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Arbitrage Report (2011)
GILMORE & BELL A PROFESSIONAL CORPORATION ATTORNEYS AT LAW 816-221-1000 ST.LOUIS,MISSOURI FAX:816-221-1018 2405 GRAND BOULEVARD,SUITE 1100 WICHITA,KANSAS WWW.GILMOREBELL.COM KANSAS CITY, MISSOURI 64108-2521 LINCOLN,NEBRASKA October 13, 2011 Mr. Rod Franz, C.P.F.O. Director of Finance City of Salina, Kansas 300 West Ash Street, Room 206 P. O. Box 736 Salina, Kansas 67402-0736 Re: $23,695,000 City of Salina, Kansas General Obligation Internal Improvement Bonds, Series 2009-A(the `Bonds") ' Dear Rod: Enclosed are the following documents related to our computation of arbitrage rebate in connection with the above-referenced Bonds: • Exhibit A - Explanation of Arbitrage Rebate Analysis • Exhibit B -Arbitrage Rebate Analysis as of October 1, 2011 (the"Computation Date") As of the Computation Date, no rebate payment or yield reduction payment is required to be made for the Bonds. The amount accrued as of the Computation Date as a rebate liability attributable to the investment of the gross proceeds of the Bonds subject to arbitrage rebate was negative $333,523.73. Under the Internal Revenue Code, the first required installment computation date is the earlier of October 1, 2013 or the date the last Bond is paid. The next annual computation will be October 1, 2012. Please call me if you have any questions. Very truly yours, Jennifer L. Richardson JLR:sg Enclosures cc: Lynd K. Mische Randy Irey i w� Exhibit A Explanation of Arbitrage Rebate Analysis This Explanation of Arbitrage Rebate Analysis summarizes the methodology and primary assumptions used in the Arbitrage Rebate Analysis dated October 1, 2011 (the "Arbitrage Analysis") for the $23,695,000 City of Salina, Kansas (the "Issuer") General Obligation Internal Improvement Bonds, Series 2009-A(the "Bonds"). General Matters The time period covered by the Arbitrage Analysis (the "Computation Period") began July 30, 2009 and ended October 1, 2011. (The latter date is referred to as the"Computation Date"). We determined that the funds included in the Arbitrage Analysis were "gross proceeds" subject to rebate and/or yield restriction payments under Section 148 of the Internal Revenue Code of 1986, as amended (the "Code") and applicable United States Treasury Regulations and decisions. This determination was based on our review of the various documents included in the Transcript of Proceedings at the time the Bonds were issued (the"Transcript"). The Arbitrage Analysis was prepared using financial records provided by the Issuer (the "Investment Records") . The relevant investment data contained in the Investment Records for each fund and account was entered in the Arbitrage Analysis. Multiple procedures were used to analyze and test the accuracy of the Investment Records as well as the accuracy and the overall reasonableness of the investment results for each fund or account that was included in the Arbitrage Analysis. Based on the procedures employed, the results reflected in the Arbitrage Analysis appear to accurately incorporate the information in the Investment Records. However, the Arbitrage Analysis is not intended to be a mathematical verification of the information contained in the Investment Records or an audit of the investment results actually obtained. The Computation Date is not a rebate computation installment payment date. The computation of yield on the Bonds used in the Arbitrage Analysis is contained in the Transcript as an exhibit to the Federal Tax Certificate. All investments purchased or sold using gross proceeds of the Bonds were treated as purchased and sold on the dates and at the prices reflected in the Investment Records, and these prices were assumed to be at fair market value of the investment on the purchase or sale date. Unless otherwise noted, investments that were required to be valued on dates other than a date when they actually were purchased or sold, were valued either at par plus accrued interest or at present value as of that date. These values are shown in the Arbitrage Analysis. Accounting for Expenditures and Investments Except as described below, bond proceeds were allocated to expenditures on the dates reflected in the Investment Records for the improvement fund. Bond proceeds were assumed to have been spent in accordance with the various documents contained in the Transcript. In general these rules permit Bond proceeds to be spent only for costs that can or must be capitalized for financial accounting or federal income tax purposes. All expenditures were assumed to have been paid only to third parties directly or as a valid reimbursement of the Issuer for costs previously spent for those purposes. The Issuer generally invests all funds (including proceeds of the Bonds), in a variety of investments without regard to the sources from which the funds were derived (e.g. note proceeds, tax revenues, grants, etc.). Earnings from the investment of proceeds of the Bonds were calculated based on the unspent balance of Bond proceeds and the average monthly interest rate on Issuer's investments, as reported by the Issuer. We understand that Investment earnings on proceeds of the Bonds are initially deposited to the General Fund of the Issuer. Amounts in the General Fund were reasonably expected to be spent (using a "Bond proceeds spent first" method of accounting) within six months of the date of deposit. Since the Bonds are an issue of governmental purpose obligations, and because the General Fund contains tax or other revenues of the Issuer other than the proceeds of issues of tax exempt obligations, we have treated investment earnings on Bond proceeds as spent on the date they were earned in accordance with Treasury Regulation §1.148-6(d)(6). Bond Proceeds Allocated to Refunding Portion Bond proceeds were invested and allocation to the redemption of refunded obligations on the dates reflected in the Investment Records. Yield Reduction Payment–Restricted Investment No funds or accounts were identified as subject to investment yield restrictions. Amounts held in a "bona fide debt service fund" are not taken into account in computing arbitrage rebate if the gross earnings on such fund during a given Bond Year are less than$100,000. If the average annual debt service on the issue does not exceed $2,500,000, the $100,000 earnings test may be treated as satisfied. A"bona fide debt service fund" is a fund that— (1) is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year; and (2) is depleted at least once each bond year, except for a reasonable carryover amount not to exceed the greater of(A) the earnings on the fund for the preceding bond year, or (B) one-twelfth of the principal and interest payments on the bond issue for the preceding bond year. We understand that the principal and interest account qualified as a bona fide debt service fund for all bond years during the Computation Period. 