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
December 6, 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: $6,875,000 City of Salina, Kansas General Obligation Internal Improvement and
Refunding Bonds, Series 2010-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 $79,990.52.
Under the Internal Revenue Code, the first required installment computation date is the earlier of
October 1,2014 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
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 $6,875,000 City of Salina, Kansas (the "Issuer") General Obligation Internal Improvement and
Refunding Bonds, Series 2010-A,(the"Bonds").
General Matters
The time period covered by the Arbitrage Analysis (the "Computation Period") began May 5,
2010 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
M S M M M M M M M -! M M M
Exhibit B
Arbitrage Debate Analysis
Computed as of October 1, 2011
City of Salina, Kansas
General Obligation Internal Improvement and Refunding Bonds
Series 2010-A
GILMOkE, BELL
G I L M O R E & BELL, PC
! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
City of Salina, Kansas
General Obligation Internal Improvement and Refunding Bonds
Series 2010-A
Results as of October 1,2011
Summary of Issue
Par $6,875,000
Issue Date May 5,2010
Bond Year Date October 1
Bond Yield 2.69379%
Computation Date October 1,2011
Summary of Rebate Computation
Computation Results Rebate Liability by Source
• Total Rebate Amount ($79,990.52) Redemption Fund
Fund 791-Stone
Creek Addition (646.68)
Fund 724-Scoular (83.35)
Addition
Fund 728-Fire (56,846.71)
Station*1
• No arbitrage rebate payment is due at this time. Fund 726
The net rebate amount as of October 1,2011 is Bicentennial Center (ia,aoz.io)
($79,990.52). Fund 631-Landfill (4,951.01)
Credits&Adjustments (3,060.68)
Total Rebate Amount (79,990.52)
($2,500,000) (;1,250,000) $0
121612011 -1- Gilmore&Bell,P.C.
City of Salina, Kansas
General Obligation Internal Improvement and Refunding Bonds
Series 2010-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=2.69%
6.00%
4.00%
2.00%
0.00%
Fund 631-Landfill Fund 726- Fund 728-Fire Fund 724-Scoular Fund 791-Stone Redemption Fund
Bicentennial Center Station*1 Addition Creek Addition
121612011 -2- Gilmore&Bell,P.C.
City of Salina,Kansas
General Obligation Internal Improvement and Refunding Bonds
Series 2010-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
5/5/2010 1,613,211.25 609,827.20 1,003,384.05 1,003,384.05 1,003,384.05 0.3286% -
5/6/2010 423,824.25 423,824.25 579,559.80 579,559.80 0.3286% 1,003,384.05 1 9.03
5/13/2010 7,267.34 7,267.34 572,292.46 572,292.46 0.3286% 579,559.80 7 36.52
5/20/2010 78.54 78.54 572,213.92 572,213.92 0.3286% 572,292.46 7 36.07
5/31/2010 138.29 138.29 572,213.92 572,213.92 0.3286% 572,213.92 11 56.67
6/3/2010 4,867.49 4,867.49 567,346.43 567,346.43 0.3039% 572,213.92 3 14.29
6/30/2010 141.84 141.84 567,346.43 567,346.43 0.3039% 567,346.43 27 127.55
7/31/2010 145.26 145.26 567,346.43 567,346.43 0.3015% 567,346.43 31 145.26
8/31/2010 138.52 138.52 567,346.43 567,346.43 0.2875% 567,346.43 31 138.52
9/2/2010 2,787.69 2,787.69 564,558.74 564,558.74 0.2945% 567,346.43 2 9.16
9/10/2010 494,447.95 494,447.95 70,110.79 70,110.79 0.2945% 564,558.74 8 36.44
9/16/2010 60,733.75 60,733.75 9,377.04 9,377.04 0.2945% 70,110.79 6 3.39
9/30/2010 50.05 50.05 9,377.04 9,377.04 0.2945% 9,377.04 14 1.06
10/31/2010 2.39 2.39 9,377.04 9,377.04 0.2996% 9,377.04 31 2.39
11/30/2010 2.02 2.02 9,377.04 9,377.04 0.2616% 9,377.04 30 2.02
12/16/2010 6,000.00 6,000.00 3,377.04 3,377.04 0.2399% 9,377.04 16 0.99
12/16/2010 3,377.04 3,377.04 0.00 0.00 0.2399% - -
12/31/2010 0.99 0.99 0.00 0.00 0.2399% 0.00 15 -
Totals 1,613,211.25 1,613,830.61 1,003,384.05 1,003,384.05 619.36 619.36
Cash Out Less Cash In: 619.36
Investment Receipts minus Purchases:
121612011 -3- Gilmore&BeU,P.C.
