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Statements RUN DATE 11/02/2010 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322071501036-SALINA • CITY OF ONI GENERAL OBLIGATION INTERNAL IMPROVEMENT BONDS SERIES 2001-A BI # 0322071501036 FROM 10/01/2010 TO 10/31/2010 Date Interest Principal 10/01/2010 BEGINNING BALANCE 57,909.38 355,000.00 RECEIPTS DISBURSEMENTS CO-AGENTS — CALLS MATURITIES 355,000.00- COUPON PAYMENTS REGISTERED INTEREST 57,909.38- PRINCIPAL PAYDOWNS • OFFSETS 10/31/2010 ENDING BALANCE ***THIS IS NOT A BILLING STATEMENT*** • • EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION (DESCRIBED HEREIN), THIS GLOBAL BOND MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES DEPOSITORY (DESCRIBED HEREIN) OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY. REGISTERED REGISTERED NUMBER :$. 5,00O R-9 •••• • • UNITED STATES OF AMERICA • • • • • • • • • STATE OF KANSAS ••• •. COUNTY OF SALINE •'•••• `.•..• CI_T_Y_OF-SALWA : •�• GENERAL OBLIGATION INTE IMPROVEMENT BQNO•• •• SERIES 02 01 A� •••• Interest Maturity Dated CUSIP: Rate: 4.500% Date: October 1, 2010 Date: July 15, 2001 794743 XU3 • REGISTERED OWNER: CEDE &CO. PRINCIPAL AMOUNT: THREE HUNDRED FIFTY-FIVE THOUSAND DOLLARS KNOW ALL PERSONS BY THESE PRESENTS: That the City of Salina, in the County of Saline, State of Kansas (the "City"), for value received, hereby acknowledges itself to be indebted and promises to pay to the registered owner identified above, or registered assigns, as of the Record Dates as hereinafter provided on the Maturity Date identified above, the Principal Amount identified above, and in like manner to pay interest on such Principal Amount from the Dated Date shown above or from the most recent interest payment date to which interest has been paid or duly provided for at the rate of interest per annum set forth above (computed on the basis of a 360-day year of twelve 30-day months), semiannually on April 1 and October 1 of each year, commencing April 1, 2002 (the "Interest Payment Dates"), until the Principal Amount is paid, unless this Bond shall have been previously called for redemption and payment as hereinafter set forth. The principal of, premium, if any, and interest on this Bond shall be payable by the Treasurer of the state of Kansas,Topeka, Kansas (the "Paying Agent" and "Bond Registrar"). The principal of and any premium on this Bond shall be payable to the registered owner hereof upon presentation of this Bond at the maturity or redemption date to the Paying Agent for payment and cancellation. The interest payable on this Bond on any interest payment date shall be paid to the person in whose name this Bond is registered on the Bond Register at the close of business on the fifteenth day of the month preceding the interest payment date (the "Record Date") for such interest (a) by check or draft mailed by the Paying Agent to such Registered Owner at the address shown on the Bond Register or at such other address as is furnished to the Paying Agent in writing by such Registered Owner or (b) in the case of an interest payment to any RegisterediO.wnerl;ofr$52O,0001srp1U2Ati Bate principal amount of Bonds, by iced reprenrtntnt• re of The Depoaitort :°°°swunY"la5 WaterSneet, New York Ne',. r x>) to P , •Ilu s _3 O {L'•ui' ti72 Idglafidficn'of transfer, exchange orn�.+..�e�._.� , C.. n • • • • electronic transfer to such Registered Owner upon written notice given to the Paying Agent by such Registered Owner not less than 15 days prior to the Record Date for such interest, containing the electronic transfer instructions including the bank (which shall be in the continental United States), address,ABA routing number and account number to which such Registered Owner wishes to have such transfer directed. The principal, premium, if any, and interest on the Bonds shall be payable in any coin or currency which, on the respective dates of payment thereof, is legal tender for the payment of debts due the United States of America. The Bonds constitute general obligations of the City payable as to both principal and interest in part from special assessments levied upon the property benefited by the construction of certain portions of the improvements being financed and, if not so paid, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangibfe•px+perty, real and personal, within the territorial limits of the City. The balance of the principal and interc5ton the Bonds shall be payable from ad valorem taxes which may be levied without limitation as torafe or amount upon all the taxable tangible property, real and personal, within the territeppi lints of the City. •••• The full faith, credit and resources of the City are irrevocably pledged for the payment of piiMi al of •and interest on this Bond and the issue of which it is a part as the same respectivel).be M •e due. This Bond is one of an authorized series of Bonds of the City designated"Goneral Obligation • . • Internal Improvement Bonds, Series 2001-A," in an aggregate principal amount•ef $5,359,SQS (the �••• "Bonds") issued for the purposes set forth in the Ordinance of the City authorizing the issuartee bf the Bonds and the Resolution of the City prescribing the form and details of the Bonds (jooiNlyr the "Resolution"). The Bonds are issued by the authority of and in full compliance with the provisions, restrictions and limitations of the Constitution and laws of the state of Kansas, including, without limitation,K.S.A. 10-101 et seq.,K.S.A. 12-6a01 et seq. and K.S.A. 12-685 et seq., all as amended. • . At the option of the City, Bonds maturing on October 1, 2012, and thereafter may be called for redemption and payment prior to maturity on October 1, 2011 and thereafter, in whole at any time or in part on any interest payment date in such principal amounts for such maturities as shall be determined by the City at the redemption price of 100% (expressed as a percentage of the principal amount), plus accrued interest thereon to the date of redemption. . Unless waived by any owner of the Bonds to be redeemed, if the City elects to call any Bonds for redemption and payment prior to maturity, the City or the Bond Registrar and Paying Agent on behalf of the City shall give written notice of its intention to call and pay such Bonds on a specified date, the same being described by maturity, such notice to be mailed by United States first class mail addressed to the Owners of the Bonds not less than 30 days prior to the date fixed for redemption. All Bonds so called for redemption and payment shall cease to bear interest from the date for which such call is made, provided funds are available for the payment of such Bonds at the price specified above. The Bonds are being issued by means of a book-entry system with no physical distribution of bond certificates to be made except as provided in the Resolution. One Bond certificate with respect to each date on which the Bonds are stated to mature, registered in the nominee name of the Securities Depository, is being issued and required to be deposited with the Securities Depository and immobilized in its custody. The book-entry system will evidence positions held in the Bonds by the Securities Depository's participants, beneficial ownership of the Bonds in authorized denominations being evidenced in the records of such participants. Transfers of ownership shall be effected on the records of the Securities Depository and its participants pursuant to rules and procedures established by the Securities Depository and its participants. The City, the Bond Registrar and the Paying Agent will • recognize the Securities Depository nominee, while the registered owner of this Bond, as the owner of this Bond for all purposes, including (i) payments of principal of, and redemption premium, if any, and 2 • interest on, this Bond, (ii)notices and (iii) voting. Transfers of principal, interest and any redemption premium payments to participants of the Securities Depository, and transfers of principal,interest and any redemption premium payments to beneficial owners of the Bonds by participants of the Securities Depository will be the responsibility of such participants and other nominees of such beneficial owners. The City, the Bond Registrar and the Paying Agent will not be responsible or liable for such transfers of payments or for maintaining, supervising or reviewing the records maintained by the Securities Depository, the Securities Depository nominee, its participants or persons acting through such participants. While the Securities Depository nominee is the owner of this Bond, notwithstanding the provision hereinabove contained, payments of principal of and interest on this Bond shall be made in accordance with existing arrangements among the City,the Bond Registrar and the Securities Ilapo9itory. •••• EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION,THIS GLOBAL BONAMAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER IMI NEE OF THE •••• SECURITIES DEPOSITORY OR TO A SUCCESSOR SECURITIES DEPOSITORY PIt•TD A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY. The Bonds are isseede�, full%ienstered form in the denomination of$5,000 or any integral multiple thereof. This Bond may betxcha?iiCtPat the office of the Bond Registrar for a like aggregate principal amount of Bonds of thesame maturity of other • authorized denominations upon the terms provided in the Resolution. •••• ••• ••• • The City and the Bond Registrar may deem and treat the registered owner hereof as tki absolute • • owner hereof for purposes of receiving payment of or on account of principal hereof and interest due hereon and for all other purposes and neither the City nor the Bond Registrar shall be affected by any notice to the contrary. • This Bond is transferable by the registered owner hereof in person or by the registered owner's agent duly authorized in writing, at the office of the Bond Registrar, but only in the manner, subject to the limitations and upon payment of the charges provided in the Resolution and upon surrender and cancellation of this Bond. The City shall pay all costs incurred in connection with the issuance, payment and initial registration of the Bonds and the cost of a reasonable supply of bond blanks. The City and the Bond Registrar shall not be required to issue, register, transfer or exchange any Bonds during a period beginning on the day following the Record Date preceding any Interest Payment Date and ending at the close of business on the Interest Payment Date or Bonds which have been called for redemption in accordance with Article III of the Resolution. IT IS HEREBY DECLARED AND CERTIFIED that all acts, conditions, and things required to be done and to exist precedent to and in the issuance of this Bond have been properly done and performed and do exist in due and regular form and manner as required by the Constitution and laws of the state of Kansas, and that the total indebtedness of the City, including this series of bonds, does not exceed any constitutional or statutory limitation. This Bond shall not be valid or become obligatory for any purpose until the Certificate of Authentication and Registration hereon shall have been lawfully executed by the Bond Registrar. • 3 • • IN WITNESS WHEREOF, the City has caused this Bond to be executed by the manual or facsimile signature of its Mayor and attested by the manual or facsimile signature of its City Clerk, and its corporate seal to be affixed hereto or imprinted hereon, and this Bond to be dated the Dated Date shown above. CITY OF SALINA,KANSAS a r. • • • Mayor • (((/// •••• ATTEST: •••••• • •••• • • • .• • •• ••; • •C'l.'l atc_ bedei • •r••• • Lieu Ann Nicola .... •City Clerk •••• •• • CERTIFICATE OF AUTHENTICATION AND REGISTRATION • • •••• This Bond is one of a series of General Obligation Internal Improvement Bonds, Series 2001-A, of the City of Salina,Kansas, described in the within-mentioned Resolution. • Registration Date:JUL 2 6 2001 Office of the State Treasurer, Topeka, Kansas as Bond Registrar and Paying Agent By: Registration Number: 0322-085-071501-036 UU vv w • • S BOND ASSIGNMENT FOR VALUE RECEIVED, the undersigned do(es)hereby sell, assign and transfer to (Name and Address) • • •••• • (Social Security or Taxpayer Identification No.) '•••• • ••• • • • • ••• • the Bond to which this assignment is affixed in the outstanding principal amount of $. •••• standing in the name of the undersigned on the books of the Bond Registrar. Thauntersigne8'8o(es) • • hereby irrevocably constitute and appoint _ as agent to transfer sa¢}Bond on the books of said Bond Registrar with full power of substitution in tbe'ptemises. .Dated •••• .... •. • • • •••• •••• Name • Social Security or Taxpayer Identification No. Signature (Sign here exactly as name(s) appear on the face of Certificate) Signature guarantee: By [Name of Eligible Guarantor Institution as defined by SEC Rule 17ad-15 (12CFR 240.17 Ad-15)or any similar rule which the Bond Registrar deems applicable] • 5 • • CERTIFICATE OF CITY CLERK STATE OF KANSAS ) SS. COUNTY OF SALINE I, the undersigned, City Clerk of Salina, Kansas, hereby certify that the within Bond has been duly registered in my office according to law as of July 9, 2001. •••• WITNESS my hand and official seal. '••••• • • • • • • •• •• too L ClL •..• • • t lL- ill + G �✓ .... . z Lieu Ann Nicola • City Clerk • • ••••• •• • •••• •• .... ' • •••• CERTIFICATE OF STATE TREASURER OFFICE OF THE TREASURER, STATE OF KANSAS • I, TIM SHALLENBURGER, Treasurer of the State of Kansas, do hereby certify that a transcript of the proceedings leading up to the issuance of this Bond has been filed in my office, and that this Bond was registered in my office according to law on JUL 2 6 2001 . • WITNESS my hand and official seal. u�.�,. (SEAL) /��� p Treasurer of the State of Kansas • 6 • • • LEGAL OPINION I, the undersigned, City Clerk of the City of Salina, Kansas, hereby certify that the following is a true and correct copy of the approving legal opinion of Gilmore & Bell, a Professional Corporation, Attorneys at Law, Kansas City, Missouri, on the within Bond and the series of which it is a part, ee cept that it omits the date of such opinion; that the opinion was manually executed and was dated an4 issued as of the date of delivery of and payment for the Bonds and is on file in my office. ••••• • l � •••• � • • • ::::Bye Wet' • Lieu Ann Nicola • • City Clerk ••••• •• •••• .••. •• • •• • • • • July26, 2001 •••••• Governing Body of the City of Salina, Kansas Salina, Kansas George K. Baum&Company Kansas City, Missouri Re: $5,350,000 General Obligation Internal Improvement Bonds, Series 2001-A, of the City of Salina, Kansas,Dated July 15, 2001 We have acted as bond counsel in connection with the issuance by the City of Salina, Kansas (the "City") of the above-captioned bonds (the "Bonds"). We have examined the law and such certified proceedings and other documents as we deem necessary to render this opinion. As to questions of fact material to our opinion, we have relied upon the certified proceedings and other certifications of public officials furnished to us without undertaking to verify the same by independent investigation. Based upon the foregoing, we are of the opinion, under existing law, as follows: 1. The Bonds are valid and legally binding general obligations of the City, payable as to both principal and interest in part from special assessments levied upon the property benefited by the construction of certain portions of the improvements being financed and, if not so paid, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, • real and personal, within the territorial limits of the City. The balance of the principal of and interest on the Bonds is payable from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. 7 • 2. The interest on the Bonds (including any original issue discount properly allocable to an owner thereof) is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations. It should be noted, however, that for the purpose of computing the alternative minimum tax imposed on corporations (as defined for federal income tax purposes), such interest is taken into account in determining adjusted current earnings. The opinions set forth in this paragraph are subject to the condition that the City comply with all requirements of the Internal Revenue Code of 1986, as amended (the "Code"), that must be satisfied subsequent to the issuance of the Bonds in order that.interest thereon be, or continue to be, excluded from gross income for federal income tax purposes. Ths•Cih has covenanted to comply with each such requirement. Failure to comply with certain of such requirements may cause the inclusion of interest on the Bonds in gross income for federal income tax•tLfposes retroactive to the date of issuance of the Bonds. The Bonds are "qualified tax-o erxpt obligations" for purposes of Section 265(b)(3) of the Code and, in the case of certain financial institutions (wwt/ijn the •• meaning of Section 265(b)(5) of the Code), a deduction is allowed for 80 percent of that portion orsuch • • financial institution's interest expense allocable to interest on the Bonds. We express 12•ppjnion regarding other federal tax consequences arising with respect to the Bonds. •••• • • • • •••• •• • 3. The interest on the Bonds is exempt from Kansas income taxation. •..•.