2 Exhibit B Arbitrage Rebate Analysis Computed as of October 1, 2011 City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A GILMOREBELL G I L M O R E & BELL, PC rr rr �r rr r� rr rr �r rr rr r rr r r �r �r rr r� �r City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A Results as of October 1,2011 Summary of Issue Par $23,695,000 Issue Date July 30,2009 Bond Year Date October 1 Bond Yield 3.11667% Computation Date October 1,2011 Summary of Rebate Computation Computation Results Rebate Liability by Source • Total Rebate Amount ($333,523.73) Fund 753-North Ohio Fund 788-Quail Meadows IV (3,105.01) Fund 721-Eagle Crest - Fund 779-West Diamond Drive Fund 789-Red Fox (2,094.25) • No arbitrage rebate payment is due at this time. Fund 723-Fire Truck (27,141.80) The net rebate amount as of October 1,2011 is Fund 794-Aquatics Facility (140,760.78) ($333,523.73). Fund 792-Energy Project (4,131.26) Fund 783-South Ninth Phase IV (151,638.45) Credits&Adjustments (4,652.18) Total Rebate Amount (333,523.73) ($2,500,000) ($1,250,000) $0 10/13/2011 -1- Gilmore&Bell,P.C. w ww ww ww ww ww ww ww ww ww ww ww ww w w w ww w w City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A Comments and Yield Comparison Comments • We understand that the Debt Service Accounts qualified as a bona fide debt service fund for all bond years during this computation period. • The next annual rebate computation will be 10/1/2012. Yield Comparison As of 10/1/2011 8.00% Bond Yield=3.12% 6.00% 4.00% 2.00% - l" 0.51% 0.65% 0.66% 0.50% 0.42% 0.42% 0.00% 0.00% 0.00% 0.00% Fund 783- Fund 792- Fund 794- Fund 723- Fund 789- Fund 779- Fund 721- Fund 788- Fund 753- South Ninth Energy Aquatics Fire Truck Red Fox West Eagle Crest Quail North Ohio Phase IV Project Facility Diamond Meadows IV Drive 10/13/2011 -2- Gilmore&Bell,P.C. City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2009-A Cash and Investment Activity Imputed Interest Calculation Total Relevant Relevant Days Cash Transactions Investments Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings 7/30/2009 6,514,500.00 538,909.61 5,975,590.39 5,975,590.39 5,975,590.39 1.1030% - 7/31/2009 180.57 180.57 5,975,590.39 5,975,590.39 1.1030% 5,975,590.39 1 180.57 8/6/2009 19,865.00 19,865.00 5,955,725.39 5,955,725.39 1.0476% 5,975,590.39 6 1,029.08 8/27/2009 158,587.95 158,587.95 5,797,137.44 5,797,137.44 1.0476% 5,955,725.39 21 3,589.79 8/31/2009 5,284.43 5,284.43 5,797,137.44 5,797,137.44 1.0476% 5,797,137.44 4 665.56 9/10/2009 24,130.00 24,130.00 5,773,007.44 5,773,007.44 0.9655% 5,797,137.44 10 1,533.45 9/17/2009 3,564.24 3,564.24 5,769,443.20 5,769,443.20 0.9655% 5,773,007.44 7 1,068.94 9/24/2009 422,375.00 422,375.00 5,347,068.20 5,347,068.20 0.9655% 5,769,443.20 7 1,068.28 9/30/2009 60.00 60.00 5,347,008.20 5,347,008.20 0.9655% 5,347,068.20 6 848.64 9/30/2009 4,519.31 4,519.31 5,347,008.20 5,347,008.20 0.9655% - 10/15/2009 427.00 427.00 5,346,581.20 5,346,581.20 1.0883% 5,347,008.20 15 2,391.45 10/22/2009 1,658.30 1,658.30 5,344,922.90 5,344,922.90 1.0883% 5,346,581.20 7 1,115.92 10/29/2009 406,430.91 406,430.91 4,938,491.99 4,938,491.99 1.0883% 5,344,922.90 7 1,115.58 10/31/2009 4,917.45 4,917.45 4,938,491.99 4,938,491.99 1.0883% 4,938,491.99 2 294.50 11/30/2009 2,343.56 2,343.56 4,938,491.99 4,938,491.99 0.5774% 4,938,491.99 30 2,343.56 12/3/2009 568,818.44 568,818.44 4,369,673.55 4,369,673.55 0.3104% 4,938,491.99 3 126.00 12/17/2009 90.00 90.00 4,369,583.55 4,369,583.55 0.3104% 4,369,673.55 14 520.26 12/31/2009 75,715.92 75,715.92 4,293,867.63 4,293,867.63 0.3104% 4,369,583.55 14 520.25 12/31/2009 1,166.51 1,166.51 4,293,867.63 4,293,867.63 0.3104% - 1/28/2010 59,944.67 59,944.67 4,233,922.96 4,233,922.96 0.3455% 4,293,867.63 28 1,138.18 1/31/2010 1,258.43 1,258.43 4,233,922.96 4,233,922.96 0.3455% 4,233,922.96 3 120.25 2/4/2010 22,039.80 22,039.80 4,211,883.16 4,211,883.16 0.3052% 4,233,922.96 4 141.59 2/11/2010 296.20 296.20 4,211,586.96 4,211,586.96 0.3052% 4,211,883.16 7 246.49 2/25/2010 164,168.73 164,168.73 4,047,418.23 4,047,418.23 0.3052% 4,211,586.96 14 492.94 2/28/2010 982.53 982.53 4,047,418.23 4,047,418.23 0.3052% 4,047,418.23 3 101.51 3/18/2010 38.32 38.32 4,047,379.91 4,047,379.91 0.3065% 4,047,418.23 18 611.75 3/25/2010 215,874.58 215,874.58 3,831,505.33 3,831,505.33 0.3065% 4,047,379.91 7 237.90 3/31/2010 1,042.69 1,042.69 3,831,505.33 3,831,505.33 0.3065% 3,831,505.33 6 193.04 4/1/2010 1,000.00 1,000.00 3,830,505.33 3,830,505.33 0.3364% 3,831,505.33 I 35.31 4/8/2010 3,584.90 3,584.90 3,826,920.43 3,826,920.43 0.3364% 3,830,505.33 7 247.13 4/22/2010 330,868.89 330,868.89 3,496,051.54 3,496,051.54 0.3364% 3,826,920.43 14 493.80 4/30/2010 1,034.02 1,034.02 3,496,051.54 3,496,051.54 0.3364% 3,496,051.54 8 257.78 5/20/2010 6,000.00 6,000.00 3,490,051.54 3,490,051.54 0.3286% 3,496,051.54 20 629.48 5/27/2010 271,789.56 271,789.56 3,218,261.98 3,218,261.98 0.3286% 3,490,051.54 7 219.94 5/31/2010 965.31 965.31 3,218,261.98 3,218,261.98 0.3286% 3,218,261.98 4 115.89 6/10/2010 913.83 913.83 3,217,348.15 3,217,348.15 0.3039% 3,218,261.98 10 267.98 6/17/2010 1,551.60 1,551.60 3,215,796.55 3,215,796.55 0.3039% 3,217,348.15 7 187.53 6/24/2010 525,276.77 525,276.77 2,690,519.78 2,690,519.78 0.3039% 3,215,796.55 7 187.44 6/30/2010 777.37 777.37 2,690,519.78 2,690,519.78 0.3039% 2,690,519.78 6 134.42 7/15/2010 464.62 464.62 2,690,055.16 2,690,055.16 0.3015% 2,690,519.78 15 333.31 10/13/2011 -3- Gilmore&Bell,P.C. City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2009-A ACCOIN I NO.1: Fund 783-South Ninth Phase IN' Cash and Investment Activity Imputed Interest Calculation Total Relevant Relevant Days Cash Transactions Investments Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings 7/29/2010 381,307.18 381,307.18 2,308,747.98 2,308,747.98 0.3015% 2,690,055.16 14 311.04 7/31/2010 682.49 682.49 2,308,747.98 2,308,747.98 0.3015% 2,308,747.98 2 38.14 8/5/2010 3,297.15 3,297.15 2,305,450.83 2,305,450.83 0.2875% 2,308,747.98 5 90.92 8/12/2010 