as as as a� as as �a �a as a� as as as �a as as as a as
City of Salina,Kansas
General Obligation Internal Improvement and Refunding Bonds
Series 2010-A
Arbitrage Rebate Com utation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 2.693791% 10/1/2011 of Days 0306558% 5/5/2010
5/5/2010 (1,003,384.05) 1.0383262 (1,041,839.96) 506 1.0000000 (1,003,384.05)
5/6/2010 423,824.25 1.0382490 440,035.12 505 0.9999915 423,820.64
5/13/2010 7,267.34 1.0377090 7,541.38 498 0.9999319 7,266.85
5/20/2010 78.54 1.0371692 81.46 491 0.9998724 78.53
5/31/2010 138.29 1.0363986 143.32 481 0.9997788 138.26
6/3/2010 4,867.49 1.0361675 5,043.53 478 0.9997618 4,866.33
6/30/2010 141.84 1.0340902 146.68 451 0.9995321 141.77
7/31/2010 145.26 1.0317869 149.88 421 0.9992685 145.15
8/31/2010 138.52 1.0294887 142.60 391 0.9990134 138.38
9/2/2010 2,787.69 1.0293357 2,869.47 389 0.9990049 2,784.92
9/10/2010 494,447.95 1.0287238 508,650.37 381 0.9989369 493,922.32
9/16/2010 60,733.75 1.0282651 62,450.40 375 0.9988859 60,666.09
9/30/2010 50.05 1.0271957 51.41 361 0.9987670 49.99
10/31/2010 2.39 1.0249077 2.45 331 0.9985035 2.39
11/30/2010 2.02 1.0226249 2.07 301 0.9982572 2.02
12/16/2010 6,000.00 1.0214095 6,128.46 285 0.9981213 5,988.73
12/16/2010 3,377.04 1.0214095 3,449.34 285 0.9981213 3,370.70
12/31/2010 0.99 1.0203471 1.01 271 0.9979939 0.99
619.36 (4,951.01) (0.00)
Summary of: Fund 631-Landfill
Arbitrage Rebate Amount: $ (4,951.01)
Total Investment Earnings: 619.36
Investment Yield: 0.3066%
Average Amount Invested: $ 308,191
Total Time Invested: 0.66 years
121612011 -4- Gibnore&Bell,P.C.
�r �r rr are r■� r� ri r rr �■r r� r� �r rr � r r r r
City of Salina,Kansas
General Obligation Internal Improvement and Refunding Bonds
Series 2010-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
5/5/2010 2,496,380.50 1,032,927.22 1,463,453.28 1,463,453.28 1,463,453.28 0.3286% -
5/13/2010 12,575.85 12,575.85 1,450,877.43 1,450,877.43 0.3286% 1,463,453.28 8 105.40
5/20/2010 31,614.81 31,614.81 1,419,262.62 1,419,262.62 0.3286% 1,450,877.43 7 91.43
5/31/2010 337.38 337.38 1,419,262.62 1,419,262.62 0.3286% 1,419,262.62 11 140.55
6/3/2010 7,114.96 7,114.96 1,412,147.66 1,412,147.66 0.3039% 1,419,262.62 3 35.45
6/10/2010 36,000.00 36,000.00 1,376,147.66 1,376,147.66 0.3039% 1,412,147.66 7 82.31
