 1,475.00 <br />2/1/2017 38,750.00 2.50% 1,475.00 40,225.00 <br />8/1/2017 2.50% 990.63 990.63 <br />2/1/2018 39,250.00 2.50% 990.63 40,240.63 <br />s/i/zois z.soro soo.00 soo.00 <br />2/1/2019 40,000.00 2.50% 500.00 40,500.00 <br />193,000.00 14,656.25 207,656.25 <br />Please let us know if you have any questions or comments or if you need further <br />information. Thank you for considering Lakes State Bank. <br />Sincerely, <br />a Else - eter <br />Pr ident <br />DE/cjb <br />• P�QUOT LAKES • CROSSLAKE <br />P.O. 130X 3G6, P�(aUOT LAIC�S, D�IN 5G472 P.O. BOX 767, CROSSLAK�, MN 56442 <br />(218) 5G8-4473 FAX (218) 5G8-�358 (218) 692-447`L P'?,JC (218) G92-4478 <br />