• We have not been engaged or undertaken to review the accuracy, completeness or suraoiney of the Official Statement or other offering material relating to the Bonds (except to the extent, if any, stated in the Official Statement) and we express no opinion relating thereto (excepting only the matters set forth as our opinion in the Official Statement). • It is to be understood that the rights of the owners of the Bonds and the enforceability thereof may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights heretofore or hereafter enacted to the extent applicable and their enforcement may be subject to the exercise of judicial discretion in appropriate cases. Very truly yours, GILMORE&BELL, P.C. • • 8 RUN DATE 01/04/2011 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322071501036-SALINA CITY OF SALINA • GENERAL OBLIGATION INTERNAL IMPROVEMENT BONDS SERIES 2001-A BI # 0322071501036 FROM 12/01/2010 TO 12/31/2010 Date Interest Principal 12/01/2010 BEGINNING BALANCE RECEIPTS 04/01/2011 44.38 10/01/2011 44.38 DISBURSEMENTS CO-AGENTS CALLS MATURITIES COUPON PAYMENTS REGISTERED INTEREST PRINCIPAL PAYDOWNS • OFFSETS 12/31/2010 ENDING BALANCE 88.76 ***THIS IS NOT A BILLING STATEMENT*** • • RUN DATE 04/04/2011 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322071501036-SALINA CITY OF SALINA GENERAL OBLIGATION INTERNAL IMPROVEMENT BONDS SERIES 2001-A BI # 0322071501036 FROM 03/01/2011 TO 03/31/2011 Date Interest Principal 03/01/2011 BEGINNING BALANCE 88.76 RECEIPTS 04/01/2011 7,987.50 DISBURSEMENTS CO-AGENTS CALLS MATURITIES COUPON PAYMENTS REGISTERED INTEREST PRINCIPAL PAYDOWNS OFFSETS 03/31/2011 ENDING BALANCE 8,076.26 ***THIS IS NOT A BILLING STATEMENT*** RUN DATE 05/03/2011 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322071501036-SALINA CITY OF SALINA GENERAL OBLIGATION INTERNAL IMPROVEMENT BONDS SERIES 2001-A BI # 0322071501036 FROM 04/01/2011 TO 04/30/2011 Date Interest Principal 04/01/2011 BEGINNING BALANCE 8,076.26 RECEIPTS 04/01/2011 41,934.38 DISBURSEMENTS CO-AGENTS CALLS MATURITIES COUPON PAYMENTS REGISTERED INTEREST 49,921.88- PRINCIPAL PAYDOWNS OFFSETS 44.38- 04/30/2011 ENDING BALANCE 44.38 ***THIS IS NOT A BILLING STATEMENT*** RUN DATE 09/02/2011 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 5349110101161-SALINA AIRPORT SALINA AIRPORT AUTHORITY TAXABLE GENERAL OBLIGATION IMPROVEMENT BOND SERIES 2001-A BI # 5349110101161 FROM 08/01/2011 TO 08/31/2011 Date Interest Principal 08/01/2011 BEGINNING BALANCE RECEIPTS 09/01/2011 9,437.50 165,000.00 DISBURSEMENTS CO-AGENTS CALLS MATURITIES COUPON PAYMENTS REGISTERED INTEREST PRINCIPAL PAYDOWNS OFFSETS 08/31/2011 ENDING BALANCE 9,437.50 165,000.00 ***THIS IS NOT A BILLING STATEMENT*** RUN DATE 10/04/2011 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322071501036-SALINA CITY OF SALINA GENERAL OBLIGATION INTERNAL IMPROVEMENT BONDS SERIES 2001-A BI # 0322071501036 FROM 09/01/2011 TO 09/30/2011 Date Interest Principal 09/01/2011 BEGINNING BALANCE 44.38 RECEIPTS 10/01/2011 49,921.88 2,130,000.00 DISBURSEMENTS CO-AGENTS CALLS MATURITIES COUPON PAYMENTS REGISTERED INTEREST PRINCIPAL PAYDOWNS OFFSETS 44.38- 09/30/2011 ENDING BALANCE 49,921.88 2,130,000.00 ***THIS IS NOT A BILLING STATEMENT*** RUN DATE 10/04/2011 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 5349110101161-SALINA AIRPORT SALINA AIRPORT AUTHORITY TAXABLE GENERAL OBLIGATION IMPROVEMENT BOND SERIES 2001-A BI # 5349110101161 FROM 09/01/2011 TO 09/30/2011 Date Interest Principal 09/01/2011 BEGINNING BALANCE 9,437.50 165,000.00 RECEIPTS DISBURSEMENTS CO-AGENTS CALLS MATURITIES 165,000.00- COUPON PAYMENTS REGISTERED INTEREST 9,437.50- PRINCIPAL PAYDOWNS OFFSETS 09/30/2011 ENDING BALANCE ***THIS IS NOT A BILLING STATEMENT*** -t. t 33 tI a Sl Jfi O� ncnsfGX PXCI1QP.ge O 26wT 'ynZ"�. .IIO 14jp ff'1?lt{�1v'1ti 7tA✓a V7 1, �.. nnr� J irv? c t cln A°Yment, and aril/nrw 'uetz sue" cr ' .,, 01 •+rf e v_oavmon+_:• cerf,fzci - • ztr nc.axat fe f lYvt' F' z :.P asuod zs .,t . C,..,CIt'L VAT r, Ol{ c co h; -t �torad ree n sin the re ist OTHF:11 - T Ai" F,f' 9— erod � tds 15". ❑v ,-, EXCEPT AS OTHERWISE PROVIDED IN THE RESOI:UTION,;(DESCRIBED°O Anrl HEREIN), THIS GLOBAL BOND MAY BE TRANSFERRED, IN WHOLE BUTho• o NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES DEPOSITORY (DESCRIBED HEREIN) OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY. REGISTERED REGISTERED NUMBER R-9 $165,000 UNITED STATES OF AMERICA STATE OF KANSAS SALINA AIRPORT AUTHORITY (SALINA, KANSAS) TAXABLE GENERAL OBLIGATION IMPROVEMENT BOND SERIES 2001-A Interest Rate: Maturity Date: Dated Date: CUSIP: : 5.50% September I, 2011 November 1, 2001 794760EJ3. •"'•• • ••• • REGISTERED OWNER: CEDE & CO. • • p:. s•... • PRINCIPAL AMOUNT: ONE HUNDRED SIXTY-FIVE THOUSAND DOLLARS • •+•• cri W KNOW ALL PERSONS BY THESE PRESENTS: That the Salina Airport fttlthority, iu the£•ate co Q of Kansas (the "Authority"), for value received, hereby acknowledges itself to be indebted and•prowises Z to pay to the registered owner identified above, or registered assigns, as of the Record Dates as hereinafter 0 provided on the Maturity Date identified above, the Principal Amount identified above, and in like C manner to pay interest on such Principal Amount from the Dated Date shown above or from the most Q recent interest payment date to which interest has been paid or duly provided for at the rate of interest per Q annum set forth above (computed on the basis of a 360-day year of twelve 30-day months), semiannually on March 1 and September 1 of each year, commencing March 1, 2002 (the "Interest Payment Dates"), m until the Principal Amount is paid, unless this Bond shall have been previously called for redemption and Z E payment as hereinafter set forth. 13 0 The principal of, premium, if any, and interest on this Bond shall be payable by the Treasurer of the state of Kansas, Topeka, Kansas (the "Paying Agent" and "Bond Registrar"). The principal of and any m —I the ma maturity or redemption]date payable to the Paying Agent for registered payment hereof nd can upon el ation. The interest payable C on this Bond on any interest payment date shall be paid to the person in whose name this Bond is registered on the Bond Register at the close of business on the fifteenth day of the month preceding the . interest payment date (the "Record Date") for such interest (a) by check or draft mailed by the Paying Agent to such Registered Owner at the address shown on the Bond Register or at such other address as is furnished to the Paying Agent in writing by such Registered Owner or (b) in the case of an interest Q payment to any Registered Owner of $500,000 or more in aggregate principal amount of Bonds, by Q v electronic transfer to such Registered Owner upon written notice given to the Paying Agent by such Registered Owner not less than 15 days prior to the Record Date for such interest, containing the electronic transfer instructions including the bank (which shall be in the continental United States), ABA routing number and account number to which such Registered Owner wishes to have such transfer directed. The principal, premium, if any, and interest on the Bonds shall be payable in any coin or currency which, on the respective dates of payment thereof, is legal tender for the payment of debts due the United States of America. The Bonds constitute general obligations of the Authority payable as to both principal and interest from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City of Salina, Kansas. The full faith, credit and resources of the Authority are irrevocably pledged for the payment of the principal of and interest on this Bond and the issue of which it is a part as the same respectively become due. This Bond is one of an authorized series of Bonds of the Authority designated "Taxable General Obligation Improvement Bonds, Series 2001-A," in an aggregate principal amount of $1,385,000 (the "Bonds") issued for the purposes set forth in the Resolution of the Authority authorizing the issuance of the Bonds (the "Resolution"). The Bonds are issued by the authority of and in full compliance with the provisions, restrictions and limitations of the Constitution and laws of the state of Kansas, including, without limitation,K.S.A. 27-315 et seq. and 10-101 et seq., all as amended. • The Bonds are not subject to redemption and payment prior to maturity. • •••• • •••••• The Bonds are being issued by means of a book-entry system with no ptry+sjeairdistributton of •••• bond certificates to be made except as provided in the Resolution. One Bond certificate�w,ith aipegt to • • each date on which the Bonds are stated to mature, registered in the nominee nania•of the $ecutjties Depository, is being issued and required to be deposited with the Securities Depository add imruobiri ed in its custody. The book-entry system will evidence positions held in the Bonds•6y:the Securities •••••• Depository's participants, beneficial ownership of the Bonds in authorized dertotttinatio4s.14ing evidenced in the records of such participants. Transfers of ownership shall be effected on the record1 of the Securities Depository and its participants pursuant to rules and procedures establishechrthe Securities Depository and its participants. The City, the Bond Registrar and the Paying Agent will recognize the Securities Depository nominee, while the registered owner of this Bond, as the owner of this Bond for all purposes, including (i) payments of principal of, and redemption premium, if any, and interest on, this Bond, (ii)notices and (iii)voting. Transfers of principal, interest and any redemption premium payments to participants of the Securities Depository, and transfers of principal, interest and any redemption premium payments to beneficial owners of the Bonds by participants of the Securities Depository will be the responsibility of such participants and other nominees of such beneficial owners. The City, the Bond Registrar and the Paying Agent will not be responsible or liable for such transfers of payments or for maintaining, supervising or reviewing the records maintained by the Securities Depository, the Securities Depository nominee, its participants or persons acting through such participants. While the Securities Depository nominee is the owner of this Bond, notwithstanding the provision hereinabove contained, payments of principal of and interest on this Bond shall be made in accordance with existing arrangements among the Authority, the Bond Registrar and the Securities Depository. EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION, THIS GLOBAL BOND MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE 2 SECURITIES DEPOSITORY OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY. The Bonds are issued in fully registered form in the denomination of$5,000 or any integral multiple thereof. This Bond may be exchanged at the office of the Bond Registrar for a like aggregate principal amount of Bonds of the same maturity of other authorized denominations upon the terms provided in the Resolution. The City and the Bond Registrar may deem and treat the registered owner hereof as the absolute owner hereof for purposes of receiving payment of or on account of principal hereof and interest due hereon and for all other purposes and neither the Authority nor the Bond Registrar shall be affected by any notice to the contrary. This Bond is transferable by the registered owner hereof in person or by the registered owner's agent duly authorized in writing, at the office of the Bond Registrar, but only in the manner, subject to the limitations and upon payment of the charges provided in the Resolution and upon surrender and cancellation of this Bond. The City shall pay all costs incurred in connection with the issuance, payment and initial registration of the Bonds and the cost of a reasonable supply of bond blanks. The City and the Bond Registrar shall not be required to issue, register, transfer or exchange any Bonds during a period beginning on the day following the Record Date preceding any Interest Payment Date and ending at the close of business on the Interest Payment Date or Bonds which have bei;•galled for redemption in accordance with Article III of the Resolution. • • . • • •••• IT IS HEREBY DECLARED AND CERTIFIED that all acts, conditions, 1nd:things requited to •••• be done and to exist precedent to and in the issuance of this Bond have been properly:long and pdtntmed and do exist in due and regular form and manner as required by the Constitution and lawi of the stage of Kansas, and that the total indebtedness of the Authority, including this series of bonds, does nit'Vatted • any constitutional or statutory limitation. •••• • • •••••• • This Bond shall not be valid or become obligatory for any purpose until the Certfficate of Authentication and Registration hereon shall have been lawfully executed by the Bond Registrar.. 3 IN WITNESS WHEREOF, the Authority has caused this Bond to be executed by the manual or facsimile signature of its Chairman and attested by the manual or facsimile signature of its Secretary, and its corporate seal to be affixed hereto or imprinted hereon, and this Bond to be dated the Dated Date shown above. eon?4 iNs SALINA AIRPORT AUTHORITY 2 r� "°� '• O INN K1.34 S Chairman ATTEST:: By `ESY— e 1 e "� Secretary CERTIFICATE OF AUTHENTICATION AND REGISTRATION This Bond is one of a series of Taxable General Obligation Improvement Bonds, SerieS2tm1•A, of the Salina Airport Authority, described in the within-mentioned Resolution. •, •• • • Registration Date NOV 0 7 ••• ••• • • •••• Office of the State Treasurer • • Topeka. Kansas • N•••• • as Bond Registrar and PayinrAtztpt • • • •••• • • • • By: O S A Registration Number 5349-085-110101-161 • • BOND ASSIGNMENT FOR VALUE RECEIVED,the undersigned do(es) hereby sell, assign and transfer to (Name and Address) (Social Security or Taxpayer Identification No.) the Bond to which this assignment is affixed in the outstanding principal amount of$ standing in the name of the undersigned on the books of the Bond Registrar. The undersigned do(es) hereby irrevocably constitute and appoint as agent to transfer said Bond on the books of said Bond Registrar with full power of substitution in the premises. Dated •••• Name .••• • •••• • • • • •• • • •• Social Security or Taxpayer Identification No. • • • • • Signature •••• ••(Sign here exactly as name(s) ••••• • • appear on the face of Certificate) • • • Signature guarantee: By [Name of Eligible Guarantor Institution as defined by SEC Rule 17ad-15 (12CFR 240.17 Ad-15)or any similar rule which the Bond Registrar deems applicable] 5 CERTIFICATE OF SECRETARY STATE OF KANSAS ) SS. COUNTY OF SALINE I, the undersigned, Secretary of the Salina Airport Authority, hereby certify that the within Bond has been duly registered in my office according to law as of October 17, 2001. WITNESS my hand and official seal. SEAL 'S 4llyZ;N9• CERTIFICATE OF COUNTY CLERK ••••• •STATE OF KANSAS ) • .•• ) SS. • ••.••• COUNTY OF SALINE ) : : •• • •• • •••• I, the undersigned, County Clerk of Saline County, Kansas, hereby certify tJw.the within Fond • • has been duly registered in my office according to law as of October 17, 2001. • •••• • • • •••• WITNESS my hand and official seal. • • coon • M _ CIEPM ,N .< .......: County CIerK CERTIFICATE OF STATE TREASURER OFFICE OF THE TREASURER, STATE OF KANSAS I, TIM SHALLENBURGER, Treasurer of the State of Kansas, do hereby certify that a transcript of the proceedings leading up to the issuance of tllhb9ond7ha een filed in my office, and that this Bond was registered in my office according to law on ry LW I . WITNESS my hand and official seal. Treasurer of the State of Kansas 6 LEGAL OPINION I, the undersigned, Secretary of the Salina Airport Authority, hereby certify that the following is a true and correct copy of the approving legal opinion of Gilmore & Bell, P.C., Attorneys at Law, Kansas City, Missouri, on the within Bond and the series of which it is a part, except that it omits the date of such opinion; that the opinion was manually executed and was dated and issued as of the date of delivery of and payment for the Bonds and is on file in my office. By Secretary Board of Directors of the Salina Airport Authority Salina, Kansas •••• • Gold Capital Management, Inc. • •• • • • 10975 El Monte •••• • • Suite 225 •• Overland Park, Kansas 66211 Re: $1,385,000 Taxable General Obligation Improvement Bonds, Series 20017ot' • • the Salina Airport Authority, Dated November 1, 2001 ••••• • • • We have acted as bond counsel in connection with the issuance by the Salina Airport Authority. (the "Authority") of the above-captioned bonds(the "Bonds"). "'"' We have examined the law and such certified proceedings and other documents as we deem necessary to render this opinion. As to questions of fact material to our opinion, we have relied upon the certified proceedings and other certifications of public officials furnished to us without undertaking to verify the same by independent investigation. Based upon the foregoing, we are of the opinion, under existing law, as follows: I. The Bonds are valid and legally binding general obligations of the Authority, payable as to both principal and interest from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City of Salina, Kansas. 2. The interest on the Bonds, under federal income tax law is taxable as ordinary income and must be taken into account in accordance with an owner's method of tax accounting. 