6/17/2010 315.00 315.00 1,375,832.66 1,375,832.66 0.3039% 1,376,147.66 7 80.21
6/30/2010 346.90 346.90 1,375,832.66 1,375,832.66 0.3039% 1,375,832.66 13 148.93
7/15/2010 10,433.90 - 10,433.90 1,365,398.76 1,365,398.76 0.3015% 1,375,832.66 15 170.44
7/29/2010 12,658.75 - 12,658.75 1,352,740.01 1,352,740.01 0.3015% 1,365,398.76 14 157.87
7/31/2010 350.65 - 350.65 1,352,740.01 1,352,740.01 0.3015% 1,352,740.01 2 22.34
8/19/2010 264,317.00 - 264,317.00 1,088,423.01 1,088,423.01 0.2875% 1,352,740.01 19 202.43
8/20/2010 823.00 823.00 1,087,600.01 1,087,600.01 0.2875% 1,088,423.01 1 8.57
8/31/2010 305.22 - 305.22 1,087,600.01 1,087,600.01 0.2875% 1,087,600.01 11 94.22
9/16/2010 23,196.70 - 23,196.70 1,064,403.31 1,064,403.31 0.2945% 1,087,600.01 16 140.41
9/23/2010 694.68 - 694.68 1,063,708.63 1,063,708.63 0.2945% 1,064,403.31 7 60.12
9/30/2010 780,496.60 - 780,496.60 283,212.03 283,212.03 0.2945% 1,063,708.63 7 60.08
9/30/2010 260.61 260.61 283,212.03 283,212.03 0.2945% - -
10/7/2010 3,502.70 - 3,502.70 279,709.33 279,709.33 0.2996% 283,212.03 7 16.27
10/14/2010 1,201.37 1,201.37 278,507.96 278,507.96 0.2996% 279,709.33 7 16.07
10/28/2010 315.00 315.00 278,192.96 278,192.96 0.2996% 278,507.96 14 32.00
10/31/2010 71.19 71.19 278,192.96 278,192.96 0.2996% 278,192.96 3 6.85
11/4/2010 209,563.16 209,563.16 68,629.80 68,629.80 0.2616% 278,192.96 4 7.97
11/9/2010 247.50 247.50 68,382.30 68,382.30 0.2616% 68,629.80 5 2.46
11/30/2010 20.72 20.72 68,382.30 68,382.30 0.2616% 68,382.30 21 10.29
12/31/2010 13.93 13.93 68,382.30 68,382.30 0.2399% 68,382.30 31 13.93
1/31/2011 13.16 13.16 68,382.30 68,382.30 0.2266% 68,382.30 31 13.16
2/28/2011 12.19 12.19 68,382.30 68,382.30 0.2324% 68,382.30 28 12.19
3/9/2011 14,109.00 14,109.00 54,273.30 54,273.30 0.2313% 68,382.30 9 3.90
3/31/2011 11.47 11.47 54,273.30 54,273.30 0.2313% 54,273.30 22 7.57
4/30/2011 14.10 14.10 54,273.30 54,273.30 0.3160% 54,273.30 30 14.10
5/31/2011 14.58 14.58 54,273.30 54,273.30 0.3164% 54,273.30 31 14.58
6/812011 54,273.30 54,273.30 0.00 0.00 0.3080% 54,273.30 8 3.66
6/30/2011 3.66 - 3.66 0.00 0.00 0.3080% 0.00 22 -
Totals 2,496,380.50 2,498,156.26 1,463,453.28 1,463,453.28 1,775.76 1,775.76
Cash Out Less Cash In: 1,775.76
Investment Receipts minus Purchases:
121612011 -3- Gilmore&Bell,AC.