1,917.03 1,917.03 2,303,533.80 2,303,533.80 0.2875% 2,305,450.83 7 127.10 8/19/2010 1,741.50 1,741.50 2,301,792.30 2,301,792.30 0.2875% 2,303,533.80 7 127.00 8/26/2010 319,735.76 319,735.76 1,982,056.54 1,982,056.54 0.2875% 2,301,792.30 7 126.90 8/31/2010 549.97 549.97 1,982,056.54 1,982,056.54 0.2875% 1,982,056.54 5 78.05 9/9/2010 1,692.33 - 1,692.33 1,980,364.21 1,980,364.21 0.2945% 1,982,056.54 9 143.93 9/16/2010 10,458.68 - 10,458.68 1,969,905.53 1,969,905.53 0.2945% 1,980,364.21 7 111.85 9/30/2010 214,509.74 - 214,509.74 1,755,395.79 1,755,395.79 0.2945% 1,969,905.53 14 222.53 9/30/2010 478.31 - 478.31 1,755,395.79 1,755,395.79 0.2945% - - 10/7/2010 23,716.68 - 23,716.68 1,731,679.11 1,731,679.11 0.2996% 1,755,395.79 7 100.86 10/28/2010 287,863.91 - 287,863.91 1,443,815.20 1,443,815.20 0.2996% 1,731,679.11 21 298.48 10/31/2010 434.89 - 434.89 1,443,815.20 1,443,815.20 0.2996% 1,443,815.20 3 35.55 11/10/2010 1,347.13 - 1,347.13 1,442,468.07 1,442,468.07 0.2616% 1,443,815.20 10 103.46 11/18/2010 61,902.08 - 61,902.08 1,380,565.99 1,380,565.99 0.2616% 1,442,468.07 8 82.69 11/30/2010 304.87 304.87 1,380,565.99 1,380,565.99 0.2616% 1,380,565.99 12 118.72 12/2/2010 393,921.11 393,921.11 986,644.88 986,644.88 0.2399% 1,380,565.99 2 18.15 12/22/2010 11,777.09 11,777.09 974,867.79 974,867.79 0.2399% 986,644.88 20 129.71 12/31/2010 205.53 205.53 974,867.79 974,867.79 0.2399% 974,867.79 9 57.67 1/13/2011 1,100.75 1,100.75 973,767.04 973,767.04 0.2266% 974,867.79 13 78.68 1/31/2011 187.50 187.50 973,767.04 973,767.04 0.2266% 973,767.04 18 108.82 2/28/2011 173.60 173.60 973,767.04 973,767.04 0.2324% 973,767.04 28 173.60 3/17/2011 158,897.00 158,897.00 814,870.04 814,870.04 0.2313% 973,767.04 17 104.89 3/31/2011 177.17 177.17 814,870.04 814,870.04 0.2313% 814,870.04 14 72.28 4/30/2011 211.63 211.63 814,870.04 814,870.04 0.3160% 814,870.04 30 211.63 5/5/2011 7,875.00 7,875.00 806,995.04 806,995.04 0.3164% 814,870.04 5 35.31 5/12/2011 100,195.94 100,195.94 706,799.10 706,799.10 0.3164% 806,995.04 7 48.96 5/26/2011 1,268.76 1,268.76 705,530.34 705,530.34 0.3164% 706,799.10 14 85.77 5/31/2011 200.62 200.62 705,530.34 705,530.34 0.3164% 705,530.34 5 30.58 6/30/2011 19,638.32 19,638.32 685,892.02 685,892.02 0.3080% 705,530.34 30 178.58 6/30/2011 178.58 - 178.58 685,892.02 685,892.02 0.3080% - - 7/7/2011 11,500.00 - 11,500.00 674,392.02 674,392.02 0.3006% 685,892.02 7 39.54 7/21/2011 832.50 - 832.50 673,559.52 673,559.52 0.3006% 674,392.02 14 77.76 7/31/2011 172.78 - 172.78 673,559.52 673,559.52 0.3006% 673,559.52 10 55.48 8/31/2011 128.47 - 128.47 673,559.52 673,559.52 0.2246% 673,559.52 31 128.47 9/30/2011 158.97 - 158.97 673,559.52 673,559.52 0.2872% 673,559.52 30 158.97 10/1/2011 673,564.82 - 673,559.52 5.30 - - 0.2872% 673,559.52 1 5.30 Totals 6,514,500.00 6,543,222.86 5,975,590.39 5,975,590.39 28,722.86 28,722.86 10/1312011 -4- Gilmore&Bel/,EC. �r �■r a■� �r �r r■r rr r� rr ar r■� rr r �■s �r i #■r rr � City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2009-A 783-South Ninth Phase IN' , Cash and Investment Activitv Imputed Interest Calculation Total Relevant Relevant Days Cash Transactions Investments Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings Cash Out Less Cash In: 28,722.86 Investment Receipts minus Purchases: 10/13/2011 -5- Gilmore&Bell,P.C. City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2009-A Arbitrage Rebate Com utation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2011 of Days 0.512740% 7/30/2009 7/30/2009 (5,975,590.39) 1.0693950 (6,390,266.73) 781 1.0000000 (5,975,590.39) 7/31/2009 180.57 1.0693950 193.10 781 1.0000000 180.57 8/6/2009 19,865.00 1.0688440 21,232.59 775 0.9999147 19,863.30 8/27/2009 158,587.95 1.0669175 169,200.26 754 0.9996160 158,527.05 8/31/2009 5,284.43 1.0666425 5,636.60 751 0.9995734 5,282.18 9/10/2009 24,130.00 1.0657266 25,715.98 741 0.9994312 24,116.27 9/17/2009 3,564.24 1.0650859 3,796.22 734 0.9993317 3,561.86 9/24/2009 422,375.00 1.0644456 449,595.23 727 0.9992322 422,050.69 9/30/2009 60.00 1.0638971 63.83 721 0.9991469 59.95 9/30/2009 4,519.31 1_0638971 4,808.08 721 0.9991469 4,515.45 10/15/2009 427.00 1.0625271 453.70 706 0.9989337 426.54 10/22/2009 1,658.30 1.0618883 1,760.93 699 0.9988343 1,656.37 10/29/2009 406,430.91 1.0612500 431,324.78 692 0.9987348 405,916.70 10/31/2009 4,917.45 1.0611588 5,218.20 691 0.9987206 4,911.16 11/30/2009 2,343.56 1.0584275 2,480.49 661 0.9982945 2,339.56 12/3/2009 568,818.44 1.0581547 601,897.93 658 0.9982519 567,824.09 12/17/2009 90.00 1.0568829 95.12 644 0.9980531 89.82 12/31/2009 75,715.92 1.0557032 79,933.54 631 0.9978686 75,554.54 12/31/2009 1,166.51 1.0557032 1,231.49 631 0.9978686 1,164.02 1/28/2010 59,944.67 1.0531669 63,131.74 603 0.9974712 59,793.08 1/31/2010 1,25 8.43 1.0529860 1,325.11 601 0.9974429 1,25 5.21 2/4/2010 22,039.80 1.0526242 23,199.63 597 0.9973861 21,982.19 2/11/2010 296.20 1.0519914 311.60 590 0.9972868 295.40 2/25/2010 164,168.73 1.0507269 172,496.51 576 0.9970882 163,690.71 2/28/2010 982.53 1.0502757 1,031.93 571 0.9970457 979.63 3/18/2010 38.32 1.0486529 40.18 553 0.9967621 38.20 3/25/2010 215,874.58 1.0480225 226,241.41 546 0.9966628 215,154.17 3/31/2010 1,042.69 1.0475724 1,092.29 541 0.9965919 1,039.14 4/1/2010 1,000.00 1.0474824 1,047.48 540 0.9965778 996.58 4/8/2010 3,584.90 1.0468527 3,752.86 533 0.9964785 3,572.28 4/22/2010 330,868.89 1.0455944 345,954.67 519 0.9962801 329,638.09 4/30/2010 1,034.02 1.0448761 1,080.42 511 0.9961667 1,030.06 5/20/2010 6,000.00 1.0430824 6,258.49 491 0.9958834 5,975.30 5/27/2010 271,789.56 1.0424553 283,328.48 484 0.9957842 270,643.76 5/31/2010 965.31 1.0421867 1,006.03 481 0.9957417 961.20 6/10/2010 913.83 1.0412918 951.56 471 0.9956001 909.81 6/17/2010 1,551.60 1.0406658 1,614.70 464 0.9955010 1,544.62 6/24/2010 525,276.77 1.0400402 546,308.95 457 0.9954019 522,861.47 6/30/2010 777.37 1.0395042 808.08 451 0.9953169 773.73 7/15/2010 464.62 1.0381656 482.35 436 0.9951046 462.35 10/13/2011 -6- Gilmore&Bell,P.C. � � r a. rr rr r a■� r■� �r w� r� ri rs ,� r■� �r ri �r City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2009-A Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2011 of Days 0.512740% 7/30/2009 7/29/2010 381,307.18 1.0369178 395,384.18 422 0.9949064 379,364.96 7/31/2010 682.49 1.0368287 707.63 421 0.9948923 679.00 8/5/2010 3,297.15 1.0363834 3,417.11 416 0.9948215 3,280.08 8/12/2010 1,917.03 1.0357604 1,985.58 409 0.9947224 1,906.91 8/19/2010 1,741.50 1.0351377 1,802.69 