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Statements RUN DATE 03/02/2010 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322050104300-SALINA CITY OF SALINA • GENERAL OBLIGATION REFUNDING BONDS SERIES 2004-A BI # 0322050104300 FROM 02/01/2010 TO 02/28/2010 Date Interest Principal 02/01/2010 BEGINNING BALANCE 37,727.50 RECEIPTS DISBURSEMENTS CO-AGENTS CALLS MATURITIES COUPON PAYMENTS REGISTERED INTEREST 37,727.50- PRINCIPAL PAYDOWNS OFFSETS 02010 ENDING BALANCE ***THIS IS NOT A BILLING STATEMENT*** • RUN DATE 08/04/2010 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322050104300-SALINA CITY OF SALINA • GENERAL OBLIGATION REFUNDING BONDS SERIES 2004-A BI # 0322050104300 FROM 07/01/2010 TO 07/31/2010 Date Interest Principal 07/01/2010 BEGINNING BALANCE RECEIPTS 08/01/2010 37,727.50 640,000.00 DISBURSEMENTS CO-AGENTS CALLS MATURITIES COUPON PAYMENTS REGISTERED INTEREST PRINCIPAL PAYDOWNS OFFSETS 07010 ENDING BALANCE 37,727.50 640,000.00 ***THIS IS NOT A BILLING STATEMENT*** • RUN DATE 09/03/2010 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322050104300-SALINA CITY OF SAUNA • GENERAL OBLIGATION REFUNDING BONDS SERIES 2004-A BI # 0322050104300 FROM 08/01/2010 TO 08/31/2010 Date Interest Principal 08/01/2010 BEGINNING BALANCE 37,727.50 640,000.00 RECEIPTS DISBURSEMENTS CO-AGENTS CALLS MATURITIES 640,000.00- COUPON PAYMENTS REGISTERED INTEREST 37,727.50- PRINCIPAL PAYDOWNS OFFSETS 081,010 ENDING BALANCE ***THIS IS NOT A BILLING STATEMENT*** • •• • • •• •• ••• • • • • • • I • •• EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION (DESCRIBED • HEREIN), THIS GLOBAL BOND MAY BE TRANSFERJ+ED.,1N WH•OJ;E BU1F ••• NOT IN PART, ONLY TO ANOTHER NOMINEE ©F; TILE' $F. URITIE$ ; ; DEPOSITORY (DESCRIBED HEREIN) OR TO A SUCCESSOR S'ItUIITIW . ••• DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY. • ••• : ■•• • •• • REGISTERED •„• REGISTERED NUMBER R-7 $640,000.00 UNITED STATES OF AMERICA STATE OF KANSAS COUNTY OF SALINE CITY OF SALINA GENERAL OBLIGATION REFUNDING BOND SERIES 2004-A Interest Maturity Dated CUSP: Rate: 3.100% Date: August 1, 2010 Date: May 1, 2004 794743 A79 REGISTERED OWNER: CEDE&CO. PRINCIPAL AMOUNT: SIX HUNDRED FORTY THOUSAND DOLLARS KNOW ALL PERSONS BY THESE PRESENTS: That the City of Salina, in the County of m • Saline, State of Kansas (the "City"), for value received, hereby acknowledges itself to be indebted and m promises to pay to the registered owner identified above, or registered assigns, as of the Record Dates as p 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 03 recent interest payment date to which interest has been paid or duly provided for at the rate of interest per 0 annum set forth above (computed on the basis of a 360-day year of twelve 30-day months), semiannually 0 on February 1 and August 1 of each year, commencing August 1, 2004 (the "Interest Payment Dates"), X until the Principal Amount is paid, unless this Bond shall have been previously called for redemption and m E payment as hereinafter set forth. Z -0 The principal of, premium, if any, and interest on this Bond shall be payable by the Treasurer of 53 73, the state of Kansas,Topeka, Kansas (the "Paying Agent" and "Bond Registrar"). The principal of and any n premium on this Bond shall be payable to the registered owner hereof upon presentation of this Bond at m Z the maturity or redemption date to the Paying Agent for payment and cancellation. The interest payable (') 4 on this Bond on any interest payment date shall be paid to the person in whose name this Bond is C registered on the Bond Register at the close of business on the fifteenth day of the month preceding the 33 interest payment date (the "Record Date") for such interest (a) by check or draft mailed by the Paying —I 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 a electronic transfer to such Registered Owner upon written notice given to the Paying Agent by such Z Registered Owner not less than 15 days prior to the Record Date for such interest, containing the To 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 rT • .. • • •• •• ••• • • • • • • • •• 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 Cit}ypayable a.