City of Salina,Kansas
General Obligation Internal Improvement and Refunding Bonds
Series 2010-A
Arbitrage Rebate Computation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 2.693791% 10/1/2011 of Days 0.302202% 5/5/2010
5/5/2010 (1,463,453.28) 1.0383262 (1,519,541.90) 506 1.0000000 (1,463,453.28)
5/13/2010 12,575.85 1.0377090 13,050.07 498 0.9999329 12,575.01
5/20/2010 31,614.81 1.0371692 32,789.91 491 0.9998742 31,610.83
5/31/2010 337.38 1.0363986 349.66 481 0.9997819 337.31
6/3/2010 7,114.96 1.0361675 7,372.29 478 0.9997652 7,113.29
6/10/2010 36,000.00 1.0356285 37,282.63 471 0.9997065 35,989.43
6/17/2010 315.00 1.0350898 326.05 464 0.9996478 314.89
6/30/2010 346.90 1.0340902 358.73 451 0.9995388 346.74
7/15/2010 10,433.90 1.0329379 10,777.57 436 0.9994130 10,427.78
7/29/2010 12,658.75 1.0318636 13,062.10 422 0.9992956 12,649.83
7/31/2010 350.65 1.0317869 361.80 421 0.9992789 350.40
8/19/2010 264,317.00 1.0303308 272,333.94 402 0.9991280 264,086.52
8/20/2010 823.00 1.0302542 847.90 401 0.9991196 822.28
8/31/2010 305.22 1.0294887 314.22 391 0.9990274 304.92
9/16/2010 23,196.70 1.0282651 23,852.36 375 0.9989018 23,171.22
9/23/2010 694.68 1.0277303 713.94 368 0.9988431 693.88
9/30/2010 780,496.60 1.0271957 801,722.73 361 0.9987845 779,547.87
9/30/2010 260.61 1.0271957 267.70 361 0.9987845 260.29
10/7/2010 3,502.70 1.0266614 3,596.09 354 0.9987258 3,498.24
10/14/2010 1,201.37 1.0261273 1,232.76 347 0.9986672 1,199.77
10/28/2010 315.00 1.0250601 322.89 333 0.9985499 314.54
10/31/2010 71.19 1.0249077 72.96 331 0.9985248 71.08
11/4/2010 209,563.16 1.0246031 214,719.06 327 0.9984996 209,248.74
11/9/2010 247.50 1.0242223 253.50 322 0.9984578 247.12
11/30/2010 20.72 1.0226249 21.19 301 0.9982819 20.68
12/31/2010 13.93 1.0203471 14.21 271 0.9980224 13.90
1/31/2011 13.16 1.0180745 13.40 241 0.9977712 13.13
2/28/2011 12.19 1.0158069 12.38 211 0.9975453 12.16
3/9/2011 14,109.00 1.0151276 14,322.43 202 0.9974532 14,073.07
3/31/2011 11.47 1.0135443 11.63 181 0.9972692 11.44
4/30/2011 14.10 1.0112868 14.26 151 0.9970266 14.06
5/31/2011 14.58 1.0090343 14.71 121 0.9967674 14.53
6/8/2011 54,273.30 1.0084344 54,731.07 113 0.9967089 54,094.68
6/30/2011 3.66 1.0067868 3.68 91 0.9965250 3.65
1,775.76 (14,402.10) 0.00
121612011 -6- Gilmore&Be11,P.C.
am MM � M MM
City of Salina,Kansas
General Obligation Internal Improvement and Refunding Bonds
Series 1010-A
Arbitrage Rebate Com utation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 2.693791% 10/1/2011 of Days 0.302202% 5/5/2010
Summary of: Fund 726-Bicentennial Center
Arbitrage Rebate Amount: S (14,402.10)
Total Investment Earnings: 1,775.76
Investment Yield: 0.3022%
Average Amount Invested: $ 509,731
Total Time Invested: 1.15 years
121612011 -7- Gilmore&Bel/,P.C.