3. The interest on the Bonds is exempt from Kansas income taxation. We have not been engaged or undertaken to review the accuracy, completeness or sufficiency of the Official Statement or other offering material relating to the Bonds(except to the extent, if any, stated in the Official Statement)and we express no opinion relating thereto(excepting only the matters set forth as our opinion in the Official Statement). It is to be understood that the rights of the owners of the Bonds and the enforceability thereof may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors'rights heretofore or hereafter enacted to the extent applicable and their enforcement may be subject to the exercise of judicial discretion in appropriate cases. • • .... • •• • • • • • •••• •• • • • • •• ••••• • .... • • • • • ••e• • • RUN DATE 11/02/2011 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322071501036-SALINA CITY OF SALINA GENERAL OBLIGATION INTERNAL IMPROVEMENT BONDS SERIES 2001-A BI # 0322071501036 FROM 10/01/2011 TO 10/31/2011 Date Interest Principal 10/01/2011 BEGINNING BALANCE 49,921.88 2,130,000.00 RECEIPTS DISBURSEMENTS CO-AGENTS CALLS 2,130,000.00- MATURITIES COUPON PAYMENTS REGISTERED INTEREST 49,921.88- PRINCIPAL PAYDOWNS OFFSETS 10/31/2011 ENDING BALANCE ***THIS IS NOT A BILLING STATEMENT*** EXCEPT AS OTHERWISE.PROVIDp 1,19 THE RESOLUTION (DESCRIBED IliERREZN)., GLOBAI, BOND MAY BE TRANSFERRED,IK ' 'HOLtSUT ?OT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES DEPOSITORY (DESCRIBED HEREIN) O40, A.SUCCESSOR SECURITIES DEPOSITORY OR TQ,• A jIO1V}INtE OF A SUCCESSOR SECURITIESDEPOSITDRL • •.•• REGISTERED •• REGISTERED NUMBER $ 355,000 R-10 UNITED STATES OF AMERICA STATE OF KANSAS COUNTY OF SALINE CITYOE'SAI:INAJ GENERAL OBLIGATION INTERNAL IMPROVEMENT BOND SERIES 2001-A Interest Maturity Dated CUSIP: i Rate: 4.500% Date: October 1, 2011 Date: July 15, 2001 794743 XV 1 REGISTERED OWNER: CEDE &CO. PRINCIPAL AMOUNT: THREE HUNDRED FIFTY-FIVE THOUSAND DOLLARS KNOW ALL PERSONS BY THESE PRESENTS: That the City of Salina, in the County of Saline, State of Kansas (the "City"), for value received, hereby acknowledges itself to be indebted and promises to pay to the registered owner identified above, or registered assigns, as of the Record Dates as hereinafter provided on the Maturity Date identified above, the Principal Amount identified above, and in like manner to pay interest on such Principal Amount from the Dated Date shown above or from the most recent interest payment date to which interest has been paid or duly provided for at the rate of interest per annum set forth above (computed on the basis of a 360-day year of twelve 30-day months), semiannually on April 1 and October 1 of each year, commencing April 1, 2002 (the "Interest Payment Dates"), until the Principal Amount is paid, unless this Bond shall have been previously called for redemption and payment as hereinafter set forth. The principal of, premium, if any, and interest on this Bond shall be payable by the Treasurer of the state of Kansas,Topeka, Kansas (the "Paying Agent" and "Bond Registrar"). The principal of and any premium on this Bond shall be payable to the registered owner hereof upon presentation of this Bond at the maturity or redemption date to the Paying Agent for payment and cancellation. The interest payable on this Bond on any interest payment date shall be paid to the person in whose name this Bond is • registered on the Bond Register at the close of business on the fifteenth day of the month preceding the interest payment date (the "Record Date") for such interest (a) by check or draft mailed by the Paying Agent to such Registered Owner at the address shown on the Bond Register or at such other address as is furnished to the Paying Agent in writing by such Registered Owner or (b) in the case of an interest payment to any Registered Owner of $500,000 or more in aggregate principal amount of Bonds, by !r.'oee, this ennixi•sate is Iizesented by an_r„,th—;•.-4 _ t Bf"Company (55 Waite, Street, New York, New York • �cmtc?ha'eVof„TEio Aatweitory regi:tzation of transfer. exchanae-nr_nn,mnnt_,._A__ _ --- I •n c H _.r tIIc r;rcll.vtc rCrl rn•r is } . � •• : : : ... • : • ; • •• • electronic transfer to such Registered Owner egop:writtat= ndttce given to the Paying Agent by such Registered Owner not less than 9 44 priSrIto The•Retord.Date for such interest, containing the electronic transfer instructions incJbdidg•the tnnk•tdfiicfshall be in the continental United States), address, ABA routing number and account number to which such Registered Owner wishes to have such transfer directed. The principal, premium, ifan} xt irlt2t13st on the Bonds shall be payable in any coin or currency which,on the respective dates ofpgymebt th;revs; is legal tender for the payment of debts due the United States of America. The Bonds•c.cuistituue gerttat obligations of the City payable as to both principal and interest in part from special assessments levied upon the property benefited by the construction of certain portions of the improvements being financed and, if not so paid, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The balance of the principal and interest on the Bonds shall be payable from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The full faith, credit and resources of the City are irrevocably pledged for the payment of the principal of and interest on this Bond and the issue of which it is a part as the same respectively become due. This Bond is one of an authorized series of Bonds of the City designated "General Obligation Internal Improvement Bonds, Series 2001-A," in an aggregate principal amount of $5,350,000 (the "Bonds") issued for the purposes set forth in the Ordinance of the City authorizing the issuance of the Bonds and the Resolution of the City prescribing the form and details of the Bonds (jointly, the "Resolution"). The Bonds are issued by the authority of and in full compliance with the provisions, restrictions and limitations of the Constitution and laws of the state of Kansas, including, without limitation,K.S.A. 10-101 et seq., K.S.A. 12-6a01 et seq. and K.S.A. 12-685 et seq., all as amended. At the option of the City, Bonds maturing on October 1, 2012, and thereafter may be called for redemption and payment prior to maturity on October 1, 2011 and thereafter, in whole at any time or in part on any interest payment date in such principal amounts for such maturities as shall be determined by the City at the redemption price of 100% (expressed as a percentage of the principal amount), plus accrued interest thereon to the date of redemption. Unless waived by any owner of the Bonds to be redeemed, if the City elects to call any Bonds for redemption and payment prior to maturity, the City or the Bond Registrar and Paying Agent on behalf of the City shall give written notice of its intention to call and pay such Bonds on a specified date, the same being described by maturity, such notice to be mailed by United States first class mail addressed to the Owners of the Bonds not less than 30 days prior to the date fixed for redemption. All Bonds so called for redemption and payment shall cease to bear interest from the date for which such call is made, provided funds are available for the payment of such Bonds at the price specified above. The Bonds are being issued by means of a book-entry system with no physical distribution of bond certificates to be made except as provided in the Resolution. One Bond certificate with respect to each date on which the Bonds are stated to mature, registered in the nominee name of the Securities Depository, is being issued and required to be deposited with the Securities Depository and immobilized in its custody. The book-entry system will evidence positions.held in the Bonds by the Securities Depository's participants, beneficial ownership of the Bonds in authorized denominations being evidenced in the records of such participants. Transfers of ownership shall be effected on the records of the Securities Depository and its participants pursuant to rules and procedures established by the Securities Depository and its participants. The City, the Bond Registrar and the Paying Agent will recognize the Securities Depository nominee, while the registered owner of this Bond, as the owner of this Bond for all purposes, including (i) payments of principal of, and redemption premium, if any, and 2 •• •. • • . • • . ., :• ... •▪ : S • interest on, this Bond, (ii)notices and (,iii)vo,pgg.,Transt¢rs 4 principal, interest and any redemption premium payments to participants bf tho iecurttiis ISepositcpy, atd transfers of principal,interest and any redemption premium payments to it=erteflcial'ewrtt4S of'Me Tonds by participants of the Securities Depository will be the responsibility of such participants and other nominees of such beneficial owners. • • The City, the Bond Registrar and the Paying4gt44 rillTIN be responsible or liable for such transfers of payments or for maintaining, supervising•or rCvievt5ng:the records maintained by the Securities Depository, the Securities Depository rnyptnee,: itsperticipants or persons acting through such participants. While the Securities Depository nominee is the owner of this Bond, notwithstanding the provision hereinabove contained, payments of principal of and interest on this Bond shall be made in accordance with existing arrangements among the City,the Bond Registrar and the Securities Depository. EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION, THIS GLOBAL BOND MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES DEPOSITORY OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY The Bonds are issued in fully registered form in the denomination of$5,000 or any integral multiple thereof This Bond may be exchanged at the office of the Bond Registrar for a like aggregate principal amount of Bonds of the same maturity of other authorized denominations upon the terms provided in the Resolution. The City and the Bond Registrar may deem and treat the registered owner hereof as the absolute owner hereof for purposes of receiving payment of or on account of principal hereof and interest due hereon and for all other purposes and neither the City nor the Bond Registrar shall be affected by any • notice to the contrary. • This Bond is transferable by the registered owner hereof in person or by the registered owner's agent duly authorized in writing, at the office of the Bond Registrar, but only in the manner, subject to the limitations and upon payment of the charges provided in the Resolution and upon surrender and cancellation of this Bond. The City shall pay all costs incurred in connection with the issuance, payment and initial registration of the Bonds and the cost of a reasonable supply of bond blanks. The City and the Bond Registrar shall not be required to issue, register, transfer or exchange any Bonds during a period beginning on the day following the Record Date preceding any Interest Payment Date and ending at the close of business on the Interest Payment Date or Bonds which have been called for redemption in accordance with Article III of the Resolution. IT IS HEREBY DECLARED AND CERTIFIED that all acts, conditions, and things required to be done and to exist precedent to and in the issuance of this Bond have been properly done and performed and do exist in due and regular form and manner as required by the Constitution and laws of the state of Kansas, and that the total indebtedness of the City, including this series of bonds, does not exceed any constitutional or statutory limitation. This Bond shall not be valid or become obligatory for any purpose until the Certificate of Authentication and Registration hereon shall have been lawfully executed by the Bond Registrar. 3 . .. • . : . . • : :. IN WITNESS WHEREOF„the•City jm caused t its fiond to be executed by the manual or facsimile signature of its Mayor an8attestjd by:tlt manual of facsimmile signature of its City Clerk, and its corporate seal to be affixed hereto £ jntplinteel•eredrt and tAis pond to be dated the Dated Date shown above. •.• ..... ••, fltY OF SALINA, KANSAS • • ton er,Q4 r ewwn pe.{.nu • Mayor ATTEST: Lieu Ann Nicola City Clerk CERTIFICATE OF AUTHENTICATION AND REGISTRATION This Bond is one of a series of General Obligation Internal Improvement Bonds, Series 2001-A, of the City of Salina, Kansas, described in the within-mentioned Resolution. Registration Date: JUL Office of the State Treasurer, Topeka,Kansas as Bond Registrar and Paying Agent By: .std. a s— • Registration Number: 0322-085-071501-036 • —��� 4 .. • .. • • • • : : •.• ;•; • • • • • • • • • •. •• •• • • - : •?OM)AtSS;SNML;ICif FOR VALUE RECEIVED,the undersig dvie(eis t reby sell, assign and transfer to •• • • •• •• • (Name and Address) (Social Security or Taxpayer Identification No.) the Bond to which this assignment is affixed in the outstanding principal amount of$ standing in the name of the undersigned on the books of the Bond Registrar. The undersigned do(es) hereby irrevocably constitute and appoint as agent to transfer said Bond on the books of said Bond Registrar with full power of substitution in the premises. Dated Name Social Security or Taxpayer Identification No. Signature (Sign here exactly as name(s) appear on the face of Certificate) Signature guarantee: By [Name of Eligible Guarantor Institution as defined by SEC Rule Pad-15 (12CFR 240.17 Ad-15)or any similar rule which the Bond Registrar deems applicable] 5 • ••: : : :• • • • • .• •• _ •_•• • • • • • • : • ••. • • •••CIiINt ICATE OPCITY CLERK STATE OF KANSAS ) .. •• :••: ) SS. •• • •• COUNTY OF SALINE ) •••• I, the undersigned, City Clerk of Salina, Kansas, hereby certify that the within Bond has been duly registered in my office according to law as of July 9, 2001. WITNESS my hand and official seal. •awn t _. 5 Lieu Ann Nicola City Clerk CERTIFICATE OF STATE TREASURER OFFICE OF THE TREASURER, STATE OF KANSAS I, TIM SHALLENBURGER, Treasurer of the State of Kansas, do hereby certify that a transcript of the proceedings leading up to the issuance of this Bond has been filed in my office, and that this Bond was registered in my office according to law on JUL 2 6 ,2001 . WITNESS my hand and official seal. u�.—� (SEAL) " /�� " D Treasurer of the State of Kansas 6 •, •: ;; ;: : . • • • •• , ,- • •; •• :_: • ••• • • . •• • • • •• .•• ••• •.. •• • /MOAT n111410;1 • I, the undersigned, City Clerk of the City of Salina, Kansas, hereby certify that the following is a true and correct copy of the approving legal opinion of Gilmore & Bell, a Professional Corporation, Attorneys at Law, Kansas City, Missouri, on the within Bond and the series of which it is a part, except that it omits the date of such opinion; that the opinion was manually executed and was dated and issued as of the date of delivery of and payment for the Bonds and is on file in my office. By✓ �Cizt(eark_ 1 j tit((! e, Lieu Ann Nicola City Clerk • July 26, 2001 Governing Body of the City of Salina, Kansas Salina, Kansas George K. Baum&Company Kansas City, Missouri Re: $5,350,000 General Obligation Internal Improvement Bonds, Series 2001-A, of the City of Salina,Kansas, Dated July 15, 2001 We have acted as bond counsel in connection with the issuance by the City of Salina, Kansas (the "City") of the above-captioned bonds (the "Bonds"). We have examined the law and such certified proceedings and other documents as we deem necessary to render this opinion. As to questions of fact material to our opinion, we have relied upon the certified proceedings and other certifications of public officials furnished to us without undertaking to verify the same by independent investigation. Based upon the foregoing, we are of the opinion, under existing law, as follows: 1. The Bonds are valid and legally binding general obligations of the City, payable as to both principal and interest in part from special assessments levied upon the property benefited by the construction of certain portions of the improvements being financed and, if not so paid, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The balance of the principal of and interest on the Bonds is payable from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. 7 • • • ;• •• .••.• • ••• .• • • • • • 2. The • interest on the$o$dt(inc3uQingany oi�gin$1 issue discount properly allocable to an owner thereof) is excluded from gross irioome•fer federal titeogetax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations. It should be noted, however, that for the p uippsgm comp;ling the alternative minimum tax imposed on corporations (as defined for federal income taw purposes), such interest is taken into account in determining adjusted current earnings. The:opirgions•sef forth in this paragraph are subject to the condition that the City comply with all requirements of the Internal Revenue Code of 1986, as amended (the "Code"), that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon be, or continue to be, excluded from gross income for federal income tax purposes. The City has covenanted to comply with each such requirement. Failure to comply with certain of such requirements may cause the inclusion of interest on the Bonds in gross income for federal income tax purposes retroactive to the date of issuance of the Bonds. The Bonds are "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code and, in the case of certain financial institutions (within the meaning of Section 265(b)(5) of the Code), a deduction is allowed for 80 percent of that portion of such financial institution's interest expense allocable to interest on the Bonds. We express no opinion regarding other federal tax consequences arising with respect to the Bonds. 