•to both principal and interest in part from special assessments levied upoi tue.propegtjt bepefrted•by the construction of certain portions of the improvements being financed and.ft dvf so IAA Ain ad.hald'reM 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 pripcipaJA4intpjest on the Bonds shall be payable from ad valorem taxes which may be levied withou64imita&on As to rate or amount upon all the taxable tangible property, real and personal, within the tetq(orial pmitsp,f•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 Refunding Bonds, Series 2004-A," in an aggregate principal amount of$5,585,000 (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. and K.S.A. 10-427 et seq., all as amended. At the option of the City, Bonds maturing on August 1, 2015, and thereafter may be called for redemption and payment prior to maturity on August 1, 2014 and thereafter, in whole or in part at any time, 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 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 -2- •• • • •• :• ••• • • • • payments or for maintaining, supervising or reviewing the records maintained by the Securities Depository, the Securities Depository nominee, its participants or••persons aetinn throuh •ugh participants. While the Securities Depository nominee is the owner Of Yhy•$drill, GotstithStanjling the provision hereinabove contained, payments of principal of and interest on ibis Bond si 11 b©txaoo•in accordance with existing arrangements among the City, the Bond Registrar and the Securities Depository. ••• •.••. EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION, THIS•GLOIAL33OflD MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTI'IF•R NUMII' •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 in excess 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 to1r ekecutedbyahe mahual•or facsimile signature of its Mayor and attested by the manual or facsimile eiinalure of ttsO itj$ Cferktani its corporate seal to be affixed hereto or imprinted hereon, and this Bond tote dated the Del d DafeShoitm above. ••• •. •• •• • • l'cz���SY OFgy CITY OF SAUNA, KANSAS f o I loo G51 y /C N ayor ATTEST: By Veil City Clerk U CERTIFICATE OF AUTHENTICATION AND REGISTRATION This Bond is one of a series of General Obligation Refunding Bonds, Series 2004-A, of the City of Salina, Kansas, described in the within-mentioned Resolution. • Registration Date: MAY 0 4 20M Office of the State Treasurer, Topeka, Kansas as Bond Registrar and Paying Agent By: et,./ta Registration Number: 0322-085-050104-300 • -4- .. • . .. .. •.. • • • • . . • •• •. . •• • • • BOND ASSIGNMENT •.� .i. . . '.• FOR VALUE RECEIVED, the undersigned do(es) hereby sell, assign andtraucror 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- S. • •• ••• : •• • • •• •• ••• . . • • • • • •• • • . • • ••• • • •• • •• • •• • • • • ••• • • • ••• • • ••• ••• • LEGAL OPINION ••• ••••• •• • • • •. • • • • • I, the undersigned, City Clerk of the City of Salina, Kansas, hereby ce}1.4y tha:the fol4ciwing 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 / City Clerk Governing Body of the City of Salina, Kansas Salina, Kansas George K. Baum& Company • Kansas City, Missouri MBIA Insurance Corporation Armonk, New York Re: $5,585,000 General Obligation Refunding Bonds, Series 2004-A, of the City of Salina, Kansas, Dated May 1, 2004 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 preperly allocable W_an owner thereof) is excluded from gross income for federal income tax:purposes . and rs nejt aii item pf ax preference for purposes of the federal alternative minimum tax imposed on1 tdividu2ls.i td coq erations. 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 j§,,talcgp;jntq,account in determining adjusted current earnings. The opinions set forth in this paragraph are Subfect to the condition that the City comply with all requirements of the Internal Revenue•Coae of 1984.a5 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(6)(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, -8- • •• • • •• S. ••• • • • • • • • • •• • As used herein, the term "owner" shall mean the registered ow nee- of any Ob3igatiot as.