MM m o m ' UM M M M r M M m m �' M
City of Salina,Kansas
General Obligation Internal Improvement and Refunding Bonds
Series 2010-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
5/5/2010 1,784,407.94 10,000.00 1,774,407.94 1,774,407.94 1,774,407.94 0.3286% -
5/6/2010 7,000.00 7,000.00 1,767,407.94 1,767,407.94 0.3286% 1,774,407.94 1 15.97
5/13/2010 8,038.56 8,038.56 1,759,369.38 1,759,369.38 0.3286% 1,767,407.94 7 111.38
5/20/2010 86.88 86.88 1,759,282.50 1,759,282.50 0.3286% 1,759,369.38 7 110.87
5/31/2010 412.44 412.44 1,759,282.50 1,759,282.50 0.3286% 1,759,282.50 11 174.22
6/3/2010 5,384.03 5,384.03 1,753,898.47 1,753,898.47 0.3039% 1,759,282.50 3 43.95
6/10/2010 7,000.00 7,000.00 1,746,898.47 1,746,898.47 0.3039% 1,753,898.47 7 102.23
6/30/2010 437.10 437.10 1,746,898.47 1,746,898.47 0.3039% 1,746,898.47 20 290.92
7/22/2010 72,000.00 72,000.00 1,674,898.47 1,674,898.47 0.3015% 1,746,898.47 22 317.40
7/31/2010 441.90 441.90 1,674,898.47 1,674,898.47 0.3015% 1,674,898.47 9 124.50
8/12/2010 9,000.00 9,000.00 1,665,898.47 1,665,898.47 0.2875% 1,674,898.47 12 158.30
8/31/2010 407.59 407.59 1,665,898.47 1,665,898.47 0.2875% 1,665,898.47 19 249.29
9/30/2010 403.25 403.25 1,665,898.47 1,665,898.47 0.2945% 1,665,898.47 30 403.25
10/31/2010 423.88 423.88 1,665,898.47 1,665,898.47 0.2996% 1,665,898.47 31 423.88
11/4/2010 3,082.50 3,082.50 1,662,815.97 1,662,815.97 0.2616% 1,665,898.47 4 47.75
11/18/2010 4,500.00 4,500.00 1,658,315.97 1,658,315.97 0.2616% 1,662,815.97 14 166.82
11/30/2010 357.17 357.17 1,658,315.97 1,658,315.97 0.2616% 1,658,315.97 12 142.60
12/9/2010 26,600.00 26,600.00 1,631,715.97 1,631,715.97 0.2399% 1,658,315.97 9 98.10
12/31/2010 334.06 334.06 1,631,715.97 1,631,715.97 0.2399% 1,631,715.97 22 235.96
1/31/2011 314.03 314.03 1,631,715.97 1,631,715.97 0.2266% 1,631,715.97 31 314.03
2/28/2011 290.90 290.90 1,631,715.97 1,631,715.97 0.2324% 1,631,715.97 28 290.90
3/31/2011 320.50 320.50 1,631,715.97 1,631,715.97 0.2313% 1,631,715.97 31 320.50
4/30/2011 423.77 423.77 1,631,715.97 1,631,715.97 0.3160% 1,631,715.97 30 423.77
5/31/2011 438.42 438.42 1,631,715.97 1,631,715.97 0.3164% 1,631,715.97 31 438.42
6/30/2011 413.02 413.02 1,631,715.97 1,631,715.97 0.3080% 1,631,715.97 30 413.02
7/31/2011 416.61 416.61 1,631,715.97 1,631,715.97 0.3006% 1,631,715.97 31 416.61
8/31/2011 400.51 400.51 1,631,715.97 1,631,715.97 0.2890% 1,631,715.97 31 400.51
9/30/2011 395.64 395.64 1,631,715.97 1,631,715.97 0.2950% 1,631,715.97 30 395.64
10/1/2011 1,631,729.16 - 1,631,715.97 13.19 0.2950% 1,631,715.97 1 13.19
Totals 1,784,407.94 1,791,051.92 1,774,407.94 1,774,407.94 6,643.98 6,643.98
Cash Out Less Cash In: 6,643.98
Investment Receipts minus Purchases:
111612011 -8- Gilmore&Bell,P.C.