402 0.9946234 1,732.14 8/26/2010 319,735.76 1.0345154 330,771.58 395 0.9945244 317,985.01 8/31/2010 549.97 1.0341600 568.76 391 0.9944678 546.93 9/9/2010 1,692.33 1.0333607 1,748.79 382 0.9943405 1,682.75 9/16/2010 10,458.68 1.0327395 10,801.09 375 0.9942415 10,398.45 9/30/2010 214,509.74 1.0314982 221,266.41 361 0.9940435 213,232.01 9/30/2010 478.31 1.0314982 493.38 361 0.9940435 475.46 10/7/2010 23,716.68 1.0308781 24,449.01 354 0.9939445 23,573.06 10/28/2010 287,863.91 1.0290200 296,217.73 333 0.9936477 286,035.30 10/31/2010 434.89 1.0288432 447.43 331 0.9936194 432.12 11/10/2010 1,347.13 1.0279598 1,384.80 321 0.9934781 1,338.34 11/18/2010 61,902.08 1.0272536 63,589.13 313 0.9933650 61,491.36 11/30/2010 304.87 1.0261951 312.86 301 0.9931955 302.80 12/2/2010 393,921.11 1.0260188 404,170.47 299 0.9931672 391,229.53 12/22/2010 11,777.09 1.0242575 12,062.77 279 0.9928847 11,693.29 12/31/2010 205.53 1.0235538 210.37 271 0.9927717 204.04 1/13/2011 1,100.75 1.0224114 1,125.42 258 0.9925882 1,092.59 1/31/2011 187.50 1.0209193 191.42 241 0.9923482 186.07 2/28/2011 173.60 1.0182916 176.78 211 0.9919530 172.20 3/17/2011 158,897.00 1.0168055 161,567.35 194 0.9916850 157,575.76 3/31/2011 177.17 1.0156706 179.95 181 0.9915016 175.66 4/30/2011 211.63 1.0130564 214.39 151 0.9910786 209.74 5/5/2011 7,875.00 1.0126214 7,974.39 146 0.9910081 7,804.19 5/12/2011 100,195.94 1.0120126 101,399.55 139 0.9909094 99,285.10 5/26/2011 1,268.76 1.0107962 1,282.46 125 0.9907121 1,256.98 5/31/2011 200.62 1.0104489 202.72 121 0.9906557 198.75 6/30/2011 19,638.32 1.0078481 19,792.44 91 0.9902331 19,446.51 6/30/2011 178.58 1.0078481 179.98 91 0.9902331 176.84 7/712011 11,500.00 1.0072423 11,583.29 84 0.9901345 11,386.55 7/21/2011 832.50 1.0060316 837.52 70 0.9899373 824.12 7/31/2011 172.78 1.0052541 173.69 61 0.9898106 171.02 8/31/2011 128.47 1.0026667 128.81 31 0.9893883 127.11 9/30/2011 158.97 1.0000859 158.98 1 0.9889662 157.22 10/1/2011 673,564.82 1.0000000 673,564.82 - 0.9889521 666,123.35 28,722.86 (151,638.45) (0.00) 10/13/2011 -7- Gilmore&Bell,P.C. City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2009-A ACCOt \I NO.1: Fund 783-South Ninth['base IN' Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor(a Value to Number Factor(a), Value to Date Activitv 3.116675% 10/1/2011 of Days 0.512740% 7/30/2009 Summary of: Fund 783-South Ninth Phase IV Arbitrage Rebate Amount: $ (151,638.45) Total Investment Earnings: 28,722.86 Investment Vield: 0.5127% Average Amount Invested: S 2,582,154 Total Time Invested: 2.17 years 10/13/2011 -8- Gilmore&Bell,P.C. air rr ar rr r rr tr rr r ar r rr rr. rr r� rr rr rr r City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2009-A Cash and Investment Activity Imputed Interest Calculation Total Relevant Relevant Days Cash Transactions Investments Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings 7/30/2009 1,366,187.00 1,019,738.00 346,449.00 346,449.00 346,449.00 1.1030% - - 7/31/2009 10.47 10.47 346,449.00 346,449.00 1.1030% 346,449.00 1 10.47 8/31/2009 308.26 308.26 346,449.00 346,449.00 1.0476% 346,449.00 31 308.26 9/10/2009 61,124.00 61,124.00 285,325.00 285,325.00 0.9655% 346,449.00 10 91.64 9/30/2009 242.59 242.59 285,325.00 285,325.00 0.9655% 285,325.00 20 150.95 10/8/2009 156,747.00 156,747.00 128,578.00 128,578.00 1.0883% 285,325.00 8 68.06 10/31/2009 156.24 156.24 128,578.00 128,578.00 1.0883% 128,578.00 23 88.18 11/30/2009 61.02 61.02 128,578.00 128,578.00 0.5774% 128,578.00 30 61.02 12/31/2009 33.90 33.90 128,578.00 128,578.00 0.3104% 128,578.00 31 33.90 1/31/2010 37.73 37.73 128,578.00 128,578.00 0.3455% 128,578.00 31 37.73 2/28/2010 30.10 30.10 128,578.00 128,578.00 0.3052% 128,578.00 28 30.10 3/31/2010 33.47 33.47 128,578.00 128,578.00 0.3065% 128,578.00 31 33.47 4/30/2010 35.55 35.55 128,578.00 128,578.00 0.3364% 128,578.00 30 35.55 5/31/2010 35.88 35.88 128,578.00 128,578.00 0.3286% 128,578.00 31 35.88 6/30/2010 32.12 32.12 128,578.00 128,578.00 0.3039% 128,578.00 30 32.12 7/16/2010 128,578.00 128,578.00 - - 0.3015% 128,578.00 16 16.99 7/31/2010 16.99 - 16.99 0.3015% - - Totals 1,366,187.00 1,367,221.32 346,449.00 346,449.00 1,034.32 1,034.32 Cash Out Less Cash In: 1,034.32 Investment Receipts minus Purchases: - 10/13/2011 -9- Gilmore&Bell,P.C. City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2009-A Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2011 of Days 0.648008% 7/30/2009 7/30/2009 (346,449.00) 1.0693950 (370,490.84) 781 1.0000000 (346,449.00) 7/31/2009 10.47 1.0693950 11.20 781 1.0000000 10.47 8/31/2009 308.26 1.0666425 328.80 751 0.9994610 308.09 9/10/2009 61,124.00 1.0657266 65,141.47 741 0.9992814 61,080.08 9/30/2009 242.59 1.0638971 258.09 721 0.9989223 242.33 10/8/2009 156,747.00 1.0631662 166,648.12 713 0.9987787 156,555.57 10/31/2009 156.24 1.0611588 165.80 691 0.9983839 155.99 11/30/2009 61.02 1.0584275 64.59 661 0.9978458 60.89 12/31/2009 33.90 1.0557032 35.79 631 0.9973080 33.81 1/31/2010 37.73 1.0529860 39.73 601 0.9967704 37.61 2/28/2010 30.10 1.0502757 31.61 571 0.9962690 29.99 3/31/2010 33.47 1.0475724 35.06 541 0.9956962 33.33 4/30/2010 35.55 1.0448761 37.15 511 0.9951596 35.38 5/31/2010 35.88 1.0421867 37.39 481 0.9946232 35.69 6/30/2010 32.12 1.0395042 33.39 451 0.9940871 31.93 7/16/2010 128,578.00 1.0380764 133,473.79 435 0.9938013 127,780.98 7/31/2010 16.99 1.0368287 17.62 421 0.9935513 16.88 1,034.32 (4,131.26) (0.00) Summary of: Fund 792-Energy Project Arbitrage Rebate Amount: $ (4,131.26) Total Investment Earnings: 1,034.32 Investment Yield: 0.6480% Average Amount Invested: $ 159,615 Total Time Invested: 1.00 years 10/13/2011 _10- Gilmore&Bell,P.C. ar ar r rr a.r rr �r rr m m � r r r M rir rr �r r� City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2009-A Cash and Investment Activitv Imputed Interest Calculation Total Relevant Relevant Days Cash Transactions Investments Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings 7/302009 11,519,022.57 1,046,728.28 10.472,294.29 10,472,294.29 10,472,294.29 1.1030% 7/302009 12,110.97 12,110.97 10,460,183.32 10,460,183.32 1.1030% - 7/312009 316.09 316.09 10,460,183.32 10,460,183.32 1.1030% 10,460,183.32 1 316.09 8/132009 499,945.17 499,945.17 9,960,238.15 9,960,238.15 1.04761/6 10,460,183.32 13 3,902.99 8202009 5,915.00 5,915.00 9,954,323.15 9,954,323.15 1.0476% 9,960,238.15 7 2,001.16 8/312009 9,046.97 9,046.97 9,954,323.15 9,954,323.15 1.0476% 9,954,323.15 11 3,142.82 9/172009 1,003,459.64 1,003,459.64 8,950,863.51 