•. indicated in the books maintained by the Paying Agent, the Issuer, or Ili dgsignee;otth�Isst erro, j such purpose. The term owner shall not include the Issuer or any parf%tvlfost agfeelndtwithf)ae'•' Issuer constitutes the underlying security for the Obligations. ••• ••••• •• Any service of process on the Insurer may be made to the Insurer of ito offices lotat&d at 113 King Street, Armonk, New York 10504 and such service of process shall be veilid and blyAg. This policy is non-cancellable for any reason. The premium on this policy is not refundable for any reason including the payment prior to maturity of the Obligations. MBIA INSURANCE CORPORATION • • • -10- RUN DATE 03/02/2011 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322050104300-SALINA • CITY OF SALINA GENERAL OBLIGATION REFUNDING BONDS SERIES 2004-A BI # 0322050104300 FROM 02/01/2011 TO 02/28/2011 Date Interest Principal 02/01/2011 BEGINNING BALANCE 27,807.50 RECEIPTS DISBURSEMENTS CO-AGENTS CALLS MATURITIES COUPON PAYMENTS REGISTERED INTEREST 27,807-50- PRINCIPAL PAYDOWNS OFFSETS 02/28/2011 ENDING BALANCE ***THIS IS NOT A BILLING STATEMENT*** • • RUN DATE 08/03/2011 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322050104300-SALINA CITY OF SALINA GENERAL OBLIGATION REFUNDING BONDS SERIES 2004-A BI # 0322050104300 FROM 07/01/2011 TO 07/31/2011 Date Interest Principal 07/01/2011 BEGINNING BALANCE RECEIPTS 08/01/2011 27,807.50 415,000.00 DISBURSEMENTS CO-AGENTS CALLS MATURITIES COUPON PAYMENTS REGISTERED INTEREST PRINCIPAL PAYDOWNS OFFSETS 07/31/2011 ENDING BALANCE 27,807.50 415,000.00 ***THIS IS NOT A BILLING STATEMENT*** RUN DATE 09/02/2011 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322050104300-SALINA CITY OF SALINA GENERAL OBLIGATION REFUNDING BONDS SERIES 2004-A BI # 0322050104300 FROM 08/01/2011 TO 08/31/2011 Date Interest Principal 08/01/2011 BEGINNING BALANCE 27,807.50 415,000-00 RECEIPTS DISBURSEMENTS CO-AGENTS CALLS MATURITIES 415,000.00- COUPON PAYMENTS REGISTERED INTEREST 27,807.50- PRINCIPAL PAYDOWNS OFFSETS 08/31/2011 ENDING BALANCE ***THIS IS NOT A BILLING STATEMENT*** • 300 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 REGIST:JRED NUMBER R-8 $4155900.00 UNITED STATES OF AMERICA STATE OF KANSAS •• . • •,•• COUNTY OF SALINE ••••• (_CITY OF SALINA GENERAL OBLIGATION REFUNDING BOND • ,t."'" SERIES 2004-A : • • Interest Maturity Dated CUSIP:• Rate: 3.250% Date: August 1, 2011 Date: May 1, 2004 794743:187" REGISTERED OWNER: CEDE&CO. PRINCIPAL AMOUNT: FOUR HUNDRED FIFTEEN 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 m z recent interest payment date to which interest has been paid or duly provided for at the rate of interest per �9 C annum set forth above (computed on the basis of a 360-day year of twelve 30-day months), semiannually on February 1 and August 1 of each year, commencing August 1, 2004 (the "Interest Payment Dates"), until the Principal Amount is paid, unless this Bond shall have been previously called for redemption and O payment as hereinafter set forth. The principal of, premium, if any, and interest on this Bond shall be payable by the Treasurer of m g the state of Kansas,Topeka, Kansas (the "Paying Agent" and "Bond Registrar"). The principal of and any Z -0 premium on this Bond shall be payable to the registered owner hereof upon presentation of this Bond at 3 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 N D registered on the Bond Register at the close of business on the fifteenth day of the month preceding the m Z interest payment date (the "Record Date") for such interest (a) by check or draft mailed by the Paying () —I Agent to such Registered Owner at the address shown on the Bond Register or at such other address as is C 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 $500,000 or more in aggregate principal amount of Bonds, by "I electronic transfer to such Registered Owner upon written notice given to the Paying Agent by such Registered Owner not less than 15 days prior to the Record Date for such interest, containing the W electronic transfer instructions including the bank (which shall be in the continental United States), 0 address,ABA routing number and account number to which such Registered Owner wishes to have such Z transfer directed. The principal, premium, if any, and interest on the Bonds