a� mom �. M M � M .r m m � � M M s i M M
City of Salina,Kansas
General Obligation Internal Improvement and Refunding Bonds
Series 2010-A
Arbitrage Rebate Computation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 2.693791% 10/1/2011 of Days 0.285034% 5/5/2010
5/5/2010 (1,774,407.94) 1.0383262 (1,842,414.28) 506 1.0000000 (1,774,407.94)
5/6/2010 7,000.00 1.0382490 7,267.74 505 0.9999921 6,999.94
5/13/2010 8,038.56 1.0377090 8,341.69 498 0.9999367 8,038.05
5/20/2010 86.88 1.0371692 90.11 491 0.9998813 86.87
5/31/2010 412.44 1.0363986 427.45 481 0.9997943 412.36
6/3/2010 5,384.03 1.0361675 5,578.76 478 0.9997785 5,382.84
6/10/2010 7,000.00 1.0356285 7,249.40 471 0.9997231 6,998.06
6/30/2010 437.10 1.0340902 452.00 451 0.9995649 436.91
7/22/2010 72,000.00 1.0324006 74,332.84 429 0.9993910 71,956.15
7/31/2010 441.90 1.0317869 455.95 421 0.9993198 441.60
8/12/2010 9,000.00 1.0308670 9,277.80 409 0.9992328 8,993.10
8/31/2010 407.59 1.0294887 419.61 391 0.9990826 407.22
9/30/2010 403.25 1.0271957 414.22 361 0.9988534 402.79
10/31/2010 423.88 1.0249077 434.44 331 0.9986085 423.29
11/4/2010 3,082.50 1.0246031 3,158.34 327 0.9985848 3,078.14
11/18/2010 4,500.00 1.0235374 4,605.92 313 0.9984742 4,493.13
11/30/2010 357.17 1.0226249 365.25 301 0.9983794 356.59
12/9/2010 26,600.00 1.0219410 27,183.63 292 0.9983083 26,555.00
12/31/2010 334.06 1.0203471 340.86 271 0.9981345 333.44
1/31/2011 314.03 1.0180745 319.71 241 0.9978976 313.37
2/28/2011 290.90 1.0158069 295.50 211 0.9976845 290.23
3/31/2011 320.50 1.0135443 324.84 181 0.9974240 319.67
4/30/2011 423.77 1.0112868 428.55 151 0.9971952 422.58
5/31/2011 438.42 1.0090343 442.38 121 0.9969506 437.08
6/30/2011 413.02 1.0067868 415.82 91 0.9967219 411.67
7/31/2011 416.61 1.0045443 418.50 61 0.9964775 415.14
8/31/2011 400.51 1.0023068 401.43 31 0.9962410 399.00
9/30/2011 395.64 1.0000743 395.67 1 0.9960124 394.06
10/1/2011 1,631,729.16 1.0000000 1,631,729.16 - 0.9960045 1,625,209.66
6,643.98 (56,846.71) 0.00
Summary of: Fund 728-Fire Station#1
Arbitrage Rebate Amount: $ (56,846.71)
Total Investment Earnings: 6,643.98
Investment Yield: 0.2850%
Average Amount Invested: S 1,658,379
Total Time Invested: 1.41 years
121612011 -9- Gilmore&Bel/,P.C.
� � M M
City of Salina,Kansas
General Obligation Internal Improvement and Refunding Bonds
Series 1010-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
5/5/2010 52,422.99 48,277.25 4,145.74 4,145.74 4,145.74 0.3286% - -
5/13/2010 236.15 236.15 3,909.59 3,909.59 0.3286% 4,145.74 8 0.30
5/20/2010 2.55 2.55 3,907.04 3,907.04 0.3286% 3,909.59 7 0.25
5/31/2010 0.94 0.94 3,907.04 3,907.04 0.3286% 3,907.04 11 0.39
6/3/2010 158.16 158.16 3,748.88 3,748.88 0.3039% 3,907.04 3 0.10
6/30/2010 0.94 0.94 3,748.88 3,748.88 0.3039% 3,748.88 27 0.84
7/31/2010 0.96 0.96 3,748.88 3,748.88 0.3015% 3,748.88 31 0.96
8/31/2010 0.92 0.92 3,748.88 3,748.88 0.2875% 3,748.88 31 0.92
9/30/2010 0.91 0.91 3,748.88 3,748.88 0.2945% 3,748.88 30 0.91
10/30/2010 0.92 0.92 3,748.88 3,748.88 0.2996% 3,748.88 30 0.92
11/30/2010 0.83 0.83 3,748.88 3,748.88 0.2616% 3,748.88 31 0.83
12/31/2010 0.76 0.76 3,748.88 3,748.88 0.2399% 3,748.88 31 0.76
1/31/2011 0.72 0.72 3,748.88 3,748.88 0.2266% 3,748.88 31 0.72
2/28/2011 0.67 0.67 3,748.88 3,748.88 0.2324% 3,748.88 28 0.67
3/28/2011 3,748.88 3,748.88 - - 0.2313% 3,748.88 28 0.67
3/31/2011 0.67 - 0.67 - 0.2313% - -
Totals 52,422.99 52,432.23 4,145.74 4,145.74 9.24 9.24
Cash Out Less Cash In: 9.24
Investment Receipts minus Purchases: -
121612011 -10- Gilmore&De/1,P.C.