8,950,863.51 0.9655% 9,954,323.15 17 4,476.26 9/302009 7,554.22 7,554.22 8,950,863.51 8,950,863.51 0.9655% 8,950,863.51 13 3,077.96 10/82009 28,640.56 28,640.56 8,922,222.95 8,922,222.95 1.0883% 8,950,863.51 8 2,135.08 10/152009 1,164,365.08 1,164,365.08 7,757,857.87 7,757,857.87 1.0883% 8,922,222.95 7 1,862.22 10222009 3,000.00 3,000.00 7,754,857.87 7,754,857.87 1.0883% 7,757,857.87 7 1,619.20 10/302009 7,466.29 7,466.29 7,754,857.87 7,754,857.87 1.0883% 7,754,857.87 8 1,849.79 11/122009 1,877,980.13 1,877,980.13 5,876,877.74 5,876,877.74 0.5774% 7,754,857.87 13 1,594.70 11/302009 3,268.03 3,268.03 5,876,877.74 5,876,877.74 0.5774% 5,876,877.74 18 1,673.33 12/32009 2,000.00 2,000.00 5,874,877.74 5,874,877.74 0.3104% 5,876,877.74 3 149.94 12/102009 763,051.01 763,051.01 5,111,826.73 5,111,826.73 0.3104% 5,874,877.74 7 349.74 12/312009 1,412.61 1,412.61 5,111,826.73 5,111,826.73 0.3104% 5,111,826.73 21 912.93 1/142010 438,860.73 438,860.73 4,672,966.00 4,672,966.00 0.3455% 5,111,826.73 14 677.50 1/312010 1,429.55 1,429.55 4,672,966.00 4,672,966.00 0.3455% 4,672,966.00 17 752.05 2/112010 622,529.61 622,529.61 4,050,436.39 4,050,436.39 0.3052% 4,672,966.00 11 429.74 2252010 16,500.00 16,500.00 4,033,936.39 4,033,936.39 0.3052% 4,050,436.39 14 474.08 2282010 1,004.99 1,004.99 4,033,936.39 4,033,936.39 0.3052% 4,033,936.39 3 101.17 3/112010 5,000.00 5,000.00 4,028,936.39 4,028,936.39 0.3065% 4,033,936.39 11 372.60 3/182010 395,596.69 395,596.69 3,633,339.70 3,633,339.70 0.3065% 4,028,936.39 7 236.82 3/312010 1,006.04 1,006.04 3,633,339.70 3,633,339.70 0.3065% 3,633,339.70 13 396.62 4/82010 645,409.03 645,409.03 2,987,930.67 2,987,930.67 0.3364% 3,633,339.70 8 267.90 4/302010 873.76 873.76 2,987,930.67 2,987,930.67 0.33640/a 2,987,930.67 22 605.86 5/132010 701,544.97 701.544.97 2,286,385.70 2,286,385.70 0.32860/a 2,987,930.67 13 349.69 5/312010 720.20 720.20 2,286,385.70 2,286,385.70 0.32860/a 2,286,385.70 18 370.51 6/102010 46,666.00 46,666.00 2,239,719.70 2,239,719.70 0.3039% 2,286,385.70 10 190.38 6/172010 908,771.25 908,771.25 1,330,948.45 1,330,948.45 0.3039% 2,239,719.70 7 130.55 6/302010 465.00 465.00 1,330,948.45 1,330,948.45 0.3039% 1,330,948.45 13 144.07 7/12010 3,512.50 3,512.50 1,327,435.95 1,327,435.95 0.3015% 1,330,948.45 1 10.99 7/82010 18,700.00 18,700.00 1,308,735.95 1,308,735.95 0.3015% 1,327,435.95 7 76.74 7/152010 800.05 800.05 1,307,935.90 1,307,935.90 0.3015% 1,308,735.95 7 75.66 7/312010 336.22 336.22 1,307,935.90 1,307,935.90 0.3015% 1,307,935.90 16 172.83 8/52010 865,740.15 865,740.15 442,195.75 442,195.75 0.2875% 1,307,935.90 5 51.51 8/122010 1,279.69 1,279.69 440,916.06 440,916.06 0.2875% 442,195.75 7 24.38 8/192010 22.11 22.11 440,893.95 440,893.95 0.2875% 440,916.06 7 24.31 8/312010 141.87 141.87 440,893.95 440,893.95 0.2875% 440,893.95 12 41.67 9232010 665.72 665.72 440,228.23 440,228.23 0.2945% 440,893.95 23 81.82 9/302010 770.00 770.00 439,458.23 439,458.23 0.2945% 440,22823 7 24.86 101012011 -11- GBnmre&BeQ AC City of Salina,Kansas General Obligation Internal Improvement Bonds Series 1009-A Cash and Investment Activity Imputed Interest Calculation Total Relevant Relevant Days Cash Transactions Investments Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings 9/30/2010 106.68 106.68 439,458.23 439,458.23 0.2945% - - 10/7/2010 298.50 298.50 439,159.73 439,159.73 0.2996% 439,458.23 7 25.25 10/14/2010 3,700.39 3,700.39 435,459.34 435,459.34 0.2996% 439,159.73 7 25.23 10/21/2010 124.72 124.72 435,334.62 435,334.62 0.2996% 435,459.34 7 25.02 10/28/2010 1,183.75 1,183.75 434,150.87 434,150.87 0.2996% 435,334.62 7 25.01 10/31/2010 111.20 111.20 434,150.87 434,150.87 0.2996% 434,150.87 3 10.69 11/4/2010 87,564.00 87,564.00 346,586.87 346,586.87 0.2616% 434,150.87 4 12.44 11/4/2010 4,063.12 4,063.12 342,523.75 342,523.75 0.2616% - - 11/10/2010 146,719.03 146,719.03 195,804.72 195,804.72 0.2616% 342,523.75 6 14.73 11/18/2010 207.60 207.60 195,597.12 195,597.12 0.2616% 195,804.72 8 11.23 11/30/2010 55.22 55.22 195,597.12 195,597.12 0.2616% 195,597.12 12 16.82 12/16/2010 12.77 12.77 195,584.35 195,584.35 0.2399% 195,597.12 16 20.57 12/31/2010 39.85 39.85 195,584.35 195,584.35 0.2399% 195,584.35 15 19.28 1/31/2011 37.64 37.64 195,584.35 195,584.35 0.2266% 195,584.35 31 37.64 2/28/2011 34.87 34.87 195,584.35 195,584.35 0.2324% 195,584.35 28 34.87 3/31/2011 38.42 38.42 195,584.35 195,584.35 0.2313% 195,584.35 31 38.42 4/30/2011 50.80 50.80 195,584.35 195,584.35 0.3160% 195,584.35 30 50.80 5/31/2011 52.55 52.55 195,584.35 195,584.35 0.3164% 195,584.35 31 52.55 6/9/2011 2,256.67 2,256.67 193,327.68 193,327.68 0.3080% 195,584.35 9 14.85 6/16/2011 2,329.20 2,329.20 190,998.48 190,998.48 0.3080% 193,327.68 7 11.42 6/23/2011 2,868.19 2,868.19 188,130.29 188,130.29 0.3080% 190,998.48 7 11.28 6/30/2011 48.66 48.66 188,130.29 188,130.29 0.3080% 188,130.29 7 11.11 7/28/2011 1,100.00 1,100.00 187,030.29 187,030.29 0.3006% 188,130.29 28 43.39 7/31/2011 48.01 48.01 187,030.29 187,030.29 0.3006% 187,030.29 3 4.62 8/4/2011 4,402.81 4,402.81 182,627.48 182,627.48 0.2246% 187,030.29 4 4.60 8/31/2011 34.94 34.94 182,627.48 182,627.48 0.2246% 182,627.48 27 30.34 9/1/2011 3,667.52 3,667.52 178,959.96 178,959.96 0.2872% 182,627.48 1 1.44 9/30/2011 42.27 42.27 178,959.96 178,959.96 0.2872% 178,959.96 29 40.83 10/1/2011 178,961.37 - 178,959.96 1.41 - - 0.2872% 178,959.96 1 1.41 Totals 11,519,022.57 11,554,766.93 10,472,294.29 10,472,294.29 35,744.36 35,744.36 Cash Out Less Cash In: 35,744.36 Investment Receipts minus Purchases: 10/13/2011 -12- Gilmore&Beq P.C. M � M man M M � M MM M M M i M City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2009-A Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2011 of Days 0.655078% 7/30/2009 7/30/2009 (10,472,294.29) 1.0693950 (11,199,019.59) 781 1.0000000 (10,472,294.29) 7/30/2009 12,110.97 1.0693950 12,951.41 781 1.0000000 12,110.97 7/31/2009 316.09 1.0693950 338.03 781 1.0000000 316.09 8/13/2009 499,945.17 1.0682014 534,042.14 768 0.9997639 499,827.11 8/20/2009 5,915.00 1.0675593 6,314.61 761 0.9996367 5,912.85 8/312009 9,046.97 1.0666425 9,649.88 751 0.9994551 9,042.04 9/172009 1,003,459.64 1.0650859 1,068,770.76 734 0.9991465 1,002,603.21 9/302009 7,554.22 1.0638971 8,036.91 721 0.9989106 7,545.99 10/82009 28,640.56 1.0631662 30,449.68 713 0.9987654 28,605.20 10/152009 1,164,365.08 1.0625271 1,237,169.43 706 0.9986384 1,162,779.70 10222009 3,000.00 1.0618883 3,185.66 699 0.9985114 2,995.53 10/302009 7,466.29 1.0611588 