shall be payable in any coin C payments or for maintaining, supervising or reviewing the records maintained by the Securities Depository, the Securities Depository nominee, its participants or persons acting through such participants. While the Securities Depository nominee is the owner of this Bond, notwithstanding the provision hereinabove contained, payments of principal of and interest on this Bond shall be made in accordance with existing arrangements among the City, the Bond Registrar and the Securities Depository. EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION, THIS GLOBAL BONI;,MAY BE TRANSFERRED, IN WFIOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE CC.T.HE SECURITIES DEPOSITORY OR TO A SUCCESSOR SECURITIES DEPOSITORY O$•TQ,A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY. The Bonds are issuea i;i fully registered form in the denomination of$5,000 or any integral multiple thereof in excess thereof•'fhis Bond max be exchanged at the office of the Bond Registrar for a like aggregate principal amount of Borjds of Tir, the • 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 laereofas the absolute ••••• owner hereof for purposes of receiving payment of or on account of principal hereof'and intirastidue 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. • czv OF s CITY OF SAUNA, KANSAS ••••• Sof 10.p eke LE) !� ����_ :ff;f: ATTEST: .....! ••••• • . • • • By C • City Clerk • • CERTIFICATE OF AUTHENTICATION AND REGISTRATION This Bond is one of a series of General Obligation Refunding Bonds, Series 2004-A, of the City of Salina, Kansas, described in the within-mentioned Resolution. Registration Date: MAY 0 4 2004 Office of the State Treasurer, Topeka, Kansas as Bond Registrar and Paying Agent BY: Callie �h/Q/rtnco Registration Number: 0322-085-050104-300 • • • -4- 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 bf $ : • •••••• standing in the name of the undersigned on the books of the Bond Registrar. The unifersigncd.do;os) hereby irrevocably constitute and appoint as agent to transfer said$ond on the books of said Bond Registrar with full power of substitution in the premises. : 'Dated Name Social Security or Taxpayer Identification No. Signature (Sign here exactly as name(s) appear on the face of Certificate) Signature guarantee: By [Name of Eligible Guarantor Institution as defined by SEC Rule 17ad-15 (12CFR 240.17 Ad-15) or any similar rule which the Bond Registrar deems applicable] -5- CERTIFICATE OF CITY CLERK STATE OF KANSAS ) SS. •••• COUNTY OF SALINE ) •••••• •• • • • • I, the undersigned, City Clerk of Salina, Kansas, hereby certify that the withie Bond has . een duly registered in my office according to law as of May 1, 2004. •••• • • WITNESS my hand and official seal. • ;moo ZvoF" • J 4Voaa ntfO'�•f (/J�'� LL i 1870 City Clerk • y s _,!�ys CERTIFICATE OF STATE TREASURER OFFICE OF THE TREASURER, STATE OF KANSAS I, LYNN JENKINS, Treasurer of the State of Kansas, do hereby certify that a transcript of the proceedings leading up to the issuance of this Bond has been filed in my office, and that this Bond was registered in my office according to law on MAY 0 4 net WITNESS my hand and official seal. (Seal) 4 . Treasurer of the State of Kansas -6- LEGAL OPINION I, the undersigned, City Clerk of the City of Salina, Kansas, hereby certify that the followieg•is a true and correct copy of the approving legal opinion of Gilmore & Bell, a Professional Corgbfatlon, Attorneys at Law, Kansas City, Missouri, on the within Bond and the series of which it i$ a part, e?cept • that it omits the date of such opinion; that the opinion was manually executed and was datetl and isSlleil as •• of the date of delivery of and payment for the Bonds and is on file in my office. . • • • • By / %, • '.. • City Clerk • • Governing Body of the City of Salina, Kansas Salina, Kansas George K. Baum& Company Kansas City, Missouri • MBIA Insurance Corporation Armonk, New York Re: 55,585,000 General Obligation Refunding Bonds, Series 2004-A, of the City of Salina, Kansas, Dated May 1, 2004 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 jp.the condition that the City comply with all requirements of the Internal Revenue Code of 1986, as