No = � � � M
City of Salina,Kansas
General Obligation Internal Improvement and Refunding Bonds
Series 2010-A
Arbitrage Rebate Computation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 2.693791% 10/1/2011 of Days 0.273453% 5/5/2010
5/5/2010 (4,145.74) 1.0383262 (4,304.63) 506 1.0000000 (4,145.74)
5/13/2010 236.15 1.0377090 245.05 498 0.9999393 236.14
5/20/2010 2.55 1.0371692 2.64 491 0.9998861 2.55
5/31/2010 0.94 1.0363986 0.97 481 0.9998027 0.94
6/3/2010 158.16 1.0361675 163.88 478 0.9997875 158.13
6/30/2010 0.94 1.0340902 0.97 451 0.9995826 0.94
7/31/2010 0.96 1.0317869 0.99 421 0.9993474 0.96
8/31/2010 0.92 1.0294887 0.95 391 0.9991199 0.92
9/30/2010 0.91 1.0271957 0.93 361 0.9988999 0.91
10/30/2010 0.92 1.0249077 0.94 331 0.9986725 0.92
11/30/2010 0.83 1.0226249 0.85 301 0.9984451 0.83
12/31/2010 0.76 1.0203471 0.78 271 0.9982102 0.76
1/31/2011 0.72 1.0180745 0.73 241 0.9979829 0.72
2/28/2011 0.67 1.0158069 0.68 211 0.9977784 0.67
3/28/2011 3,748.88 1.0136950 3,800.22 183 0.9975512 3,739.70
3/31/2011 0.67 1.0135443 0.68 181 0.9975285 0.67
9.24 (83.35) (0.00)
Summary of: Fund 724-Scoular Addition
Arbitrage Rebate Amount: $ (83.35)
Total Investment Earnings: 9.24
Investment Yield: 0.2735%
Average Amount Invested: $ 3,731
Total Time Invested: 0.91 years
121612011 -11- Gilmore&Bel/,P.C.
M 1M MM M M M M M M MI M MM M ON M M M
City of Salina,Kansas
General Obligation Internal Improvement and Refunding Bonds
Series 2010-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
5/5/2010 353,586.47 321,806.70 353,586.47 321,806.70 31,779.77 31,779.77 0.3286% - -
5/13/2010 1,592.89 1,592.89 30,186.88 30,186.88 0.3286% 31,779.77 8 2.29
5/19/2010 17.22 17.22 30,169.66 30,169.66 0.3286% 30,186.88 6 1.63
5/31/2010 7.18 7.18 30,169.66 30,169.66 0.3286% 30,169.66 12 3.26
6/3/2010 8.84 8.84 30,160.82 30,160.82 0.3039% 30,169.66 3 0.75
6/3/2010 1,058.02 1,058.02 29,102.80 29,102.80 0.3039% - -
6/30/2010 7.29 7.29 29,102.80 29,102.80 0.3039% 29,102.80 27 6.54
7/31/2010 7.45 7.45 29,102.80 29,102.80 0.3015% 29,102.80 31 7.45
8/31/2010 7.11 7.11 29,102.80 29,102.80 0.2875% 29,102.80 31 7.11
9/30/2010 7.04 7.04 29,102.80 29,102.80 0.2945% 29,102.80 30 7.04
10/31/2010 7.41 7.41 29,102.80 29,102.80 0.2996% 29,102.80 31 7.41
11/30/2010 6.26 6.26 29,102.80 29,102.80 0.2616% 29,102.80 30 6.26
12/31/2010 5.93 5.93 29,102.80 29,102.80 0.2399% 29,102.80 31 5.93
1/31/2011 5.60 5.60 29,102.80 29,102.80 0.2266% 29,102.80 31 5.60
2/28/2011 5.19 5.19 29,102.80 29,102.80 0.2324% 29,102.80 28 5.19
3/28/2011 29,102.80 29,102.80 (0.00) (0.00) 0.2313% 29,102.80 28 5.16
3/31/2011 5.16 - 5.16 (0.00) (0.00) 0.2313% (0.00) 3 -
Totals 353,586.47 353,658.09 353,586.47 353,586.47 71.62 71.62
Cash Out Less Cash In: 71.62
Investment Receipts minus Purchases: -
121612011 -12- Gilmore&Be/I,P.C.