7,922.92 691 0.9983663 7,454.09 11/122009 1,877,980.13 1.0600654 1,990,781.80 679 0.9981487 1,874,503.42 11/302009 3,268.03 1.0584275 3,458.97 661 0.9978224 3,260.91 12/32009 2,000.00 1.0581547 2,116.31 658 0.9977680 1,995.54 12/102009 763,051.01 1.0575186 806,940.65 651 0.9976411 761,251.04 12/312009 1,412.61 1.0557032 1,491.30 631 0.9972787 1,408.77 1/142010 438,860.73 1.0544343 462,749.81 617 0.9970251 437,555.15 1/31/2010 1,429.55 1.0529860 1,505.30 601 0.9967353 1,424.88 2/11/2010 622,529.61 1.0519914 654,895.79 590 0.9965361 620,373.26 2/252010 16,500.00 1.0507269 17,336.99 576 0.9962827 16,438.66 2/282010 1,004.99 1.0502757 1,055.52 571 0.9962284 1,001.20 3/112010 5,000.00 1.0492837 5,246.42 560 0.9959932 4,979.97 3/182010 395,596.69 1.0486529 414,843.62 553 0.9958665 393,961.50 3/31/2010 1,006.04 1.0475724 1,053.90 541 0.9956494 1,001.66 4/82010 645,409.03 1.0468527 675,648.20 533 0.9955048 642,507.76 4/302010 873.76 1.0448761 912.97 511 0.9951070 869.48 5/13/2010 701,544.97 1.0437098 732,209.39 498 0.9948720 697,947.43 5/312010 720.20 1.0421867 750.58 481 0.9945648 716.29 6/10/2010 46,666.00 1.0412918 48,592.92 471 0.9943841 46,403.93 6/172010 908,771.25 1.0406658 945,727.15 464 0.9942577 903,552.77 6/30/2010 465.00 1.0395042 483.37 451 0.9940229 462.22 7/1/2010 3,512.50 1.0394149 3,650.94 450 0.9940048 3,491.44 7/82010 18,700.00 1.0387901 19,425.37 443 0.9938784 18,585.53 7/15/2010 800.05 1.0381656 830.58 436 0.9937520 795.05 7/31/2010 336.22 1.0368287 348.60 421 0.9934813 334.03 8/5/2010 865,740.15 1.0363834 897,238.74 416 0.9933910 860,018.50 8/12/2010 1,279.69 1.0357604 1,325.45 409 0.9932647 1,271.07 8/192010 22.11 1.0351377 22.89 402 0.9931384 21.96 8/312010 141.87 1.0341600 146.72 391 0.9929400 140.87 10/13/2011 -13- Gilmore&Bell,P.C. City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2009-A Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2011 of Days 0.655078% 7/30/2009 9/23/2010 665.72 1.0321187 687.10 368 0.9925252 660.74 9/30/2010 770.00 1.0314982 794.25 361 0.9923990 764.15 9/30/2010 106.68 1.0314982 110.04 361 0.9923990 105.87 10/7/2010 298.50 1.0308781 307.72 354 0.9922728 296.19 10/14/2010 3,700.39 1.0302584 3,812.36 347 0.9921466 3,671.33 10/21/2010 124.72 1.0296390 128.42 340 0.9920204 123.72 10/28/2010 1,183.75 1.0290200 1,218.10 333 0.9918943 1,174.15 10/31/2010 111.20 1.028 8432 114.41 331 0.9918582 110.29 11/4/2010 87,564.00 1.0284898 90,058.68 327 0.9917862 86,844.76 11/4/2010 4,063.12 1.0284898 4,178.88 327 0.9917862 4,029.75 11/10/2010 146,719.03 1.0279598 150,821.26 321 0.9916781 145,498.04 11/18/2010 207.60 1.0272536 213.26 313 0.9915339 205.84 11/30/2010 55.22 1.0261951 56.67 301 0.9913178 54.74 12/16/2010 12.77 1.0247856 13.09 285 0.9910297 12.66 12/31/2010 39.85 1.0235538 40.79 271 0.9907777 39.48 1/31/2011 37.64 1.0209193 38.43 241 0.9902379 37.27 2/28/2011 34.87 1.0182916 35.51 211 0.9897343 34.51 3/31/2011 38.42 1.0156706 39.02 181 0.9891591 38.00 4/30/2011 50.80 1.0130564 51.46 151 0.9886201 50.22 5/31/2011 52.55 1.0104489 53.10 121 0.9880815 51.92 6/9/2011 2,256.67 1.0096680 2,278.49 112 0.9879199 2,229.41 6/16/2011 2,329.20 1.0090610 2,350.30 105 0.9877943 2,300.77 6/23/2011 2,868.19 1.0084544 2,892.44 98 0.9876687 2,832.82 6/30/2011 48.66 1.0078481 49.04 91 0.9875431 48.05 7/28/2011 1,100.00 1.0054268 1,105.97 63 0.9870409 1,085.74 7/31/2011 48.01 1.0052541 48.26 61 0.9870050 47.39 8/4/2011 4,402.81 1.0049087 4,424.42 57 0.9869333 4,345.28 8/31/2011 34.94 1.0026667 35.03 31 0.9864673 34.47 9/1/2011 3,667.52 1.0025805 3,676.98 30 0.9864493 3,617.82 9/30/2011 42.27 1.0000859 42.27 1 0.9859298 41.68 10/1/2011 178,961.37 1.0000000 178,961.37 - 0.9859119 176,440.14 35,744.36 (140,760.78) (0.00) Summary of: Fund 794-Aquatics Facility Arbitrage Rebate Amount: $ (140,760.78) Total Investment Earnings: 35,744.36 Investment Vield: 0.6551% Average Amount Invested: $ 2,515,163 Total Time Invested: 2.17 years 10/13/2011 -14- Gilmore&Bell,P.C. �r r r r r r r ,r rr � r r r r r r r r ■� City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2009-A Cash and Investment Activity Imputed Interest Calculation Total Relevant Relevant Days Cash Transactions Investments Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings 7/30/2009 882,500.00 882,500.00 882,500.00 882,500.00 1.1030% - - 7/31/2009 26.67 26.67 882,500.00 882,500.00 1.1030% 882,500.00 I 26.67 8/31/2009 785.22 785.22 882,500.00 882,500.00 1.0476% 882,500.00 31 785.22 9/30/2009 700.31 700.31 882,500.00 882,500.00 0.9655% 882,500.00 30 700.31 10/31/2009 815.71 - 815.71 882,500.00 882,500.00 1.0883% 882,500.00 31 815.71 11/30/2009 418.79 - 418.79 882,500.00 882,500.00 0.5774% 882,500.00 30 418.79 12/31/2009 232.66 - 232.66 882,500.00 882,500.00 0.3104% 882,500.00 31 232.66 1/31/2010 258.99 - 258.99 882,500.00 882,500.00 0.3455% 882,500.00 31 258.99 2/28/2010 206.58 - 206.58 882,500.00 882,500.00 0.3052% 882,500.00 28 206.58 3/31/2010 229.72 - 229.72 882,500.00 882,500.00 0.3065% 882,500.00 31 229.72 4/30/2010 244.01 - 244.01 882,500.00 882,500.00 0.3364% 882,500.00 30 244.01 5/31/2010 246.29 - 246.29 882,500.00 882,500.00 0.3286% 882,500.00 31 246.29 6/30/2010 220.45 - 220.45 882,500.00 882,500.00 0.3039% 882,500.00 30 220.45 7/31/2010 225.94 - 225.94 882,500.00 882,500.00 0.3015% 882,500.00 31 225.94 8/19/2010 538,641.00 - 538,641.00 343,859.00 343,859.00 0.2875% 882,500.00 19 132.06 8/31/2010 164.56 - 164.56 343,859.00 343,859.00 0.2875% 343,859.00 12 32.50 9/30/2010 83.24 - 83.24 343,859.00 343,859.00 0.2945% 343,859.00 30 83.24 10/18/2010 321,526.00 - 321,526.00 22,333.00 22,333.00 0.2996% 343,859.00 18 50.80 10/31/2010 53.18 - 53.18 22,333.00 22,333.00 0.2996% 22,333.00 13 2.38 11/30/2010 4.80 - 4.80 22,333.00 22,333.00 0.2616% 22,333.00 30 4.80 12/31/2010 4.55 - 4.55 22,333.00 22,333.00 0.2399% 22,333.00 31 4.55 1/31/2011 4.30 - 4.30 22,333.00 22,333.00 0.2266% 22,333.00 31 4.30 2/28/2011 3.98 - 3.98 22,333.00 22,333.00 0.2324% 22,333.00 28 3.98 3/28/2011 22,333.00 3.96 22,333.00 3.96 - 3.96 0.2313% 22,333.00 28 3.96 3/31/2011 - 3.96 - 3.96 0.2313% - - Totals 882,500.00 887,429.95 882,500.00 882,500.00 4,933.91 4,933.91 Cash Out Less Cash In: 4,929.95 Investment Receipts minus Purchases: - 10113/2011 -Is- Gilmore&Bell,P.C. City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2009-A Arbitrage Rebate Com utation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2011 of Days 0.496606% 7/30/2009 7/30/2009 (882,500.00) 1.0693950 (943,741.12) 781 