3. The interest on the Bonds is exempt from Kansas income taxation. We have not been engaged or undertaken to review the accuracy, completeness or sufficiency of the Official Statement or other offering material relating to the Bonds (except to the extent, if any, stated in the Official Statement) and we express no opinion relating thereto (excepting only the matters set forth as our opinion in the Official Statement). It is to be understood that the rights of the owners of the Bonds and the enforceability thereof may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights heretofore or hereafter enacted to the extent applicable and their enforcement may be subject to the exercise of judicial discretion in appropriate cases. Very truly yours, GILMORE&BELL, P.C. • 8 • • • • •• J5t EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION •iDESCRIRED .I-IERFIN).; THIS GLOBAL BOND MAY BE RNSESPED, IN AVHbLE BUT NOT IN PART, ONLY TO •ANOTHER• NOMINE:P OF THE SECURITIES DEPOSITORY (DESCRIBED HEREIN) OR TO A SUCCESSOR SECURITIES DEPQSFFOI •QI•• TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY. • •• .. •. .. REGISTERED REGISTERED NUMBER $ 355,000 R-11 UNITED STATES OF AMERICA STATE OF KANSAS COUNTY OF SALINE LITY'OFTSAEINA� GENERAL OBLIGATION INTERNAL IMPROVEMENT BOND SERIES 2001-A Interest Maturity ID- I- II Dated CUSIP: N co Rate: 4.500% Date: October 1, 2012 Date: July 15, 2001 794743 XW9 Z REGISTERED OWNER: CEDE&CO. W 0 PRINCIPAL AMOUNT: THREE HUNDRED FIFTY-FIVE THOUSAND DOLLARS 0 KNOW ALL PERSONS BY THESE PRESENTS: That the City of Salina, in the County of Rl Saline, State of Kansas (the "City"), for value received, hereby acknowledges itself to be indebted and Z . I promises to pay to the registered owner identified above, or registered assigns, as of the Record Dates as —I O hereinafter provided on the Maturity Date identified above, the Principal Amount identified above, and in Xi 33 like manner to pay interest on such Principal Amount from the Dated Date shown above or from the most ND recent interest payment date to which interest has been paid or duly provided for at the rate of interest per Z annum set forth above (computed on the basis of a 360-day year of twelve 30-day months), semiannually 0 - on April 1 and October 1 of each year, commencing April 1, 2002 (the "Interest Payment Dates"), until C I the Principal Amount is paid, unless this Bond shall have been previously called for redemption and payment as hereinafter set forth. The principal of, premium, if any, and interest on this Bond shall be payable by the Treasurer of the state of Kansas,Topeka, Kansas (the "Paying Agent" and "Bond Registrar"). The principal of and any Oa premium on this Bond shall be payable to the registered owner hereof upon presentation of this Bond at 0 the maturity or redemption date to the Paying Agent for payment and cancellation. The interest payable on this Bond on any interest payment date shall be paid to the person in whose name this Bond is registered on the Bond Register at the close of business on the fifteenth day of the month preceding the interest payment date (the "Record Date") for such interest (a) by check or draft mailed by the Paying Agent to such Registered Owner at the address shown on the Bond Register or at such other address as is furnished to the Paying Agent in writing by such Registered Owner or (b) in the case of an interest payment to any Registered Owner o($50000.0 or more in aggregate principal amount of Bonds, by �rz.:®se tats ces.}tyizaate Is presented by an authorized representative of The Depoonby Pratt Company (55 Water Street, New Yolk, N---v Y;,rig) to ±1;.,• issue r_: its rir,nr.t u'rsatr tt'nt' of transfer, exchacc,c■ nr ^r- rr- tr me-name-Of Cede &Co. and any payment is Ink cP ,c>• Ce a &I • P EDGE CR OTHER USE HEREOF t:0u_v-a, its. OD . ' ate c,_, r h .,u;a. . ... . ......... .. _ _ v „t 4 •• • • • ■ •• ••• • • • • electronic transfer to such Registered Owner upon written notice given to the Paying Agent by such Registered Owttc rcpt:less:tlmrr.l5 days prior to the Record Date for such interest, containing the electronic transf0- idsttucti0ni ittluding the:bank (which shall be in the continental United States), • address,ABA routing numbei ancraccotiritnumber to which such Registered Owner wishes to have such transfer directed. The principal, premium, if any, and interest on the Bonds shall be payable in any coin or currency which,on the rest ttLedates of payment thereof, is legal tender for the payment of debts due the United States of A1nerjca. iTheiBords constitute general obligations of the City payable as to both principal and interest iif part'from'Special assessments levied upon the property benefited by the construction of certain portions of the improvements being financed and, if not so paid, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The balance of the principal and interest on the Bonds shall be payable from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The full faith, credit and resources of the City are irrevocably pledged for the payment of the principal of and interest on this Bond and the issue of which it is a part as the same respectively become due. This Bond is one of an authorized series of Bonds of the City designated "General Obligation . Internal Improvement Bonds, Series 2001-A," in an aggregate principal amount of $5,350,000 (the "Bonds") issued for the purposes set forth in the Ordinance of the City authorizing the issuance of the Bonds and the Resolution of the City prescribing the form and details of the Bonds (jointly, the "Resolution"). The Bonds are issued by the authority of and in full compliance with the provisions, restrictions and limitations of the Constitution and laws of the state of Kansas, including, without limitation, K.S.A. 10-101 et seq.,K.S.A. 12-6a01 et seq. and K.S.A. 12-685 et seq., all as amended. • At the option of the City, Bonds maturing on October 1, 2012, and thereafter may be called for redemption and payment prior to maturity on October 1, 2011 and thereafter, in whole at any time or in • part on any interest payment date in such principal amounts for such maturities as shall be determined by the City at the redemption price of 100% (expressed as a percentage of the principal amount), plus accrued interest thereon to the date of redemption. Unless waived by any owner of the Bonds to be redeemed, if the City elects to call any Bonds for redemption and payment prior to maturity, the City or the Bond Registrar and Paying Agent on behalf of the City shall give written notice of its intention to call and pay such Bonds on a specified date, the same being described by maturity, such notice to be mailed by United States first class mail addressed to the Owners of the Bonds not less than 30 days prior to the date fixed for redemption. All Bonds so called for redemption and payment shall cease to bear interest from the date for which such call is made, provided funds are available for the payment of such Bonds at the price specified above. The Bonds are being issued by means of a book-entry system with no physical distribution of bond certificates to be made except as provided in the Resolution. One Bond certificate with respect to each date on which the Bonds are stated to mature, registered in the nominee name of the Securities Depository, is being issued and required to be deposited with the Securities Depository and immobilized in its custody. The book-entry system will evidence positions held in the Bonds by the Securities Depository's participants, beneficial ownership of the Bonds in authorized denominations being evidenced in the records of such participants. Transfers of ownership shall be effected on the records of the Securities Depository and its participants pursuant to rules and procedures established by the Securities Depository and its participants. The City, the Bond Registrar and the Paying Agent will recognize the Securities Depository nominee, while the registered owner of this Bond, as the owner of this Bond for all purposes, including (i) payments of principal of, and redemption premium, if any, and 2 • .. • . .. .. ... . . . • . . • •• interest on, this Bond, (ii)notices and (iii) voting. Transfers of principal, interest and any redemption premium payments to partidpanIssof the eecueities Depository, and transfers of principal,interest and any redemption prenjiurtt payniergs to ben iiciaj owners of the Bonds by participants of the Securities • Depository will'6e the responsibility orMcHlArticipants and other nominees of such beneficial owners. • The City, the Bond Registrar and the Paying Agent will not be responsible or liable for such transfers of payments or for maintlitafr s'lrpctt'ising or reviewing the records maintained by the Securities Depository, the Secu ties Depository nominee, its participants or persons acting through such participants. While the Securities Depository nominee is the owner of this Bond, notwithstanding the provision hereinabove contained, payments of principal of and interest on this Bond shall be made in accordance with existing arrangements among the City,the Bond Registrar and the Securities Depository. • EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION, THIS GLOBAL BOND MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES DEPOSITORY OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY. The Bonds are issued in fully registered form in the denomination of$5,000 or any integral multiple thereof. This Bond may be exchanged at the office of the Bond Registrar for a like aggregate principal amount of Bonds of the same maturity of other authorized denominations upon the terms provided in the Resolution. • The City and the Bond Registrar may deem and treat the registered owner hereof as the absolute owner hereof for purposes of receiving payment of or on account of principal hereof and interest due hereon and for all other purposes and neither the City nor the Bond Registrar shall be affected by any • notice to the contrary. • This Bond is transferable by the registered owner hereof in person or by the registered owner's agent duly authorized in writing, at the office of the Bond Registrar, but only in the manner, subject to the • limitations and upon payment of the charges provided in the Resolution and upon surrender and cancellation of this Bond. The City shall pay all costs incurred in connection with the issuance, payment and initial registration of the Bonds and the cost of a reasonable supply of bond blanks. The City and the Bond Registrar shall not be required to issue, register, transfer or exchange any Bonds during a period beginning on the day following the Record Date preceding any Interest Payment Date and ending at the close of business on the Interest Payment Date or Bonds which have been called for redemption in accordance with Article III of the Resolution. IT IS HEREBY DECLARED AND CERTIFIED that all acts, conditions, and things required to be done and to exist precedent to and in the issuance of this Bond have been properly done and performed and do exist in due and regular form and manner as required by the Constitution and laws of the state of Kansas, and that the total indebtedness of the City, including this series of bonds, does not exceed any constitutional or statutory limitation. This Bond shall not be valid or become obligatory for any purpose until the Certificate of Authentication and Registration hereon shall have been lawfully executed by the Bond Registrar. 3 • • .. • • •• .•• • • • • • . . •• IN WITNESS WHEREOF, the City has caused this Bond to be executed by the manual or facsimile signatrti of itg Mayor and atteskd by the manual or facsimile signature of its City Clerk, and its corporate seal to be affixed beietctor imp inte=l hereon, and this Bond to be dated the Dated Date shown above. ••. • • .1• ••• ••• • •• ••• CITY OF SALINA,KANSAS • vpet • • • • ea 14 • • • • •• •• swam •- un � 5QL( Mayor h,,,TTEST: /� ,C C(l �t l(� �t✓ Lieu Ann Nicola City Clerk CERTIFICATE OF AUTHENTICATION AND REGISTRATION This Bond is one of a series of General Obligation Internal Improvement Bonds, Series 2001-A, of the City of Salina, Kansas, described in the within-mentioned Resolution. Registration Date: JUL 2 6 2001 • Office of the State Treasurer, Topeka, Kansas as Bond Registrar and Paying Agent BY: C< /7S°JL-JI!w— Registration Number: 0322-085-071501-036 4 • •• • . .. •• ••• • • • • • • • •• . . • • • • • • •• •• j ) ONj ASSIGNMENT • . • • . • ••• ••• FOR VALUE RECEIVED, the undersigned do(es)hereby sell,assign and transfer to ••• .. •. •• • • I. • • • • •• •• (Name and Address) (Social Security or Taxpayer Identification No.) the Bond to which this assignment is affixed in the outstanding principal amount of $ standing in the name of the undersigned on the books of the Bond Registrar. The undersigned do(es) hereby irrevocably constitute and appoint as agent to transfer said Bond on the books of said Bond Registrar with full power of substitution in the premises. Dated Name Social Security or Taxpayer Identification No. Signature (Sign here exactly as name(s) appear on the face of Certificate) Signature guarantee: By [Name of Eligible Guarantor Institution as defined by SEC Rule 17ad-15 (12CFR 240.17 Ad-15)or any similar rule which the Bond Registrar deems applicable] 5 .. • . .. • ... . . . •• • • • ••• • • • : : : : : :CERT:PICATE OF CITY CLERK ••• • • ••• ••• ••I STATE OF KANSAS ••• ..... •• • :) S9 • COUNTY OF SALINE.••: :) : I, the undersigned, City Clerk of Salina, Kansas, hereby certify that the within Bond has been duly registered in my office according to law as of July 9,2001. WITNESS my hand and official seal. a • • kitCIti it ew n. L � Lieu Ann Nicola City Clerk CERTIFICATE OF STATE TREASURER OFFICE OF THE TREASURER, STATE OF KANSAS I, TIM SHALLENBURGER, Treasurer of the State of Kansas, do hereby certify that a transcript of the proceedings leading up to the issuance of this Bond has been filed in my office, and that this Bond was registered in my office according to law on JUl 2 6 2001 . WITNESS my hand and official seal. (SEAL) Atta Treasurer of the State of Kansas • 6 • • • '• •• • • •• •5 ••• • • • • • • • • --- • • • • • • • • • •• •• •• ••• • • ••• • • • • ••• ••••• •• LEGAL OPINION • • • •• • • • • • • • I, the undersigrfed,City,Clert•qf the City of Salina, Kansas, hereby certify that the following is a true and correct copy of the approving legal opinion of Gilmore & Bell, a Professional Corporation, Attorneys at Law, Kansas City, Missouri, on the within Bond and the series of which it is a part, except that it omits the date of such opinion; that the opinion was manually executed and was dated and issued as of the date of delivery of and payment for the Bonds and is on file in my office. office. ByJ tt( ft Met ek% Lieu Ann Nicola City Clerk • • July 26, 2001 Governing Body of the City of Salina, Kansas Salina, Kansas George K. Baum&Company Kansas City, Missouri Re: $5,350,000 General Obligation Internal Improvement Bonds, Series 2001-A, of the City of Salina, Kansas, Dated July 15, 2001 We have acted as bond counsel in connection with the issuance by the City of Salina, Kansas (the "City") of the above-captioned bonds(the "Bonds"). We have examined the law and such certified proceedings and other documents as we deem necessary to render this opinion. As to questions of fact material to our opinion, we have relied upon the certified proceedings and other certifications of public officials furnished to us without undertaking to verify the same by independent investigation. Based upon the foregoing, we are of the opinion, under existing law, as follows: 1. The Bonds are valid and legally binding general obligations of the City, payable as to both principal and interest in part from special assessments levied upon the property benefited by the construction of certain portions of the improvements being financed and, if not so paid, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The balance of the principal of and interest on the Bonds is payable from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. 7 • s _ •• • • •• • •• ••• • • • • • • • • •• • 2. •lhe adterest•bn tht Bond$ (i;Cluding any original issue discount properly allocable to an owner thereof) i/exgkjdded tram Bross irkomi for federal income tax purposes and is not an item of tax preference for rf rposts of the feHetal attemaa+e minimum tax imposed on individuals and corporations. It should be noted, however, that for the purpose of computing the alternative minimum tax imposed on corporations (as defrrrInfor•federea4•jncome tax purposes), such interest is taken into account in determining adjusted ctifrtnt Qarnipgs; The opinions set forth in this paragraph are subject to the condition that the Cityoomplywith•alVrequirements of the Internal Revenue Code of 1986, as amended (the "Code"), that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon be, or continue to be, excluded from gross income for federal income tax purposes. The City has covenanted to comply with each such requirement. Failure to comply with certain of such requirements may cause the inclusion of interest on the Bonds in gross income for federal income tax purposes retroactive to the date of issuance of the Bonds. The Bonds are "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code and, in the case of certain financial institutions (within the meaning of Section 265(b)(5) of the Code), a deduction is allowed for 80 percent of that portion of such financial institution's interest expense allocable to interest on the Bonds. We express no opinion regarding other federal tax consequences arising with respect to the Bonds. 