anaetxfed (the "Code"), that must be satisfied subsequent to the issuance of the Bonds in order that interestthereon be, or continue to be, excluded from gross income for federal income tax purpd'seC• The eityhas covenanted to comply with each such requirement. Failure to comply with certain'of•suoi requirements • .... may cause the inclusion of interest on the Bonds in gross income for federal income tax'pirposes retroactive to the date of issuance of the Bonds. The Bonds are "qualified tax-ex8ft f['abligatjons'; for purposes of Section 265(6)(3) of the Code and, in the case of certain financial institutions (vvitfirelhe meaning of Section 265(b)(5) of the Code), a deduction is allowed for 80 percent if that portion of such • • financial institution's interest expense allocable to interest on the Bonds. We ekptess nQ.apijyon • 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, -8- STATEMENT OF INSURANCE MBIA Insurance Corporation (the "Insurer") has issued a policy containing the following provisions, such policy being on file at the STATE TREASURER OF KANSAS, TOPEKA,. KANSAS. •••••. •. ••• • The Insurer, in consideration of the payment of the premium and subject &o the.terms dr • this policy, hereby unconditionally and irrevocably guarantees to any owner, as hereirrefterdefined, •• ..••• of the following described obligations, the full and complete payment required to be made;by or On • behalf of the Issuer to the STATE TREASURER OF KANSAS or its successoc•(the:"Paying • Agent") of an amount equal to (i) the principal of (either at the stated maturity.qr by any advancement of maturity pursuant to a mandatory sinking fund payment) and iTtterest on, the • •••••• Obligations (as that term is defined below) as such payments shall become due but s1tat.not paid (except that in the event of any acceleration of the due date of such principal by reason:of mandatory or optional redemption or acceleration resulting from default or otherwise, other t138R••• any advancement of maturity pursuant to a mandatory sinking fund payment, the payments guaranteed hereby shall be made in such amounts and at such times as such payments of principal would have been due had there not been any such acceleration); and (ii) the reimbursement of any such payment which is subsequently recovered from any owner pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes an avoidable preference to such owner within the meaning of any applicable bankruptcy law. The amounts referred to in clauses (i) and (ii) of the preceding sentence shall be referred to herein collectively as the "Insured Amounts." "Obligations" shall mean: $5,585,000 CITY OF SALINA, KANSAS GENERAL OBLIGATION REFUNDING BONDS SERIES 2004-A Upon receipt of telephonic or telegraphic notice, such notice subsequently confirmed in writing by registered or certified mail, or upon receipt of written notice by registered or certified mail, by the Insurer from the Paying Agent or any owner of an Obligation the payment of an Insured Amount for which is then due, that such required payment has not been made, the Insurer on the due date of such payment or within one business day after receipt of notice of such nonpayment, whichever is later, will make a deposit of funds, in an account with U.S. Bank Trust National Association, in New York, New York, or its successor, sufficient for the payment of any such Insured Amounts which are then due. Upon presentment and surrender of such Obligations or presentment of such other proof of ownership of the Obligations, together with any appropriate instruments of assignment to evidence the assignment of the Insured Amounts due on the Obligations as are paid by the Insurer, and appropriate instruments to effect the appointment of the Insurer as agent for such owners of the Obligations in any legal proceeding related to payment of Insured Amounts on the Obligations, such instruments being in a form satisfactory to U.S. Bank Trust National Association, U.S. Bank Trust National Association shall disburse to such owners or the Paying Agent payment of the Insured Amounts due on such Obligations, less any amount held by the Paying Agent for the payment of such Insured Amounts and legally