1.0000000 (882,500.00) 7/31/2009 26.67 1.0693950 28.52 781 1.0000000 26.67 8/31/2009 785.22 1.0666425 837.55 751 0.9995868 784.90 9/30/2009 700.31 1.0638971 745.06 721 0.9991737 699.73 10/31/2009 815.71 1.0611588 865.60 691 0.9987608 814.70 11/30/2009 418.79 1.0584275 443.26 661 0.9983481 418.10 12/31/2009 232.66 1.0557032 245.62 631 0.9979355 232.18 1/31/2010 258.99 1.0529860 272.71 601 0.9975231 258.35 2/28/2010 206.58 1.0502757 216.97 571 0.9971384 205.99 3/31/2010 229.72 1.0475724 240.65 541 0.9966989 228.96 4/30/2010 244.01 1.0448761 254.96 511 0.9962870 243.10 5/31/2010 246.29 1.0421867 256.68 481 0.9958753 245.27 6/30/2010 220.45 1.0395042 229.16 451 0.9954637 219.45 7/31/2010 225.94 1.0368287 234.26 421 0.9950524 224.82 8/19/2010 538,641.00 1.0351377 557,567.62 402 0.9947919 535,835.72 8/31/2010 164.56 1.0341600 170.18 391 0.9946412 163.68 9/30/2010 83.24 1.0314982 85.86 361 0.9942302 82.76 10/18/2010 321,526.00 1.0299044 331,141.04 343 0.9939836 319,591.58 10/31/2010 53.18 1.0288432 54.71 331 0.9938193 52.85 11/30/2010 4.80 1.0261951 4.93 301 0.9934086 4.77 12/31/2010 4.55 1.0235538 4.66 271 0.9929981 4.52 1/31/2011 4.30 1.0209193 4.39 241 0.9925878 4.27 2/28/2011 3.98 1.0182916 4.05 211 0.9922049 3.95 3/28/2011 22,336.96 1.0158451 22,690.89 183 0.9917949 22,153.68 3/31/2011 - 1.0156706 - 181 0.9917676 - 4,933.91 (27,141.80) (0.00) Summary of: Fund 723-Fire Truck Arbitrage Rebate Amount: $ (27,141.80) Total Investment Earnings: 4,933.91 Investment Yield: 0.4966% Average Amount Invested: $ 596,116 Total Time Invested: 1.67 years 10/13/2011 -16- Gilmore&Bd/,P.C. City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2009-A Cash and Investment Activity Imputed Interest Calculation Total Relevant Relevant Days Cash Transactions Investments Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings 7/30/2009 639,259.48 593,964.54 45,294.94 45,294.94 45,294.94 1.1030% - - 7/31/2009 1.37 1.37 45,294.94 45,294.94 1.1030% 45,294.94 1 1.37 8/31/2009 40.30 40.30 45,294.94 45,294.94 1.0476% 45,294.94 31 40.30 9/30/2009 35.94 35.94 45,294.94 45,294.94 0.9655% 45,294.94 30 35.94 10/31/2009 41.87 41.87 45,294.94 45,294.94 1.0883% 45,294.94 31 41.87 11/30/2009 21.49 21.49 45,294.94 45,294.94 0.5774% 45,294.94 30 21.49 12/31/2009 11.94 11.94 45,294.94 45,294.94 0.3104% 45,294.94 31 11.94 1/31/2010 13.29 13.29 45,294.94 45,294.94 0.3455% 45,294.94 31 13.29 2/11/2010 60.00 60.00 45,234.94 45,234.94 0.3052% 45,294.94 11 4.17 2/28/2010 10.60 10.60 45,234.94 45,234.94 0.3052% 45,234.94 17 6.43 3/31/2010 11.77 11.77 45,234.94 45,234.94 0.3065% 45,234.94 31 11.77 4/30/2010 12.51 12.51 45,234.94 45,234.94 0.3364% 45,234.94 30 12.51 5/31/2010 12.62 12.62 45,234.94 45,234.94 0.3286% 45,234.94 31 12.62 6/30/2010 11.30 11.30 45,234.94 45,234.94 0.3039% 45,234.94 30 11.30 7/31/2010 11.58 11.58 45,234.94 45,234.94 0.3015% 45,234.94 31 11.58 8/31/2010 11.04 11.04 45,234.94 45,234.94 0.2875% 45,234.94 31 11.04 9/30/2010 10.95 10.95 45,234.94 45,234.94 0.2945% 45,234.94 30 10.95 10/31/2010 11.51 11.51 45,234.94 45,234.94 0.2996% 45,234.94 31 11.51 11/30/2010 9.72 9.72 45,234.94 45,234.94 0.2616% 45,234.94 30 9.72 12/31/2010 9.22 9.22 45,234.94 45,234.94 0.2399% 45,234.94 31 9.22 1/31/2011 8.71 8.71 45,234.94 45,234.94 0.2266% 45,234.94 31 8.71 2/28/2011 8.06 8.06 45,234.94 45,234.94 0.2324% 45,234.94 28 8.06 3/28/2011 45,234.94 45,234.94 - - 0.2313% 45,234.94 28 8.03 3/31/2011 8.03 - 8.03 0.2313% - - Totals 639,259.48 639,573.30 45,294.94 45,294.94 313.82 313.82 Cash Out Less Cash In: 313.82 Investment Receipts minus Purchases: - 10/13/2011 -17- Gilmore&Bell,RC. City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2009-A Arbitrage Rebate Com utation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2011 of Days 0.418247% 7/30/2009 7/30/2009 (45,294.94) 1.0693950 (48,438.18) 781 1.0000000 (45,294.94) 7/31/2009 1.37 1.0693950 1.47 781 1.0000000 1.37 8/31/2009 40.30 1.0666425 42.99 751 0.9996519 40.29 9/30/2009 35.94 1.0638971 38.24 721 0.9993039 35.91 10/31/2009 41.87 1.0611588 44.43 691 0.9989560 41.83 11/30/2009 21.49 1.0584275 22.75 661 0.9986083 21.46 12/31/2009 11.94 1.0557032 12.61 631 0.9982606 11.92 1/31/2010 13.29 1.0529860 13.99 601 0.9979131 13.26 2/11/2010 60.00 1.0519914 63.12 590 0.9977857 59.87 2/28/2010 10.60 1.0502757 11.13 571 0.9975889 10.57 3/31/2010 11.77 1.0475724 12.33 541 0.9972185 11.74 4/30/2010 12.51 1.0448761 13.07 511 0.9968713 12.47 5/31/2010 12.62 1.0421867 13.15 481 0.9965243 12.58 6/30/2010 11.30 1.0395042 11.75 451 0.9961774 11.26 7/31/2010 11.58 1.0368287 12.01 421 0.9958306 11.53 8/31/2010 11.04 1.0341600 11.42 391 0.9954840 10.99 9/30/2010 10.95 1.0314982 11.29 361 0.9951374 10.90 10/31/2010 11.51 1.0288432 11.84 331 0.9947910 11.45 11/30/2010 9.72 1.0261951 9.97 301 0.9944447 9.67 12/31/2010 9.22 1.0235538 9.44 271 0.9940985 9.17 1/31/2011 8.71 1.0209193 8.89 241 0.9937524 8.66 2/28/2011 8.06 1.0182916 8.21 211 0.9934296 8.01 3/28/2011 45,234.94 1.0158451 45,951.69 183 0.9930837 44,922.08 3/31/2011 8.03 1.0156706 8.16 181 0.9930607 7.97 313.82 (2,094.25) 0.00 Summary of: Fund 789-Red Fox Arbitrage Rebate Amount: $ (2,094.25) Total Investment Earnings: 313.82 Investment Yield: 0.4182% Average Amount Invested: $ 45,019 Total Time Invested: 1.67 years 10/13/2011 -Is- Gilmore&Bell,P.C. ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A Cash and Investment Activity Total Cash Transactions Investments Cash and Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments 7/30/2009 690,166.53 690,166.53 - - - Totals 690,166.53 690,166.53 - - - Cash Out Less Cash In: - Investment Receipts minus Purchases: - 10/13/2011 -19- Gilmore&Bell,P.C. w w w i w ww w w w w w w w w w �w �w ww ww City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2011 of Days 0.000000% 7/30/2009 7/30/2009 - 1.0693950 - 781 1.0000000 - Summary of: Fund 779-West Diamond Drive Arbitrage Rebate Amount: $ - Total Investment Earnings: - Investment Yield: 0.0000% Average Amount Invested: $ - Total Time Invested: 0.00 years 10/13/2011 -20- Gilmore&Bell,P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A Cash and Investment Activity Total Cash Transactions Investments Cash and Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments 7/30/2009 550,469.93 550,469.93 - - - Totals 550,469.93 550,469.93 - - - Cash Out Less Cash In: - Investment Receipts minus Purchases: - 10/13/2011 -21- Gilmore&Bell,P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2011 of Days 0.000000% 