3. The interest on the Bonds is exempt from Kansas income taxation. We have not been engaged or undertaken to review the accuracy, completeness or sufficiency of the Official Statement or other offering material relating to the Bonds (except to the extent, if any, stated in the Official Statement) and we express no opinion relating thereto (excepting only the matters set forth as our opinion in the Official Statement). It is to be understood that the rights of the owners of the Bonds and the enforceability thereof may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights heretofore or hereafter enacted to the extent applicable and their enforcement may be subject to the exercise of judicial discretion in appropriate cases. Very truly yours, GILMORE&BELL, P.C. 8 ;4. •• • • •• Ve • Ao O EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION • (pFScgg13E4 HTftEITI), THIS GLOBAL BOND MAY BE 'CRANSf5RF D, WHOLE BUT NOT IN PART, ONLY TO • • AtfOTHER• OMINEE••OF THE SECURITIES DEPOSITORY (DESCRIBED HEREIN) OR TO A SUCCESSOR SECURITIES DE IOS1TtRY••QR TO A NOMINEE OF A SUCCESSOR SE1!J#tITPS 13EItOSITORY. REGISTERED REGISTERED NUMBER $ 355,000 R-12 UNITED STATES OF AMERICA STATE OF KANSAS COUNTY OF SALINE CITY-OFSALINA J GENERAL OBLIGATION INTERNAL IMPROVEMENT BOND SERIES 2001-A Interest Maturity 10 - 1- 11 Dated CUSIP: Rate: 4.625% Date: October 1, 2013 Date: July 15, 2001 794743 XX7 REGISTERED OWNER: CEDE&CO. 0 m PRINCIPAL AMOUNT: THREE HUNDRED FIFTY-FIVE THOUSAND DOLLARS ZrO KNOW ALL PERSONS BY THESE PRESENTS: That the City of Salina, in the County of W Saline, State of Kansas (the ''City''), for value received, hereby acknowledges itself to be indebted and 0 promises to pay to the registered owner identified above, or registered assigns, as of the Record Dates as 0 hereinafter provided on the Maturity Date identified above, the Principal Amount identified above, and in like manner to pay interest on such Principal Amount from the Dated Date shown above or from the most i recent interest payment date to which interest has been paid or duly provided for at the rate of interest per ZE annum set forth above (computed on the basis of a 360-day year of twelve 30-day months), semiannually _1 13 on April 1 and October 1 of each year, commencing April 1, 2002 (the "Interest Payment Dates"), until the Principal Amount is paid, unless this Bond shall have been previously called for redemption and '‹ _ payment as hereinafter set forth. (/) > m Z The principal of, premium, if any, and interest on this Bond shall be payable by the Treasurer of n the state of Kansas,Topeka, Kansas (the "Paying Agent" and "Bond Registrar"). The principal of and any premium on this Bond shall be payable to the registered owner hereof upon presentation of this Bond at the maturity or redemption date to the Paying Agent for payment and cancellation. The interest payable —1 on this Bond on any interest payment date shall be paid to the person in whose name this Bond is registered on the Bond Register at the close of business on the fifteenth day of the month preceding the CO interest payment date (the "Record Date") for such interest (a) by check or draft mailed by the Paying 0 Agent to such Registered Owner at the address shown on the Bond Register or at such other address as is Z furnished to the Paying Agent in'?itmg by°suchcRegisteredaOnl)ora(b) in the case of an interest 0 payment to any Registered OwnertofC$500;0©0 hr5moreetnga grega#evpirherbal9Reitit)nti 6r13,91-41„Z1y,,r e n mco nrat'an of transfer, z • " ]t 1' --rnont is n erg u• iv . r{ 'd'- 1.::< �� P11HSC N iS r.'R. �; ._QR f a 1 •• • • •• •• ••• •• •• • • • • • • • • . • ••• electronic transfer Io such Registered Owner upon written notice given to the Paying Agent by such Registered O•wnd riot.Idss:tlldn 15•days prior to the Record Date for such interest, containing the electronic tradsfer;nstructilrns.inclu&ng the bank (which shall be in the continental United States), address,ABA routing number and accounT number to which such Registered Owner wishes to have such transfer directed. The•prin�ipal, premium, if any, and interest on the Bonds shall be payable in any coin or currency which,dq the re rectn%e dates of payment thereof, is legal tender for the payment of debts due the United States o6 America. Tile ponds constitute general obligations of the City payable as to both principal and interest in •part from special assessments levied upon the property benefited by the construction of certain portions of the improvements being financed and, if not so paid, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The balance of the principal and interest on the Bonds shall be payable from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The full faith, credit and resources of the City are irrevocably pledged for the payment of the principal of and interest on this Bond and the issue of which it is a part as the same respectively become due. This Bond is one of an authorized series of Bonds of the City designated "General Obligation . Internal Improvement Bonds, Series 2001-A," in an aggregate principal amount of $5,350,000 (the "Bonds") issued for the purposes set forth in the Ordinance of the City authorizing the issuance of the Bonds and the Resolution of the City prescribing the form and details of the Bonds (jointly, the "Resolution"). The Bonds are issued by the authority of and in full compliance with the provisions, restrictions and limitations of the Constitution and laws of the state of Kansas, including, without limitation, K.S.A. 10-101 et seq.,K.S.A. 12-6a01 et seq. and K.S.A. 12-685 et seq., all as amended. At the option of the City, Bonds maturing on October 1, 2012, and thereafter may be called for redemption and payment prior to maturity on October 1, 2011 and thereafter, in whole at any time or in part on any interest payment date in such principal amounts for such maturities as shall be determined by the City at the redemption price of 100% (expressed as a percentage of the principal amount), plus accrued interest thereon to the date of redemption. Unless waived by any owner of the Bonds to be redeemed, if the City elects to call any Bonds for redemption and payment prior to maturity, the City or the Bond Registrar and Paying Agent on behalf of the City shall give written notice of its intention to call and pay such Bonds on a specified date, the same being described by maturity, such notice to be mailed by United States first class mail addressed to the Owners of the Bonds not less than 30 days prior to the date fixed for redemption. All Bonds so called for • redemption and payment shall cease to bear interest from the date for which such call is made, provided funds are available for the payment of such Bonds at the price specified above. The Bonds are being issued by means of a book-entry system with no physical distribution of bond certificates to be made except as provided in the Resolution. One Bond certificate with respect to each date on which the Bonds are stated to mature, registered in the nominee name of the Securities Depository, is being issued and required to be deposited with the Securities Depository and immobilized in its custody. The book-entry system will evidence positions.held in the Bonds by the Securities Depository's participants, beneficial ownership of the Bonds in authorized denominations being evidenced in the records of such participants. Transfers of ownership shall be effected on the records of the Securities Depository and its participants pursuant to rules and procedures established by the Securities Depository and its participants. The City, the Bond Registrar and the Paying Agent will recognize the Securities Depository nominee, while the registered owner of this Bond, as the owner of this Bond for all purposes, including (i) payments of principal of, and redemption premium, if any, and 2 •• • • •• •• ••• • • • interest on, this Bqnd, (iijnotices and (iii) voting. Transfers of principal, interest and any redemption premium payment tb paCtic;parts pf the Securities Depository, and transfers of principal,interest and any redemption presnngm payn:enfF to beneficial owners of the Bonds by participants of the Securities Depository will be the responsibility of suefi participants and other nominees of such beneficial owners. The City, the Bond Registrar and the Paying Agent will not be responsible or liable for such transfers of payments or for mpintaining supervising or reviewing the records maintained by the Securities Depository, the Securties;Depository nominee, its participants or persons acting through such participants. While tfie Securitiesg'Depository nominee is the owner of this Bond, notwithstanding the provision hereinabove contained, payments of principal of and interest on this Bond shall be made in accordance with existing arrangements among the City,the Bond Registrar and the Securities Depository. • EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION, THIS GLOBAL BOND MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES DEPOSITORY OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY The Bonds are issued in fully registered form in the denomination of$5,000 or any integral multiple thereof. This Bond may be exchanged at the office of the Bond Registrar for a like aggregate principal amount of Bonds of the same maturity of other authorized denominations upon the terms provided in the Resolution. The City and the Bond Registrar may deem and treat the registered owner hereof as the absolute owner hereof for purposes of receiving payment of or on account of principal hereof and interest due hereon and for all other purposes and neither the City nor the Bond Registrar shall be affected by any notice to the contrary. • This Bond is transferable by the registered owner hereof in person or by the registered owner's agent duly authorized in writing, at the office of the Bond Registrar,but only in the manner, subject to the limitations and upon payment of the charges provided in the Resolution and upon surrender and cancellation of this Bond. The City shall pay all costs incurred in connection with the issuance, payment and initial registration of the Bonds and the cost of a reasonable supply of bond blanks. The City and the Bond Registrar shall not be required to issue, register, transfer or exchange any Bonds during a period beginning on the day following the Record Date preceding any Interest Payment Date and ending at the close of business on the Interest Payment Date or Bonds which have been called for redemption in accordance with Article III of the Resolution. IT IS HEREBY DECLARED AND CERTIFIED that all acts, conditions, and things required to be done and to exist precedent to and in the issuance of this Bond have been properly done and performed and do exist in due and regular form and manner as required by the Constitution and laws of the state of Kansas, and that the total indebtedness of the City, including this series of bonds, does not exceed any constitutional or statutory limitation. This Bond shall not be valid or become obligatory for any purpose until the Certificate of Authentication and Registration hereon shall have been lawfully executed by the Bond Registrar. 3 .• • . .. • ••• • • • IN W],TNFySS WHEREOF, the City has caused this Bond to be executed by the manual or facsimile sigria&urd of its 13I$yaCani atieste4 by the manual or facsimile signature of its City Clerk, and its corporate seas xp be effixed21e.•. •••reto or itnpriDted hereon, and this Bond to be dated the Dated Date shown ••• above. ••' •• CITY OF SALINA,KANSAS •• . : a,i•r,, • • • •• tci ,• Ilse • Mayor ATTEST: „ , U ICCCL-C CIL�t�,111,��.% Lieu Ann Nicola City Clerk CERTIFICATE OF AUTHENTICATION AND REGISTRATION This Bond is one of a series of General Obligation Internal Improvement Bonds, Series 2001-A, of the City of Salina, Kansas, described in the within-mentioned Resolution. Registration Date: JUL 262001 Office of the State Treasurer, Topeka,Kansas as Bond Registrar and�Paying Agent By: C ) l� /irt-w Registration Number: 0322-085-071501-036 Cary a 4 .. • . .. 1:• ... • • • .. . • . . •• •. • • • • • BAND ASSIGNMENT ••• •• ••• ••• • • ••• FOR VALUE RECEIVED, the undersigned do(es) hereby sell, assign and transfer to ••• .. .• .. • • . .. . . .. (Name and Address) (Social Security or Taxpayer Identification No.) the Bond to which this assignment is affixed in the outstanding principal amount of$ standing in the name of the undersigned on the books of the Bond Registrar. The undersigned do(es) hereby irrevocably constitute and appoint as agent to transfer said Bond on .the books of said Bond Registrar with full power of substitution in the premises. Dated Name Social Security or Taxpayer Identification No. Signature (Sign here exactly as name(s) appear on the face of Certificate) Signature guarantee: By [Name of Eligible Guarantor Institution as defined • by SEC Rule 17ad-15 (12CFR 240.17 Ad-15) or any similar rule which the Bond Registrar deems applicable] 5 • • .. • . .. •• • • •• •• • • • •• • • • • • • • • • • • CERTIFICATE OF CITY CLERK• • ... ... ... STATE OF KANSAS... •, „) • .. COUNTY OF SALINE: ): : I, the undersigned, City Clerk of Salina, Kansas, hereby certify that the within Bond has been duly registered in my office according to law as of July 9, 2001. WITNESS my hand and official seal. r hit:C - tette' • e.a.n• L • _•• Lieu Ann Nicola City Clerk • CERTIFICATE OF STATE TREASURER OFFICE OF THE TREASURER, STATE OF KANSAS I, TIM SHALLENBURGER, Treasurer of the State of Kansas, do hereby certify that a transcript of the proceedings leading up to the issuance of this Bond has been filed in my office, and that this Bond was registered in my office according to law on JUL 2 fi 21W1 . WITNESS my hand and official seal. (SEAL) Treasurer of the State of Kansas • 6 •. • • •• •• ••• • • • • • • , • •• • • • • • • • • . • • • • . • • • • • • • • ••• 6.66• •• LEGAL OPINION • • • •• • • • • • • I, the undersigned, Ciity Glesk of the City of Salina, Kansas, hereby certify that the following is a true and correct copy of the approving legal opinion of Gilmore & Bell, a Professional Corporation, Attorneys at Law, Kansas City, Missouri, on the within Bond and the series of which it is a part, except that it omits the date of such opinion; that the opinion was manually executed and was dated and issued as of the date of delivery of and payment for the Bonds and is on file in my office. office. • By17 ' •� IL,L Lieu Ann Nicola City Clerk • July 26, 2001 Governing Body of the City of Salina, Kansas Salina, Kansas George K. Baum&Company Kansas City, Missouri Re: $5,350,000 General Obligation Internal Improvement Bonds, Series 2001-A, of the City of Salina, Kansas, Dated July 15, 2001 We have acted as bond counsel in connection with the issuance by the City of Salina, Kansas (the "City") of the above-captioned bonds (the"Bonds"). We have examined the law and such certified proceedings and other documents as we deem necessary to render this opinion. As to questions of fact material to our opinion, we have relied upon the certified proceedings and other certifications of public officials furnished to us without undertaking to verify the same by independent investigation. Based upon the foregoing, we are of the opinion, under existing law, as follows: 1. The Bonds are valid and legally binding general obligations of the City, payable as to • both principal and interest in part from special assessments levied upon the property benefited by the construction of certain portions of the improvements being financed and, if not so paid, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The balance of the principal of and interest on the Bonds is payable from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal,within the territorial limits of the City. 7 .. • • .. ... • • • • 2. '; T3te;irlje ess onth"BondsFincluding any original issue discount properly allocable to an owner thereof; is:eclud @dVropi grosi income for federal income tax purposes and is not an item of tax preference for•purposes of the tderal`Llta tative minimum tax imposed on individuals and corporations. It should be noted, however, that for the purpose of computing the alternative minimum tax imposed on corporations (as &MN'Tr fej*Etgl income tax purposes), such interest is taken into account in determining adjustscrourreit ealnidgs. The opinions set forth in this paragraph are subject to the condition that the City comply will, all requirements of the Internal Revenue Code of 1986, as amended (the "Code"), that must be satisfied subsequent to the issuance of the Bonds in order that.interest thereon be, or continue to be, excluded from gross income for federal income tax purposes. The City has covenanted to comply with each such requirement. Failure to comply with certain of such.requirements may cause the inclusion of interest on the Bonds in gross income for federal income tax purposes retroactive to the date of issuance of the Bonds. The Bonds are "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code and, in the case of certain financial institutions (within the meaning of Section 265(b)(5) of the Code), a deduction is allowed for 80 percent of that portion of such financial institution's interest expense allocable to interest on the Bonds. We express no opinion regarding other federal tax consequences arising with respect to the Bonds. 3. The interest on the Bonds is exempt from Kansas income taxation. We have not been engaged or undertaken to review the accuracy, completeness or sufficiency of the Official Statement or other offering material relating to the Bonds (except to the extent, if any, stated in the Official Statement) and we express no opinion relating thereto (excepting only the matters set forth as our opinion in the Official Statement). It is to be understood that the rights of the owners of the Bonds and the enforceability thereof may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights heretofore or hereafter enacted to the extent applicable and their enforcement may be subject to the exercise of judicial discretion in appropriate cases. Very truly yours, GILMORE&BELL, P.C. 8 • • •. .