available therefor. This policy does not insure against loss of any prepayment premium which may at any time be payable with respect to any Obligation. -9- As used herein, the term "owner" shall mean the registered owner of any Obligation as indicated in the books maintained by the Paying Agent, the Issuer, or any designee of the Issuer for such purpose. The term owner shall not include the Issuer or any party whose agreement with the Issuer constitutes the underlying security for the Obligations. Any service of process on the Insurer may be made to the Insurer at its offices located at 4,, 113 King Street, Armonk, New York 10504 and such service of process shall be valid and binding.•••• •• • • • • This policy is non-cancellable for any reason. The premium on thi:1)(11 ay is nMM • refundable for any reason including the payment prior to maturity of the Obligations.•• • •. • MBIA INSURANCE CORVOt(%TION • • •••• • • • • •••• • • • -10- RUN DATE 02/06/2012 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322050104300-SALINA CITY OF SALINA GENERAL OBLIGATION REFUNDING BONDS SERIES 2004-A 81 # 0322050104300 FROM 01/01/2012 TO 01/31/2012 Date Interest Principal 01/01/2012. BEGINNING BALANCE RECEIPTS 02/01/2012 21,063.75 DISBURSEMENTS CO-AGENTS CALLS MATURITIES COUPON PAYMENTS REGISTERED INTEREST PRINCIPAL PAYDOWNS OFFSETS 01/31/2012 ENDING BALANCE 21,063.75 ***THIS IS NOT A BILLING STATEMENT*** RUN DATE 03/09/2012 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322050104300-SALINA CITY OF SALINA GENERAL OBLIGATION REFUNDING BONDS SERIES 2004-A BI # 0322050104300 FROM 02/01/2012 TO 02/29/2012 Date Interest Principal 02/01/2012 BEGINNING BALANCE 21,063.75 RECEIPTS DISBURSEMENTS CO-AGENTS CALLS MATURITIES COUPON PAYMENTS REGISTERED INTEREST 21,063.75- PRINCIPAL PAYDOWNS OFFSETS 02/29/2012 ENDING BALANCE ***THIS IS NOT A BILLING STATEMENT*** RUN DATE 03/06/2013 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322050104300-SALINA CITY OF SALINA GENERAL OBLIGATION REFUNDING BONDS SERIES 2004-A BI # 0322050104300 FROM 02/01/2013 TO 02/28/2013 Date Interest Principai 02/01/2013 BEGINNING BALANCE 14,093.75 RECEIPTS DISBURSEMENTS CO-AGENTS CALLS MATURITIES COUPON PAYMENTS REGISTERED INTEREST 14,093.75- PRINCIPAL PAYDOWNS OFFSETS 02/28/2013 ENDING BALANCE ***THIS IS NOT A BILLING STATEMENT*** RUN DATE 09/05/2012 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322050104300-SALINA CITY OF SALINA GENERAL OBLIGATION REFUNDING BONDS SERIES 2004-A BI # 0322050104300 FROM 08/01/2012 TO 08/31/2012 Date Interest Principal 08/01/2012 BEGINNING BALANCE 21,063.75 410,000.00 RECEIPTS DISBURSEMENTS GO-AGENTS CALLS MATURITIES 410,000.00- COUPON PAYMENTS REGISTERED INTEREST 21,063.75- PRINCIPAL PAYDOWNS OFFSETS 08/31/2012 ENDING BALANCE ***THIS IS NOT A BILLING STATEMENT*** RUN DATE 02/05/2013 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322050104300-SALINA CITY OF SALINA GENERAL OBLIGATION REFUNDING BONDS SERIES 2004-A BI # 0322050104300 FROM 01/01/2013 TO 01/31/2013 Date Interest Principal 01/01/2013 BEGINNING BALANCE RECEIPTS 02/01/2013 14,093.75 DISBURSEMENTS CO-AGENTS CALLS MATURITIES COUPON PAYMENTS REGISTERED INTEREST PRINCIPAL PAYDOWNS OFFSETS 01/31/2013 ENDING BALANCE 14,093.75 ***THIS IS NOT A BILLING STATEMENT*** RUN DATE 08/03/2012 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322050104300-SALINA CITY OF SALINA GENERAL OBLIGATION REFUNDING BONDS SERIES 2004-A BI # 0322050104300 FROM 07/01/2012 TO 07/31/2012 Date Interest Principal 07/01/2012 BEGINNING BALANCE RECEIPTS 08/01/2012 21,063.75 410,000.00 DISBURSEMENTS CO-AGENTS -CALLS MATURITIES COUPON PAYMENTS REGISTERED INTEREST PRINCIPAL PAYDOWNS OFFSETS 07/31/2012 ENDING BALANCE 21,063.75 410,000.00 ***THIS IS NOT A BILLING STATEMENT*** RUN DATE 09/10/2013 BOND ACTIVITY STATEMENT SUMMARY PAGE 1 0322050104300-SALINA CITY OF SALINA GENERAL OBLIGATION REFUNDING BONDS SERIES 2004-A BI # 0322050104300 FROM 08/01/2013 TO 08/31/2013 Date Interest Principal 08/01/2013 BEGINNING BALANCE 14,093.75 400,000.00 RECEIPTS DISBURSEMENTS CO-AGENTS CALLS MATURITIES 400,000.00- COUPON PAYMENTS REGISTERED INTEREST 14,093.75- PRINCIPAL PAYDOWNS OFFSETS 08/31/2013 ENDING BALANCE ***THIS IS NOT A BILLING STATEMENT***