7/30/2009 7/30/2009 - 1.0693950 - 781 1.0000000 - Summary of: Fund 721 -Eagle Crest Arbitrage Rebate Amount: $ - Total Investment Earnings: - Investment Yield: 0.0000% Average Amount Invested: $ - Total Time Invested: 0.00 years 10/13/2011 -22- Gilmore&Bell,P.C. City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2009-A Cash and Investment Activity Imputed Interest Calculation Total Relevant Relevant Days Cash Transactions Investments Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings 7/30/2009 930,458.02 836,343.75 94,114.27 94,114.27 94,114.27 1.1030% 7/30/2009 27,021.10 27,021.10 67,093.17 67,093.17 1.1030% - - 7/31/2009 2.03 2.03 67,093.17 67,093.17 1.1030% 67,093.17 1 2.03 8/31/2009 59.70 59.70 67,093.17 67,093.17 1.0476% 67,093.17 31 59.70 9/30/2009 53.24 53.24 67,093.17 67,093.17 0.9655% 67,093.17 30 53.24 10/31/2009 62.02 62.02 67,093.17 67,093.17 1.0883% 67,093.17 31 62.02 11/30/2009 31.84 31.84 67,093.17 67,093.17 0.5774% 67,093.17 30 31.84 12/31/2009 17.69 17.69 67,093.17 67,093.17 0.3104% 67,093.17 31 17.69 1/31/2010 19.69 19.69 67,093.17 67,093.17 0.3455% 67,093.17 31 19.69 2/28/2010 15.71 15.71 67,093.17 67,093.17 0.3052% 67,093.17 28 15.71 3/31/2010 17.46 17.46 67,093.17 67,093.17 0.3065% 67,093.17 31 17.46 4/30/2010 18.55 18.55 67,093.17 67,093.17 0.3364% 67,093.17 30 18.55 5/31/2010 18.72 18.72 67,093.17 67,093.17 0.3286% 67,093.17 31 18.72 6/30/2010 16.76 16.76 67,093.17 67,093.17 0.3039% 67,093.17 30 16.76 7/31/2010 17.18 17.18 67,093.17 67,093.17 0.3015% 67,093.17 31 17.18 8/31/2010 16.38 16.38 67,093.17 67,093.17 0.2875% 67,093.17 31 16.38 9/30/2010 16.24 16.24 67,093.17 67,093.17 0.2945% 67,093.17 30 16.24 10/31/2010 17.07 17.07 67,093.17 67,093.17 0.2996% 67,093.17 31 17.07 11/30/2010 14.42 14.42 67,093.17 67,093.17 0.2616% 67,093.17 30 14.42 12/31/2010 13.67 13.67 67,093.17 67,093.17 0.2399% 67,093.17 31 13.67 1/31/2011 12.91 12.91 67,093.17 67,093.17 0.2266% 67,093.17 31 12.91 2/28/2011 11.96 11.96 67,093.17 67,093.17 0.2324% 67,093.17 28 11.96 3/28/2011 67,093.17 67,093.17 - - 0.2313% 67,093.17 28 11.90 3/31/2011 11.90 - 11.90 0.2313% - - Totals 930,458.02 930,923.16 94,114.27 94,114.27 465.14 465.14 Cash Out Less Cash In: 465.14 Investment Receipts minus Purchases: - 10/13/2011 -23- Gilmore&Bell,AC. City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2009-A Arbitrage Rebate Com utation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2011 of Days 0.418136% 7/30/2009 7/30/2009 (94,114.27) 1.0693950 (100,645.33) 781 1.0000000 (94,114.27) 7/30/2009 27,021.10 1.0693950 28,896.23 781 1.0000000 27,021.10 7/31/2009 2.03 1.0693950 2.17 781 1.0000000 2.03 8/31/2009 59.70 1.0666425 63.68 751 0.9996520 59.68 9/30/2009 53.24 1.0638971 56.64 721 0.9993041 53.20 10/31/2009 62.02 1.0611588 65.81 691 0.9989563 61.96 11/30/2009 31.84 1.0584275 33.70 661 0.9986086 31.80 12/31/2009 17.69 1.0557032 18.68 631 0.9982611 17.66 1/31/2010 19.69 1.0529860 20.73 601 0.9979137 19.65 2/28/2010 15.71 1.0502757 16.50 571 0.9975895 15.67 3/31/2010 17.46 1.0475724 18.29 541 0.9972192 17.41 4/30/2010 18.55 1.0448761 19.38 511 0.9968722 18.49 5/31/2010 18.72 1.0421867 19.51 481 0.9965252 18.65 6/30/2010 16.76 1.0395042 17.42 451 0.9961784 16.70 7/31/2010 17.18 1.0368287 17.81 421 0.9958317 17.11 8/31/2010 16.38 1.0341600 16.94 391 0.9954851 16.31 9/30/2010 16.24 1.0314982 16.75 361 0.9951387 16.16 10/31/2010 17.07 1.0288432 17.56 331 0.9947924 16.98 11/30/2010 14.42 1.0261951 14.80 301 0.9944461 14.34 12/31/2010 13.67 1.0235538 13.99 271 0.9941001 13.59 1/31/2011 12.91 1.0209193 13.18 241 0.9937541 12.83 2/28/2011 11.96 1.0182916 12.18 211 0.9934313 11.88 3/28/2011 67,093.17 1.0158451 68,156.27 183 0.9930856 66,629.26 3/31/2011 11.90 1.0156706 12.09 181 0.9930625 11.82 465.14 (3,105.01) (0.00) Summary of: Fund 788-Quail Meadows IV Arbitrage Rebate Amount: $ (3,105.01) Total Investment Earnings: 465.14 Investment Yield: 0.4181% Average Amount Invested: $ 66,745 Total Time Invested: 1.67 years 10/13/2011 -24- Gilmore&Bell,P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A ACCOUNTNO. 9: Ftind 753 - North Ohio Cash and Investment Activity Total Cash Transactions Investments Cash and Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments 7/30/2009 1,971,797.07 1,971,797.07 - - - Totals 1,971,797.07 1,971,797.07 - - - Cash Out Less Cash In: - Investment Receipts minus Purchases: - 10/13/2011 -29- Gilmore&Bell,P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2011 of Days 0.000000% 7/30/2009 7/30/2009 - 1.0693950 - 781 1.0000000 - Summary of: Fund 753 -North Ohio Arbitrage Rebate Amount: $ - Total Investment Earnings: - Investment Yield: 0.0000% Average Amount Invested: $ - Total Time Invested: 0.00 years 10/13/2011 -26- Gilmore&Bell,P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A Arbitrage Rebate Computation Future Value Future Factor @ Value to Number Date Description Amount 3.116675% 10/1/2011 of Days 10/1/2009 Computation Credit (1,490.00) 1.0638057 (1,585.07) 720 10/1/2010 Computation Credit (1,500.00) 1.0314096 (1,547.11) 360 10/1/2011 Computation Credit (1,520.00) 1.0000000 (1,520.00) - (4,510.00) Total Adjustments: $ (4,652.18) 10/13/2011 -27- Gilmore&Bell,P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A Month Month Beg. Month End. Overall Yld Jun-09 6/l/2009 6/30/2009 1.211% Jul-09 7/1/2009 7/31/2009 1.103% Aug-09 8/1/2009 8/31/2009 1.048% Sep-09 9/1/2009 9/30/2009 0.965% Oct-09 10/1/2009 10/31/2009 1.088% Nov-09 11/1/2009 11/30/2009 0.577% Dec-09 12/1/2009 12/31/2009 0.310% Jan-10 1/1/2010 1/31/2010 0.346% Feb-10 2/1/2010 2/28/2010 0.305% Mar-10 3/1/2010 3/31/2010 0.306% Apr-10 4/1/2010 4/30/2010 0.336% May-10 5/1/2010 5/31/2010 0.329% Jun-10 6/1/2010 6/30/2010 0.304% Jul-10 7/1/2010 7/31/2010 0.301% Aug-10 8/1/2010 8/31/2010 0.287% Sep-10 9/1/2010 9/30/2010 0.295% Oct-10 10/1/2010 10/31/2010 0.300% Nov-10 11/1/2010 11/30/2010 0.262% Dec-10 12/1/2010 12/31/2010 0.240% Jan-11 1/1/2011 1/31/2011 0.227% Feb-11 2/1/2011 2/28/2011 0.232% Mar-11 3/1/2011 3/31/2011 0.231% Apr-11 4/1/2011 4/30/2011 0.316% May-11 5/1/2011 5/31/2011 0.316% Jun-11 6/1/2011 6/30/2011 0.308% 10/13/2011 -28- Gilmore&Bell,P.C. w w ■w ww w �■■ w w w w w w w w w w ww �w w City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A Wehylited Avera(ye Yields as Provided I)v Issuer Month Month Beg. Month End. Overall Yld Jul-11 7/1/2011 7/31/2011 0.301% Aug-11 8/1/2011 8/31/2011 0.225% Sep-11 9/1/2011 9/30/2011 0.287% 10/13/2011 -29- Gilmore&Bell,P.0