• ••S ••• • •••• •. ••.. • • . a36 • • EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION • •XDPSfRIfo.:HEREIN),. THIS GLOBAL BOND MAY BE TRMISFtfl4Es, 1NEWI-IOLE BUT NOT IN PART, ONLY TO •ANOTHER NOMINEE •OF THE SECURITIES DEPOSITORY (DESCRIBED HEREIN) OR TO A SUCCESSOR SECURITIES DEPOSITORf' Mt, TO A NOMINEE OF A SUCCESSOR SECTIRI,TIEE3 DEs�'POSITORY. REGISTERED REGISTERED NUMBER $ 355,000 R-13 UNITED STATES OF AMERICA STATE OF KANSAS COUNTY OF SALINE / CITY:OF:SXLIlVAT GENERAL OBLIGATION INTERNAL IMPROVEMENT BOND SERIES 2001-A • Interest Maturity 10- Dated CUSIP: Rate: 4.750% Date: October 1, 2014 Date: July 15, 2001 794743 XY5 REGISTERED OWNER: CEDE&CO. PRINCIPAL AMOUNT: THREE HUNDRED FIFTY-FIVE THOUSAND DOLLARS KNOW ALL PERSONS BY THESE PRESENTS: That the City of Salina, in the County of Saline, State of Kansas (the "City"), for value received, hereby acknowledges itself to be indebted and promises to pay to the registered owner identified above, or registered assigns, as of the Record Dates as hereinafter provided on the Maturity Date identified above, the Principal Amount identified above, and in like manner to pay interest on such Principal Amount from the Dated Date shown above or from the most recent interest payment date to which interest has been paid or duly provided for at the rate of interest per annum set forth above (computed on the basis of a 360-day year of twelve 30-day months), semiannually on April 1 and October 1 of each year, commencing April 1, 2002 (the "Interest Payment Dates"), until the Principal Amount is paid, unless this Bond shall have been previously called for redemption and payment as hereinafter set forth. The principal of, premium, if any, and interest on this Bond shall be payable by the Treasurer of the state of Kansas,Topeka, Kansas (the "Paying Agent" and "Bond Registrar"). The principal of and any premium on this Bond shall be payable to the registered owner hereof upon presentation of this Bond at the maturity or redemption date to the Paying Agent for payment and cancellation. The interest payable on this Bond on any interest payment date shall be paid to the person in whose name this Bond is registered on the Bond Register at the close of business on the fifteenth day of the month preceding the interest payment date (the "Record Date") for such interest (a) by check or draft mailed by the Paying Agent to such Registered Owner at the address shown on the Bond Register or at such other address as is furnished to the Paying iAgent Yn"wnttn`g-l5y suchrRegtst rndr Ownemoniti)iimithescrasEltylsaa ktsrat payment to any Registered Owner of'$500 000trdr mdse iiteaggregateiprinctpal) atndttnt,of BBond€sabyrr r.r fa :411 a c2>IUit n� air.tlter, exchang _ pr orrraat. n-•+ gr ".i ??LfL7F nn t ouv Lanr t3 mcd to C c K. . I.. WER USE FEAE- F' r'O'1 V1i.U:: On J1H 5 A,yy PERSL N.J3 :Vic('.nrezerr. --• _�.._. .. • . S. • .• ... . . • electronic transfer to,such Registered Owner upon written notice given to the Paying Agent by such Registered Owner riot:lass:than:15.days prior to the Record Date for such interest, containing the electronic transfh ineructionb i»cluding the bank (which shall be in the continental United States), • address, ABA routing number ani account riurnber to which such Registered Owner wishes to have such transfer directed. The principal, premium, if any, and interest on the Bonds shall be payable in any coin or currency which, on tlie,resper[iveaaies of payment thereof, is legal tender for the payment of debts due the United States of Pmetica.:Th4Brprds constitute general obligations of the City payable as to both principal and interest in part from'special assessments levied upon the property benefited by the construction of certain portions of the improvements being financed and, if not so paid, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The balance of the principal and interest on the Bonds shall be payable from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The full faith, credit and resources of the City are irrevocably pledged for the payment of the principal of and interest on this Bond and the issue of which it is a part as the same respectively become due. This Bond is one of an authorized series of Bonds of the City designated "General Obligation . Internal Improvement Bonds, Series 2001-A," in an aggregate principal amount of $5,350,000 (the "Bonds") issued for the purposes set forth in the Ordinance of the City authorizing the issuance of the Bonds and the Resolution of the City prescribing the form and details of the Bonds (jointly, the "Resolution"). The Bonds are issued by the authority of and in full compliance with the provisions, restrictions and limitations of the Constitution and laws of the state of Kansas, including, without limitation,K.S.A. 10-101 et seq., K.S.A. 12-6a01 et seq. and K.S.A. 12-685 et seq., all as amended. At the option of the City, Bonds maturing on October 1, 2012, and thereafter may be called for redemption and payment prior to maturity on October 1, 2011 and thereafter, in whole at any time or in part on any interest payment date in such principal amounts for such maturities as shall be determined by the City at the redemption price of 100% (expressed as a percentage of the principal amount), plus accrued interest thereon to the date of redemption. Unless waived by any owner of the Bonds to be redeemed, if the City elects to call any Bonds for redemption and payment prior to maturity, the City or the Bond Registrar and Paying Agent on behalf of the City shall give written notice of its intention to call and pay such Bonds on a specified date, the same being described by maturity, such notice to be mailed by United States first class mail addressed to the Owners of the Bonds not less than 30 days prior to the date fixed for redemption. All Bonds so called for redemption and payment shall cease to bear interest from the date for which such call is made, provided funds are available for the payment of such Bonds at the price specified above. The Bonds are being issued by means of a book-entry system with no physical distribution of bond certificates to be made except as provided in the Resolution. One Bond certificate with respect to each date on which the Bonds are stated to mature, registered in the nominee name of the Securities Depository, is being issued and required to be deposited with the Securities Depository and immobilized in its custody. The book-entry system will evidence positions.held in the Bonds by the Securities Depository's participants, beneficial ownership of the Bonds in authorized denominations being evidenced in the records of such participants. Transfers of ownership shall be effected on the records of the Securities Depository and its participants pursuant to rules and procedures established by the Securities Depository and its participants. The City, the Bond Registrar and the Paying Agent will recognize the Securities Depository nominee, while the registered owner of this Bond, as the owner of this Bond for all purposes, including (i) payments of principal of, and redemption premium, if any, and 2 • .. • . 0 .•• • . • interest on, this'j3onj, (ii)notice and (iii)voting. Transfers of principal, interest and any redemption premium payments pa,ti,ipgnt$of jhe tecu`ities Depository, and transfers of principal, interest and any redemption preeryjuk payrneits lo beneficie owners of the Bonds by participants of the Securities • Depository will be the responsinity of such'participants and other nominees of such beneficial owners. • The City, the Bond Registrar and the Paying Agent will not be responsible or liable for such transfers of payments or for maigtiinin *sureisising or reviewing the records maintained by the Securities Depository, the Securities flepo$itoty nominee, its participants or persons acting through such participants. While thrSecurities Depository nominee is the owner of this Bond, notwithstanding the provision hereinabove contained, payments of principal of and interest on this Bond shall be made in accordance with existing arrangements among the City, the Bond Registrar and the Securities Depository. • EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION, THIS GLOBAL BOND MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES DEPOSITORY OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY. The Bonds are issued in fully registered form in the denomination of$5,000 or any integral multiple thereof. This Bond may be exchanged at the office of the Bond Registrar for a like aggregate principal amount of Bonds of the same maturity of other authorized denominations upon the terms provided in the Resolution. The City and the Bond Registrar may deem and treat the registered owner hereof as the absolute owner hereof for purposes of receiving payment of or on account of principal hereof and interest due hereon and for all other purposes and neither the City nor the Bond Registrar shall be affected by any • notice to the contrary. This Bond is transferable by the registered owner hereof in person or by the registered owner's agent duly authorized in writing, at the office of the Bond Registrar, but only in the manner, subject to the limitations and upon payment of the charges provided in the Resolution and upon surrender and cancellation of this Bond. The City shall pay all costs incurred in connection with the issuance, payment and initial registration of the Bonds and the cost of a reasonable supply of bond blanks. The City and the Bond Registrar shall not be required to issue, register, transfer or exchange any Bonds during a period beginning on the day following the Record Date preceding any Interest Payment Date and ending at the close of business on the Interest Payment Date or Bonds which have been called for redemption in accordance with Article III of the Resolution. IT IS HEREBY DECLARED AND CERTIFIED that all acts, conditions, and things required to be done and to exist precedent to and in the issuance of this Bond have been properly done and performed and do exist in due and regular form and manner as required by the Constitution and laws of the state of Kansas, and that the total indebtedness of the City, including this series of bonds, does not exceed any constitutional or statutory limitation. This Bond shall not be valid or become obligatory for any purpose until the Certificate of Authentication and Registration hereon shall have been lawfully executed by the Bond Registrar. 3 . .. • . .. .. ... . . . •. • • • .. IN WITIIESq WHEREOF, the City has caused this Bond to be executed by the manual or facsimile signature of its 11,I4yqr aid ajtesged by the manual or facsimile signature of its City Clerk, and its corporate seal tq a efltxed}le}eto or imm2rint$1 hereon, and this Bond to be dated the Dated Date shown .•• .•• ••• above. ••• •' •. ,••, CITY OFSALINA,KANSAS .. . . •. • tett Of •.,4 - wit `1 •••• • (IQ.eiAr\ f_. . Pt,/ • Mayor ATTEST: Lieu Ann Nicola City Clerk CERTIFICATE OF AUTHENTICATION AND REGISTRATION This Bond is one of a series of General Obligation Internal Improvement Bonds, Series 2001-A, of the City of Salina, Kansas, described in the within-mentioned Resolution. Registration Date: JUL z 6 2001 Office of the State Treasurer, Topeka,Kansas as Bond Registrar and (Paying Agent By: (4 Of Registration Number: 0322-085-071501-036 4 .. • . .. • .. ... . . . • , .. . . .. .. • PO ID ASSIGNMENT FOR VALUE RECEIVED, the undersigned do(es)hereby sell,assign and transfer to ... .. 0 .. • . . . . • (Name and Address) • (Social Security or Taxpayer Identification No.) the Bond to which this assignment is affixed in the outstanding principal amount of$ standing in the name of the undersigned on the books of the Bond Registrar. The undersigned do(es) hereby irrevocably constitute and appoint as agent to transfer said Bond on the books of said Bond Registrar with full power of substitution in the premises. Dated • Name Social Security or Taxpayer Identification No. Signature (Sign here exactly as name(s) appear on the face of Certificate) Signature guarantee: By [Name of Eligible Guarantor Institution as defined by SEC Rule 17ad-15 (12CFR 240.17 Ad-15)or any similar rule which the Bond Registrar deems applicable] 5 .. • . .. .. ••• • • • • • • - • • .•. • ••. •.••• . . •.• CEIP1IFIGATE OF CITY CLERK STATE OF KANSAS „ )• •• •• • ) SS COUNTY OF SALINE„: ) :••: L•the undersigned, City Clerk of Salina, Kansas, hereby certify that the within Bond has been duly registered in my office according to law as of July 9, 2001. • WITNESS my hand and official seal. Le. OsZsol CO I z Lieu Ann Nicola City Clerk CERTIFICATE OF STATE TREASURER OFFICE OF THE TREASURER, STATE OF KANSAS I, TIM SHALLENBURGER, Treasurer of the State of Kansas, do hereby certify that a transcript of the proceedings leading up to the issuance of tljij1Bo,2ndd has been filed in my office, and that this Bond was registered in my office according to law on JlJ • WITNESS my hand and official seal. (SEAL) Treasurer of the State of Kansas 6 • • . .. • • •• .. •.. • • • • . . • • • •. • • • • • • . . •. • • • .. •• • ••• ••• • • • ••• ••.•• .. LEGAL OPINION . . . . .. • • • . . • . I, the undersigned City Clerk a the City of Salina, Kansas, hereby certify that the following is a true and correct copy of the approving legal opinion of Gilmore & Bell, a Professional Corporation, Attorneys at Law, Kansas City, Missouri, on the within Bond and the series of which it is a part, except that it omits the date of such opinion; that the opinion was manually executed and was dated and issued as of the date of delivery of and payment for the Bonds and is on file in myy t!(:,(-office. r Bye' tCG( ' '• r ttt Lieu Ann Nicola City Clerk July 26, 2001 Governing Body of the City of Salina,Kansas Salina,Kansas George K. Baum& Company Kansas City, Missouri Re: $5,350,000 General Obligation Internal Improvement Bonds, Series 2001-A, of the City of Salina,Kansas, Dated July 15, 2001 We have acted as bond counsel in connection with the issuance by the City of Salina, Kansas (the "City") of the above-captioned bonds (the"Bonds"). We have examined the law and such certified proceedings and other documents as we deem necessary to render this opinion. As to questions of fact material to our opinion, we have relied upon the certified proceedings and other certifications of public officials furnished to us without undertaking to verify the same by independent investigation. Based upon the foregoing, we are of the opinion, under existing law, as follows: 1. The Bonds are valid and legally binding general obligations of the City, payable as to both principal and interest in part from special assessments levied upon the property benefited by the construction of certain portions of the improvements being financed and, if not so paid, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The balance of the principal of and interest on the Bonds is payable from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. 7 •• • . .. •• ••. • • • • • 2. •3'he,irtteresion!Se Bonds (itfcluding any original issue discount properly allocable to an owner thereof) i4 egclpded;frpmgross income for federal income tax purposes and is not an item of tax preference for purposes of the f2118ral flterrtatNe minimum tax imposed on individuals and corporations. It should be noted, however, that for the purpose of computing the alternative minimum tax imposed on corporations (as defin &fbt;tftielat•income tax purposes), such interest is taken into account in determining adjusted.ciurent:earning:. The opinions set forth in this paragraph are subject to the condition that the City tomply witEiclr requirements of the Internal Revenue Code of 1986, as amended (the "Code"), that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon be, or continue to be, excluded from gross income for federal income tax purposes. The City has covenanted to comply with each such requirement. Failure to comply with certain of such requirements may cause the inclusion of interest on the Bonds in gross income for federal income tax purposes retroactive to the date of issuance of the Bonds. The Bonds are "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code and, in the case of certain financial institutions (within the meaning of Section 265(b)(5) of the Code), a deduction is allowed for 80 percent of that portion of such financial institution's interest expense allocable to interest on the Bonds. We express no opinion regarding other federal tax consequences arising with respect to the Bonds. 3. The interest on the Bonds is exempt from Kansas income taxation. We have not been engaged or undertaken to review the accuracy, completeness or sufficiency of the Official Statement or other offering material relating to the Bonds (except to the extent, if any, stated in the Official Statement) and we express no opinion relating thereto (excepting only the matters set forth as our opinion in the Official Statement). It is to be understood that the rights of the owners of the Bonds and the enforceability thereof may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights heretofore or hereafter enacted to the extent applicable and their enforcement may be subject to the exercise ofjudicial discretion in appropriate cases. Very truly yours, GILMORE&BELL, P.C. 8 •• • •• ••• • • • n EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION (DESC•,RIMD •Hj$.fIN),•TIUS GLOBAL BOND MAY BE TRAIISSFEBR'ED,y'yIN: WHALE MUT NOT IN PART, ONLY TO ANO4H1R NONIINi)E Ot• 'Fly SECURITIES DEPOSITORY (DESCRIBED HEREIN) OR TO A SUCCESSOR SECURITIES DEPOSITORY• C1li1.