City of Salina,Kansas
General Obligation Internal Improvement and Refunding Bonds
Series 2010-A
Arbitrage Rebate Computation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 2.693791% 10/1/2011 of Days 0.273218% 5/5/2010
5/5/2010 (31,779.77) 1.0383262 (32,997.77) 506 1.0000000 (31,779.77)
5/13/2010 1,592.89 1.0377090 1,652.96 498 0.9999393 1,592.79
5/19/2010 17.22 1.0372463 17.86 492 0.9998938 17.22
5/31/2010 7.18 1.0363986 7.44 481 0.9998028 7.18
6/3/2010 8.84 1.0361675 9.16 478 0.9997877 8.84
6/3/2010 1,058.02 1.0361675 1,096.29 478 0.9997877 1,057.80
6/30/2010 7.29 1.0340902 7.54 451 0.9995830 7.29
7/31/2010 7.45 1.0317869 7.69 421 0.9993480 7.45
8/31/2010 7.11 1.0294887 7.32 391 0.9991206 7.10
9/30/2010 7.04 1.0271957 7.23 361 0.9989009 7.03
10/31/2010 7.41 1.0249077 7.59 331 0.9986661 7.40
11/30/2010 6.26 1.0226249 6.40 301 0.9984464 6.25
12/31/2010 5.93 1.0203471 6.05 271 0.9982117 5.92
1/31/2011 5.60 1.0180745 5.70 241 0.9979846 5.59
2/28/2011 5.19 1.0158069 5.27 211 0.9977803 5.18
3/28/2011 29,102.80 1.0136950 29,501.36 183 0.9975533 29,031.59
3/31/2011 5.16 1.0135443 5.23 181 0.9975306 5.15
71.62 (646.68) (0.00)
Summary of: Fund 791-Stone Creek Addition
Arbitrage Rebate Amount: $ (646.68)
Total Investment Earnings: 71.62
Investment Yield: 0.2732%
Average Amount Invested: $ 28,947
Total Time Invested: 0.91 years
1216121111 -13- Gilmore&Bell,P.C.
City of Salina, Kansas
General Obligation Internal Improvement and Refunding Bonds
Series 2010-A
Cash and Investment Activity
Total
Cash Transactions Investments Cash and
Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments
5/5/2010 824,340.72 824,340.72 - 824,340.72
5/15/2010 824,340.72 - - -
Totals 824,340.72 824,340.72 - - -
Cash Out Less Cash In: -
Investment Receipts minus Purchases: -
121612011 -14- Gilmore&Bell,P.C.
City of Salina, Kansas
General Obligation Internal Improvement and Refunding Bonds
Series 2010-A
Arbitrage Rebate Computation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 2.693791% 10/1/2011 of Days 0.000000% 5/5/2010
5/5/2010 - 1.0383262 - 506 1.0000000 -
5/15/2010 - 1.0375547 - 496 1.0000000 -
Summary of: Redemption Fund
Arbitrage Rebate Amount: $ -
Total Investment Earnings: -
Investment Yield: 0.0000%
Average Amount Invested: $ -
Total Time Invested: 0.03 years
121612011 -19- Gilmore&Bell,P.C.
City of Salina, Kansas
General Obligation Internal Improvement and Refunding Bonds
Series 2010-A
Arbitrage Rebate Com utation
Future
Value Future
Factor @ Value to Number
Date Description Amount 2.693791% 10/1/2011 of Days
10/1/2010 Computation Credit (1,500.00) 1.0271193 (1,540.68) 360
10/1/2011 Computation Credit (1,520.00) 1.0000000 (1,520.00) -
(3,020.00)
Total Adjustments: $ (3,060.68)
121612011 -16- Gilmore&Bell,P.C.