•TO. A NOMINEE OF A SUCCESSOR SECURITIE&PEP=)SI OIIY. REGISTERED REGISTERED NUMBER $ 355,000 R-14 UNITED STATES OF AMERICA STATE OF KANSAS COUNTY OF SALINE CITY'OFSALIN,C GENERAL OBLIGATION INTERNAL IMPROVEMENT BOND SC SERIES 200,1;A . 1 Interest Maturity /D-I-II Dated CUSIP: Rate: 4.850% Date: October 1, 2015 Date: July 15, 2001 794743 XZ2 REGISTERED OWNER: CEDE&CO. PRINCIPAL AMOUNT: THREE HUNDRED FIFTY-FIVE THOUSAND DOLLARS KNOW ALL PERSONS BY THESE PRESENTS: That the City of Salina, in the County of Saline, State of Kansas (the "City"), for value received, hereby acknowledges itself to be indebted and promises to pay to the registered owner identified above, or registered assigns, as of the Record Dates as hereinafter provided on the Maturity Date identified above, the Principal Amount identified above, and in like manner to pay interest on such Principal Amount from the Dated Date shown above or from the most . recent interest payment date to which interest has been paid or duly provided for at the rate of interest per annum set forth above (computed on the basis of a 360-day year of twelve 30-day months), semiannually on April 1 and October 1 of each year, commencing April 1, 2002 (the "Interest Payment Dates"), until the Principal Amount is paid, unless this Bond shall have been previously called for redemption and payment as hereinafter set forth. The principal of, premium, if any, and interest on this Bond shall be payable by the Treasurer of the state of Kansas,Topeka, Kansas (the "Paying Agent" and "Bond Registrar"). The principal of and any premium on this Bond shall be payable to the registered owner hereof upon presentation of this Bond at the maturity or redemption date to the Paying Agent for payment and cancellation. The interest payable on this Bond on any interest payment date shall be paid to the person in whose name this Bond is registered on the Bond Register at the close of business on the fifteenth day of the month preceding the interest payment date (the "Record Date") for such interest (a) by check or draft mailed by the Paying Agent to such Registered Owner at the address shown on the Bond Register or at such other address as is furnished to the Paying Agent in writing by such Registered Owner or (b) in the case of an interest payment to any Registered OWnerd,.oagQQ; or ore-in aggregate ,principal amount of Bonds, by Tract . API �'^' yx lfl / F n Lx�•«J71 44 i^ �F 41.E ([j[$ +' -: t� r - 4 • ttj ,. a: ., eflt 1J. In-Pgn r1.: of 1 C.o .( .o ✓71 '3tBI1, .Ifl4 , 'a:it 1 , - PLEr)Gr OR 9 IL .�;- tc G it u:: sd ;SFl.1 ett1. .. k. ,:?p .. • . .. .. ... . . • • . . . .. electronic transfer to such Registered Owner upon written notice given to the Paying Agent by such Registered Owner no4 less than .1'S. days Friar to:the Record Date for such interest, containing the electronic transfer insttuctlogs inpliidi.It/Q the kank:(which shall be in the continental United States), address,ABA routing hhtnb€r and Sccoltrn nuth1*r4b which such Registered Owner wishes to have such transfer directed. The principal, premium, if any, and interest on the Bonds shall be payable in any coin or currency which,on the respeettve ti$tes pf payment thereof, is legal tender for the payment of debts due the United States of America.'The E�ond;constitute general obligations of the City payable as to both• principal and interest in part°from speciah assessments levied upon the property benefited by the construction of certain portions of the improvements being financed and, if not so paid, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The balance of the principal and interest on the Bonds shall be payable from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The full faith, credit and resources of the City are irrevocably pledged for the payment of the principal of and interest on this Bond and the issue of which it is a part as the same respectively become due. This Bond is one of an authorized series of Bonds of the City designated "General Obligation Internal Improvement Bonds, Series 2001-A," in an aggregate principal amount of $5,350,000 (the "Bonds") issued for the purposes set forth in the Ordinance of the City authorizing the issuance of the Bonds and the Resolution of the City prescribing the form and details of the Bonds (jointly, the "Resolution"). The Bonds are issued by the authority of and in full compliance with the provisions, restrictions and limitations of the Constitution and laws of the state of Kansas, including, without limitation, K.S.A. 10-101 et seq., K.S.A. 12-6a01 et seq. and K.S.A. 12-685 et seq., all as amended. At the option of the City, Bonds maturing on October 1, 2012, and thereafter may be called for redemption and payment prior to maturity on October 1, 2011 and thereafter, in whole at any time or in part on any interest payment date in such principal amounts for such maturities as shall be determined by the City at the redemption price of 100% (expressed as a percentage of the principal amount), plus accrued interest thereon to the date of redemption. Unless waived by any owner of the Bonds to be redeemed, if the City elects to call any Bonds for redemption and payment prior to maturity, the City or the Bond Registrar and Paying Agent on behalf of the City shall give written notice of its intention to call and pay such Bonds on a specified date, the same being described by maturity, such notice to be mailed by United States first class mail addressed to the Owners of the Bonds not less than 30 days prior to the date fixed for redemption. All Bonds so called for • redemption and payment shall cease to bear interest from the date for which such call is made, provided funds are available for the payment of such Bonds at the price specified above. The Bonds are being issued by means of a book-entry system with no physical distribution of bond certificates to be made except as provided in the Resolution. One Bond certificate with respect to each date on which the Bonds are stated to mature, registered in the nominee name of the Securities Depository, is being issued and required to be deposited with the Securities Depository and immobilized in its custody. The book-entry system will evidence positions held in the Bonds by the Securities Depository's participants, beneficial ownership of the Bonds in authorized denominations being evidenced in the records of such participants. Transfers of ownership shall be effected on the records of the Securities Depository and its participants pursuant to rules and procedures established by the Securities Depository and its participants. The City, the Bond Registrar and the Paying Agent will recognize the Securities Depository nominee, while the registered owner of this Bond, as the owner of this Bond for all purposes, including (i) payments of principal of, and redemption premium, if any, and 2 • .. • . .. .•• . . • • • • • • •• interest on, this Bond, (ii)notices and (iii) voting. Transfers of principal, interest and any redemption premium payments to eartictpants ath4Secucdies.Depository, and transfers of principal,interest and any redemption premium $aymepts try.beneficial lownirs of the Bonds by participants of the Securities Depository will be the YCspdnsibility ol'i•uch pattiCiliants and other nominees of such beneficial owners. The City, the Bond Registrar and the Paying Agent will not be responsible or liable for such transfers of payments or for maintaining,•Suptjeisipg•pr reviewing the records maintained by the Securities Depository, the Securities Depository $oniinee, its participants or persons acting through such participants. While the Securities Depository nominee is the owner of this Bond, notwithstanding the provision hereinabove contained, payments of principal of and interest on this.Bond shall be made in accordance with existing arrangements among the City, the Bond Registrar and the Securities Depository. EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION,THIS GLOBAL BOND MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES DEPOSITORY OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY. The Bonds are issued in fully registered form in the denomination of$5,000 or any integral multiple thereof. This Bond may be exchanged at the office of the Bond Registrar for a like aggregate principal amount of Bonds of the same maturity of other • • authorized denominations upon the terms provided in the Resolution. The City and the Bond Registrar may deem and treat the registered owner hereof as the absolute owner hereof for purposes of receiving payment of or on account of principal hereof and interest due hereon and for all other purposes and neither the City nor the Bond Registrar shall be affected by any notice to the contrary. This Bond is transferable by the registered owner hereof in person or by the registered owner's agent duly authorized in writing, at the office of the Bond Registrar,but only in the manner, subject to the limitations and upon payment of the charges provided in the Resolution and upon surrender and cancellation of this Bond. The City shall pay all costs incurred in connection with the issuance, payment and initial registration of the Bonds and the cost of a reasonable supply of bond blanks. The City and the Bond Registrar shall not be required to issue, register, transfer or exchange any Bonds during a period beginning on the day following the Record Date preceding any Interest Payment Date and ending at the close of business on the Interest Payment Date or Bonds which have been called for redemption in accordance with Article III of the Resolution. IT IS HEREBY DECLARED AND CERTIFIED that all acts, conditions, and things required to be done and to exist precedent to and in the issuance of this Bond have been properly done and performed and do exist in due and regular form and manner as required by the Constitution and laws of the state of Kansas, and that the total indebtedness of the City, including this series of bonds, does not exceed any constitutional or statutory limitation. This Bond shall not be valid or become obligatory for any purpose until the Certificate of Authentication and Registration hereon shall have been lawfully executed by the Bond Registrar. 3 •• • • •• •• ••• • • • IN WITNESS WHEREOF, the City has caused this Bond to be executed by the manual or facsimile signature of it/Mayor and attedted by the r3anual or facsimile signature of its City Clerk,and its corporate seal to be affnce4hiretoaoj imprinted herepn, and this Bond to be dated the Dated Date shown above. ••• • • •s• ••• ••• ••• •% •• ••• CITY OF SALINA,KANSAS •• • • tell Or 5, Warm I ..„ • Mayor ATTEST: nth/ Lieu Ann Nicola City Clerk CERTIFICATE OF AUTHENTICATION AND REGISTRATION This Bond is one of a series of General Obligation Internal Improvement Bonds, Series 2001-A, of the City of Salina, Kansas, described in the within-mentioned Resolution. Registration Date: JUL 2 6 2001 Office of the State Treasurer, Topeka,Kansas as Bond Registrar and Paying Agent By: any ,)q,d • Registration Number: 0322-085-071501-036 • 4 •• • . .• ' .•• . . • • • • • • 1 :BONI>ASAGNMENT • • • • •1• ••• ••• FOR VALUE RECEIVED, the undersigned do(es)hereby sell,assign and transfer to ••• •. •. •. • • •• . . • • •••' Name and Address) (Social Security or Taxpayer Identification No.) the Bond to which this assignment is affixed in the outstanding principal amount of$ standing in the name of the undersigned on the books of the Bond Registrar. The undersigned do(es) hereby irrevocably constitute and appoint as agent to transfer said Bond on the books of said Bond Registrar with full power of substitution in the premises. Dated • Name Social Security or Taxpayer Identification No. Signature (Sign here exactly as name(s) appear on the face of Certificate) Signature guarantee: By [Name of Eligible Guarantor Institution as defined by SEC Rule 17ad-15 (12CFR 240.17 Ad-15)or any similar rule which the Bond Registrar deems applicable] 5 .. • • •• •• ••• • • - • • •—• • • .•. •• •• .•• : :GERTIFICATE OF CITY CLERK • • • .I• ••• ••• STATE OF KANSAS ) COUNTY OF SALINE , ), • : .•• I, the undersigned, City Clerk of Salina, Kansas, hereby certify that the within Bond has been duly registered in my office according to law as of July 9, 2001. WITNESS my hand and official seal. et r « 6 111,+ `J/^ c r 4. e.a.¢• L �• I Lieu Ann Nicola City Clerk • CERTIFICATE OF STATE TREASURER OFFICE OF THE TREASURER, STATE OF KANSAS I, TIM SHALLENBURGER, Treasurer of the State of Kansas, do hereby certify that a transcript of the proceedings leading up to the issuance of this Bond has been filed in my office, and that this Bond was registered in my office according to law on JUL 2 6 2001 . WITNESS my hand and official seal. •;iin Axes„?..4,41.„.. (SEAL) Treasurer of the State of Kansas • 6 • • .. • . .. .. ... . . . • • • . . . .. • . . • . . • . -. • • . . . • • . . • •• ... . . . . ,,, ,,,,, L,$GALOPINION••I, the undersigned, City,dlerk}�f tht.ctty of Salina, Kansas, hereby certify that the following is a true and correct copy of the approving legal opinion of Gilmore & Bell, a Professional Corporation, Attorneys at Law, Kansas City, Missouri, on the within Bond and the series of which it is a part, except that it omits the date of such opinion; that the opinion was manually executed and was dated and issued as of the date of delivery of and payment for the Bonds and is on file in my/office. • By,/ >L 2?-' /l.+L Late, Lieu Ann Nicola City Clerk July 26, 2001 • Governing Body of the City of Salina, Kansas Salina, Kansas George K. Baum&Company • Kansas City, Missouri Re: $5,350,000 General Obligation Internal Improvement Bonds, Series 2001-A, of the City of Salina, Kansas, Dated July 15, 2001 We have acted as bond counsel in connection with the issuance by the City of Salina, Kansas (the "City") of the above-captioned bonds (the 'Bonds"). We have examined the law and such certified proceedings and other documents as we deem necessary to render this opinion. As to questions of fact material to our opinion, we have relied upon the certified proceedings and other certifications of public officials furnished to us without undertaking to verify the same by independent investigation. Based upon the foregoing, we are of the opinion, under existing law, as follows: 1. The Bonds are valid and legally binding general obligations of the City, payable as to both principal and interest in part from special assessments levied upon the property benefited by the construction of certain portions of the improvements being financed and, if not so paid, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The balance of the principal of and interest on the Bonds is payable from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. 7 • 4 • ■ • •• ••• • • • • • • • • •• 2. The iatreyCpn thg•$oyjis (inctdiyg any original issue discount properly allocable to an owner thereof) is excludectfiom roes income for federal income tax purposes and is not an item of tax• preference for purpose/of the federal akernatin otitis tax imposed on individuals and corporations. It should be noted, however, that for the purpose of computing the alternative minimum tax imposed on corporations (as defined for•Soderat•incorxe tax purposes), such interest is taken into account in determining adjusted current•cnings. ;I'hc opinions set forth in this paragraph are subject to the condition that the City comp?3c ith all reduirtments of the Internal Revenue Code of 1986, as amended (the "Code"), that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon be, or continue to be, excluded from gross income for federal income tax purposes. The City has covenanted to comply with each such requirement. Failure to comply with certain of such requirements may cause the inclusion of interest on the Bonds in gross income for federal income tax purposes retroactive to the date of issuance of the Bonds. The Bonds are "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code and, in the case of certain financial institutions (within the meaning of Section 265(b)(5) of the Code), a deduction is allowed for 80 percent of that portion of such financial institution's interest expense allocable to interest on the Bonds. We express no opinion regarding other federal tax consequences arising with respect to the Bonds. 3. The interest on the Bonds is exempt from Kansas income taxation. We have not been engaged or undertaken to review the accuracy, completeness or sufficiency of the Official Statement or other offering material relating to the Bonds (except to the extent, if any, stated in the Official Statement) and we express no opinion relating thereto (excepting only the matters set forth as our opinion in the Official Statement). It is to be understood that the rights of the owners of the Bonds and the enforceability thereof may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights heretofore or hereafter enacted to the extent applicable and their enforcement may be subject to the exercise of judicial discretion in appropriate cases. Very truly yours, GILMORE&BELL, P.C. 8 .. • •. EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION (DESCRIBED HER4INt,•:THIS: 4 .OBAI, $OND MAY BE TRANSFERRED, IN :WtIQLE BVJT1••��NOT 4N PART, ONLY TO ANOTHER NOMINF'_E OF TFUE J CURi'TIQS DEPOSITORY (DESCRIBED HEREIN) OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO .4••Nt71/1•NEP, OF A SUCCESSOR SECURITIES DEPOSITORf.•• 2 • • • • • •• •• REGISTERED REGISTERED NUMBER S 355,000 R-15 UNITED STATES OF AMERICA STATE OF KANSAS COUNTY OF SALINE CCITY_OF_SALINAJ GENERAL OBLIGATION INTERNAL IMPROVEMENT BOND SERIES 2001-A Interest Maturity -II Dated CUSIP: Rate: 4.900% Date: October 1, 2016 Date: July 15, 2001 794743 YA6 REGISTERED OWNER: CEDE &CO. CO O PRINCIPAL AMOUNT: THREE HUNDRED FIFTY-FIVE THOUSAND DOLLARS Z p KNOW ALL PERSONS BY THESE PRESENTS: That the City of Salina, in the County of Saline, State of Kansas (the "City"), for value received, hereby acknowledges itself to be indebted and promises to pay to the registered owner identified above, or registered assigns, as of the Record Dates as 0 hereinafter provided on the Maturity Date identified above, the Principal Amount identified above, and in 0 like manner to pay interest on such Principal Amount from the Dated Date shown above or from the most recent interest payment date to which interest has been paid or duly provided for at the rate of interest per 171E annum set forth above (computed on the basis of a 360-day year of twelve 30-day months), semiannually ' on April 1 and October I of each year, commencing April I, 2002 (the "Interest Payment Dates"), until 53 0 I the Principal Amount is paid, unless this Bond shall have been previously called for redemption and 2.1 1 payment as hereinafter set forth. mZ The principal of, premium, if any, and interest on this Bond shall be payable by the Treasurer of n the state of Kansas,Topeka, Kansas (the "Paying Agent" and "Bond Registrar"). The principal of and any C premium on this Bond shall be payable to the registered owner hereof upon presentation of this Bond at 37 the maturity or redemption date to the Paying Agent for payment and cancellation. The interest payable ! on this Bond on any interest payment date shall be paid to the person in whose name this Bond is '‹ • registered on the Bond Register at the close of business on the fifteenth day of the month preceding the CO interest payment date (the "Record Date") for such interest (a) by check or draft mailed by the Paying 0 Agent to such Registered Owner at the address shown on the Bond Register or at such other address as is Z furnished to the Paying Agent in writing by such Registered Owner or (b) in the case of an interest Q ! payment to any Registered Owner of $500,000 or more in aggregate principal amount of Bonds, by UssIoari-11 saxtifiCete Is presenteatr it es d rep rsantrolve n!'IWs tra+:oa4tu ) Truth Cam pa v n nb W dim-c' et,`York. New (" rnyistr' .._ • .... •.,a? •,p '-e :ai..v.; • .1 c:,'.111. P _ •• • . .. .• ... . . . • • • • •• electronic transfer to such Registered Owner upon written notice given to the Paying Agent by such Registered Owner not less than 15 days prior.teethe.i2ecorct DatV for such interest, containing the electronic transfer instructions includirQg tte;bant ;which°shall bd., in the continental United States), address, ABA routing number and account number tb Wti1 h sttitRegtstered Owner wishes to have such transfer directed. The principal, premium, if any, and interest on the Bonds shall be payable in any coin or currency which, on the respective dates of paYffleflt retepfpi:s legal tender for the payment of debts due the United States of America. The Bonds constitute ienesal obligations of the City payable as to both principal and interest in part from special.2ssessments°lr✓ied upon the property benefited by the construction of certain portions of the improvements being financed and, if not so paid, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The balance of the principal and interest on the Bonds shall be payable from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The full faith, credit and resources of the City are irrevocably pledged for the payment of the principal of and interest on this Bond and the issue of which it is a part as the same respectively become due. This Bond is one of an authorized series of Bonds of the City designated "General Obligation Internal Improvement Bonds, Series 2001-A," in an aggregate principal amount of $5,350,000 (the "Bonds") issued for the purposes set forth in the Ordinance of the City authorizing the issuance of the Bonds and the Resolution of the City prescribing the form and details of the Bonds (jointly, the "Resolution"). The Bonds are issued by the authority of and in full compliance with the provisions, restrictions and limitations of the Constitution and laws of the state of Kansas, including, without limitation, K.S.A. 10-101 et seq., K.S.A. 12-6a01 et seq. and K.S.A. 12-685 et seq., all as amended. At the option of the City, Bonds maturing on October 1, 2012, and thereafter may be called for redemption and payment prior to maturity on October 1, 2011 and thereafter, in whole at any time or in part on any interest payment date in such principal amounts for such maturities as shall be determined by the City at the redemption price of 100% (expressed as a percentage of the principal amount), plus accrued interest thereon to the date of redemption. Unless waived by any owner of the Bonds to be redeemed, if the City elects to call any Bonds for redemption and payment prior to maturity, the City or the Bond Registrar and Paying Agent on behalf of the City shall give written notice of its intention to call and pay such Bonds on a specified date, the same being described by maturity, such notice to be mailed by United States first class mail addressed to the Owners of the Bonds not less than 30 days prior to the date fixed for redemption. All Bonds so called for redemption and payment shall cease to bear interest from the date for which such call is made, provided funds are available for the payment of such Bonds at the price specified above. The Bonds are being issued by means of a book-entry system with no physical distribution of bond certificates to be made except as provided in the Resolution. One Bond certificate with respect to each date on which the Bonds are stated to mature, registered in the nominee name of the Securities Depository, is being issued and required to be deposited with the Securities Depository and immobilized in its custody. The book-entry system will evidence positions held in the Bonds by the Securities Depository's participants, beneficial ownership of the Bonds in authorized denominations being evidenced in the records of such participants. Transfers of ownership shall be effected on the records of the Securities Depository and its participants pursuant to rules and procedures established by the Securities Depository and its participants. The City, the Bond Registrar and the Paying Agent will recognize the Securities Depository nominee, while the registered owner of this Bond, as the owner of this Bond for all purposes, including (i) payments of principal of, and redemption premium, if any, and 2 •• • . 0 •• ... . . . • • • • .• interest on, this Bond, (ii)notices and (iii)voting. Transfers of principal, interest and any redemption premium payments to participants of the Seotinties illapas'itory,.abd transfers of principal, interest and any redemption premium payments to bentficiat ow¢eis of die $ondi by participants of the Securities • Depository will be the responsibility oP such'partici$ants'9nd Ottfr'rtOminees of such beneficial owners. The City, the Bond Registrar and the Paying Agent will not be responsible or liable for such transfers of payments or for maintaining, supervising orl'ett$oitig,'ttic records maintained by the Securities Depository, the Securities Depository nominee, ite participants or persons acting through such participants. While the Securities Depositoryltominee is*the owner of this Bond, notwithstanding the provision hereinabove contained, payments of principal of and interest on this Bond shall be made in accordance with existing arrangements among the City, the Bond Registrar and the Securities Depository. EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION, THIS GLOBAL BOND MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES DEPOSITORY OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY. The Bonds are issued in fully registered form in the denomination of$5,000 or any integral multiple thereof. This Bond may be exchanged at the office of the Bond Registrar for a like aggregate principal amount of Bonds of the same maturity of other authorized denominations upon the terms provided in the Resolution. The City and the Bond Registrar may deem and treat the registered owner hereof as the absolute owner hereof for purposes of receiving payment of or on account of principal hereof and interest due hereon and for all other purposes and neither the City nor the Bond Registrar shall be affected by any notice to the contrary. This Bond is transferable by the registered owner hereof in person or by the registered owner's agent duly authorized in writing, at the office of the Bond Registrar,but only in the manner, subject to the limitations and upon payment of the charges provided in the Resolution and upon surrender and cancellation of this Bond. The City shall pay all costs incurred in connection with the issuance, payment and initial registration of the Bonds and the cost of a reasonable supply of bond blanks. The City and the Bond Registrar shall not be required to issue, register, transfer or exchange any Bonds during a period beginning on the day following the Record Date preceding any Interest Payment Date and ending at the close of business on the Interest Payment Date or Bonds which have been called for redemption in accordance with Article III of the Resolution. IT IS HEREBY DECLARED AND CERTIFIED that all acts, conditions, and things required to be done and to exist precedent to and in the issuance of this Bond have been properly done and performed and do exist in due and regular form and manner as required by the Constitution and laws of the state of Kansas, and that the total indebtedness of the City, including this series of bonds, does not exceed any constitutional or statutory limitation. This Bond shall not be valid or become obligatory for any purpose until the Certificate of Authentication and Registration hereon shall have been lawfully executed by the Bond Registrar. 3 •• • • •• •• ••• • • • • • . . . .. IN WITNESS WHEREOF, the City Jras caused this Bond to be executed by the manual or facsimile signature of its Mayor and attegfkd Ilylhe rCa0u2tor factimi1g signature of its City Clerk, and its corporate seal to be affixed hereto or imj-inted:hereo fA and this.Bond:to be dated the Dated Date shown above. • ' • CTU•YOF SALINA,KANSAS • on•r•. • • • :• •un - (o Mayor ATTEST: „ , uIet,I, llikiLl((',`P.: Lieu Ann Nicola City Clerk CERTIFICATE OF AUTHENTICATION AND REGISTRATION This Bond is one of a series of General Obligation Internal Improvement Bonds, Series 2001-A, of the City of Salina,Kansas, described in the within-mentioned Resolution. Registration Date: dill 2 6 SI Office of the State Treasurer, Topeka, Kansas as Bond Registrar and Paying Agent BY: Registration Number: 0322-085-071501-036 4 .. • . .. .. ... . . . • • • . •. . • •• ••• • • 3ONO AS$I3N$4E 4T ... . • ••. • • • • FOR VALUE RECEIVED, the undersigned do(es) hereby sell,assign and transfer to .•. • .• • •• • • • (Nante and Address) (Social Security or Taxpayer Identification No.) the Bond to which this assignment is affixed in the outstanding principal amount of$ standing in the name of the undersigned on the books of the Bond Registrar. The undersigned do(es) hereby irrevocably constitute and appoint as agent to transfer said Bond on the books of said Bond Registrar with full power of substitution in the premises. Dated Name Social Security or Taxpayer Identification No. Signature (Sign here exactly as name(s) appear on the face of Certificate) Signature guarantee: By [Name of Eligible Guarantor Institution as defined by SEC Rule 17ad-15 (12CFR 240.17 Ad-15) or any similar rule which the Bond Registrar deems applicable] 5 . •• • • •• •• ••• • • • • • • • • •• ._. .—. .. . . .• .•• CEIIIIFtATE OF CITY CLERK: STATE OF KANSAS ••• •s •• •• ) SS. • • •• • •• COUNTY OF SALINE ) • • • •• I, the undersigned, City Clerk of Salina, Kansas, hereby certify that the within Bond has been duly registered in my office according to law as of July 9, 2001. • WITNESS my hand and official seal. •1 ' 'it l ,t cett�i� •.. s unl 5 Lieu Ann Nicola City Clerk CERTIFICATE OF STATE TREASURER OFFICE OF THE TREASURER, STATE OF KANSAS I, TIM SHALLENBURGER, Treasurer of the State of Kansas, do hereby certify that a transcript of the proceedings leading up to the issuance of this Bond has been filed in my office, and that this Bond was registered in my office according to law on JUL 2 6 2001. WITNESS my hand and official seal. (SEAL) i Treasurer of the State of Kansas 6 .. • . .. .. ••• • • •• • . . • . . • ▪ . •• LEGAl.Q1 Ol j• . .. .• • . I, the undersigned, City Clerk of the Cttyef Salina,k irtsas, hereby certify that the following is a true and correct copy of the approving legal opinion of Gilmore & Bell, a Professional Corporation, Attorneys at Law, Kansas City, Missouri, on the within Bond and the series of which it is a part, except that it omits the date of such opinion; that the opinion was manually executed and was dated and issued as of the date of delivery of and payment for the Bonds and is on file in my office. By/ 1LC?L '( 4L 1 t,„1hip, Lieu Ann Nicola City Clerk • July 26, 2001 Governing Body of the City of Salina, Kansas Salina, Kansas George K. Baum &Company Kansas City, Missouri Re: $5,350,000 General Obligation Internal Improvement Bonds, Series 2001-A, of the City of Salina, Kansas, Dated July 15, 2001 We have acted as bond counsel in connection with the issuance by the City of Salina, Kansas (the "City") of the above-captioned bonds (the "Bonds"). We have examined the law and such certified proceedings and other documents as s'e deem necessary to render this opinion. As to questions of fact material to our opinion, we have relied upon the certified proceedings and other certifications of public officials furnished to us without undertaking to verify the same by independent investigation. Based upon the foregoing, we are of the opinion, under existing law, as follows: 1. The Bonds are valid and legally binding general obligations of the City, payable as to both principal and interest in part from special assessments levied upon the property benefited by the construction of certain portions of the improvements being financed and, if not so paid, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The balance of the principal of and interest on the Bonds is payable from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. 7 . . •. • • .• •• ••• • • • • 2. The interest on the Boa4s (trcaudir ►yni;origir l isgte discount properly allocable to an owner thereof) is excluded from gross ipco¢le,for 'ecJera ineonfe tag purposes and is not an item of tax preference for purposes of the federal alternative mitumt tax•rnapesad on individuals and corporations. It should be noted, however, that for the purpose of computing the alternative minimum tax imposed on corporations (as defined for federal incomes•tex •p>:rpose c),• such interest is taken into account in determining adjusted current earnings. The titynior=s se= forth in this paragraph are subject to the condition that the City comply with all requirements df theIryttrnal Revenue Code of 1986, as amended (the "Code"), that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon be, or continue to be, excluded from gross income for federal income tax purposes. The City has covenanted to comply with each such requirement. Failure to comply with certain of such requirements may cause the inclusion of interest on the Bonds in gross income for federal income tax purposes retroactive to the date of issuance of the Bonds. The Bonds are "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code and, in the case of certain financial institutions (within the meaning of Section 265(b)(5) of the Code), a deduction is allowed for 80 percent of that portion of such financial institution's interest expense allocable to interest on the Bonds. We express no opinion regarding other federal tax consequences arising with respect to the Bonds. 3. The interest on the Bonds is exempt from Kansas income taxation. We have not been engaged or undertaken to review the accuracy, completeness or sufficiency of the Official Statement or other offering material relating to the Bonds (except to the extent, if any, stated in the Official Statement) and we express no opinion relating thereto (excepting only the matters set forth as our opinion in the Official Statement). It is to be understood that the rights of the owners of the Bonds and the enforceability thereof may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights heretofore or hereafter enacted to the extent applicable and their enforcement may be subject to the exercise of judicial discretion in appropriate cases. Very truly yours, GILMORE& BELL, P.C. • 8 J I it RUN DATE 10/05/2010 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322071501036-SALINA CITY OF SALINA GENERAL OBLIGATION INTERNAL . IMPROVEMENT BONDS SERIES 2001-A BI # 0322071501036 FROM 09/01/2010 TO 09/30/2010 Date Interest Principal 09/01/2010 BEGINNING BALANCE RECEIPTS 10/01/2010 57,909.38 355,000.00 DISBURSEMENTS CO-AGENTS CALLS MATURITIES COUPON PAYMENTS REGISTERED INTEREST PRINCIPAL PAYDOWNS OFFSETS 09/30/2010 ENDING BALANCE 57,909.38 355,000.00 ***THIS IS NOT A BILLING STATEMENT*** RUN DATE 09/05/2012 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 5349110101161-SALINA AIRPORT SALINA AIRPORT AUTHORITY TAXABLE GENERAL OBLIGATION IMPROVEMENT BOND SERIES 2001-A BI # 5349110101161 FROM 08/01/2012 TO 08/31/2012 Date Interest Principal 08/01/2012 BEGINNING BALANCE RECEIPTS 09/01/2012 4,900.00 175,000.00 DISBURSEMENTS CO-AGENTS CALLS MATURITIES COUPON PAYMENTS REGISTERED INTEREST PRINCIPAL PAYDOWNS OFFSETS 08/31/2012 ENDING BALANCE 4,900.00 175,000.00 • ***THIS IS NOT A BILLING STATEMENT***