Arbitrage Report (2011) DEPARTMENT OF FINANCE City0f TELEPHONE(785)309-5735
AND ADMINISTRATION FAX(785)309-5738
Rodney Franz, Director TDD(785)309-5747
300 West Ash, P.O. Box 736 E-MAIL rod.franz @salina.org
Salina, Kansas 67402-0736 Salina Website: www.salina-ks.gov
October 6, 2011
CERTIFIED MAIL
RETURN RECEIPT REQUESTED
Internal Revenue Service Center
Ogden,UT 84201
Re: $5,825,000 City of Salina Kansas General Obligation Temporary Notes Series 2007-1
Ladies and Gentlemen:
In accordance with Section 148(f)of the Internal Revenue Code(the"Code"),we enclose Form 8038-T for
filing in connection with the above referenced note issue. Also enclosed is a check in the amount of
$4,148.47 for arbitrage rebate generated as of August 1, 2008, plus interest on the amount due.
The payment for arbitrage rebate was due on September 30, 2008, but the rebate amount was not
determined until September, 2011. The failure to timely compute and pay the rebate amount was caused by
administrative oversight, not willful neglect,as explained in the Explanation of why Failure to Make Timely
Payment of Arbitrage Rebate was not Due to Willful Neglect. The payment is being made within the 180-day
safe harbor period described in Treasury Regulation Section 1.148-3(h)(3).
The enclosed payment represents 100%of the total rebate generated on the Notes through August 1, 2008,
plus interest on the amount due, accrued at the Code Section 6221 underpayment rates in accordance with
Treasury Reg. Section 1 A48-3(h). A summary of interest calculation is also enclosed.
Very truly yours,
CITY OF SALINA< KANSAS
By:
Name: odAFranz
Title: Director of Fi ce
Enclosures
Form 8038-T Arbitrage Rebate, Yield Reduction
(Rev.April 2011) and Penalty in Lieu of Arbitrage Rebate OMB No.1545-1219
Department of the Treasury ►Under Sections 143(g)(3)and 148(f)
Internal Revenue Service and Section 103(c)(6)(D)of the Internal Revenue Code of 1954
NiFTM Reporting Authority Check box if Amended Return► ❑
1 Issuer's name 2 Issuer's employer identification number(EIN)
City of Salina,Kansas 48-6017288
3 Number and street(or P.O.box no.if mail is not delivered to street address) Room/suite 4 Report number(For IRS Use Only)
300 W.Ash Street 7
5 City,town,or post office,state,and ZIP code 6 Date of issue
Salina,Kansas 67402-1736 June 27,2007
7 Name of issue 8 CUSIP number
General Obligation Temporary Notes,Series 2007-1 .
794743 L44
9 Name and title of officer of the issuer or other person whom the IRS may call for more information 10 Telephone number of officer or other person
James K.Dummitt,Bond Counsel 816-221-1000
11 Type of issue► Other: street,sewer and public building improvements Issue price► 11 1 5,868,105
Arbitrage Rebate and Yield Reduction Payments Amount
12 Computation date to which this payment relates(MM/DD/YYYY) . . 0810112008
13 Arbitrage rebate payment(see instructions) ❑ check box if less than 100%of rebate amount . . . 13 3,657.68
14 Yield reduction payment(see instructions) ❑ check box if less than.100%of yield reduction amount 14
15 Rebate payment from Qualified Zone Academy Bond(OZAB)defeasance escrow(see instructions) . 15
Penalty in Lieu of Arbitrage Rebate
16 Number of months since date of issue:
❑ 6 mos ❑ 12 mos ❑ 18 mos ❑ 24 mos ❑ Other. No.of mos►
17 Penalty in lieu of rebate . . . . . . . . . . . . . . . . . . . .. . . . . 17
18 Date of termination election(MM/DD/YYYY) . . . . . . . .
19 Penalty upon termination 19
Late Payments
20 Does failure to pay timely qualify for waiver of penalty(see instructions) Yes W1 No❑
21 Penalty for failure to pay on time(see instructions) . . . . . . . . . . . . . . 21
22 Interest on underpayment(see instructions) 22 490.79
KEW Total Payment
23 Total payment Add lines 13,14,15,17,19,21,and 22.Enter total here 23 4,148.47
lial UT Miscellaneous
24 Unspent proceeds as of this computation date . . . . . . . . . . . . . . . . . 24 0.00
25 Proceeds used to redeem bonds . . . . . . . . . . . . . . . . . . . . . 25 1,259,124.18
26 Gross proceeds used for qualified administrative costs for guaranteed investment contracts (GICs) and
defeasance escrows . . . . . . . . . . . . . . . . . . . . . . . . . 26 0.00
27 Fees paid for a qualified guarantee . . . . . . . . . . . . . . . . . . . 27 0.00
Yes No
28 Is the issue a variable rate issue? . . . . . . . . . . . . . . . . . . . . . . . . . . 28
29 Did the issuer enter into a hedge? Name of provider
Term of hedge 29
30 Were gross proceeds invested in a GIC? Name of provider
Term of GIC 30
31 Were any gross proceeds invested beyond an available temporary period? . . . . . . . . 31
32 Calculations for filing of this form prepared by: El Issuer [D Pre arer: Gilmore&Bell,P.C. 1"
Under penalties of perjury,I declare that I have examined this return,and accompanying schedules and statements,and to the best of my knowledge and
belief,they are true,correct,and complete.I further declare that I consent to the IRS's disclosure of the issuer's return information,as necessary to
Signature process V retum,to the person that 1 have authorized above. l
and f�p�Kay F -a"t. I- - 01i toner 4F1844/tcA
Consent ' p �(� ( '
Signature of iss s uthorized re ntative Date Type or print name and title
Paid Print/Type prepare es Prep s signature Date Check if PTIN
Preparer dal me rK;#4- o y )1 Self-em�y f d(0 Z 5 37
Use Only Finns name ► Gilmore&Bell,P:C. Firm's EIN ► 43-1611738
Firm's address ► 2405 Grand Boulevard,Suite 1100,Kansas City,MO 64108 Phone no. (816)221-1000
For Paperwork Reduction Act Notice,see the separate instructions. Cat No.11545Y Form 8038-T(Rev.4-2011)
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
Computation of Late Payment ofArb."itrage Rebate: .
(for Bonds Issued On or After July 1, 1993)
Arbitrage rebate amount computed as of
installment computation date: 8/1/2008 $. 3,657.68
Date due to IRS (60 days): 9/30/2008
Amount due on such date 100% 3,657.68
Assumed IRS receipt date: 10/20/2011
Number
Federal of Actual Amount
Start End Underpayment Days in Interest Owed at
Date Date Rate* Period Accrued End of Period
3,657.68
9/30/2008 10/1/2008 5% 1 0.50 3,658.18
10/1/2008 1/1/2009 6% 92 55.74 3,713.92
1/1/2009 4/1/2009 5% 90 46.07 3,759.99
4/1/2009 7/1/2009 4% 91 37.68 3,797.67
7/1/2009 10/1/2009 4% 92 38.48 3,836.15
10/1/2009 1/1/2010 4% 92 38.87 3,875.02
1/1/2010 4/1/2010 4% 90 38.41 3;913.43
4/1/2010 7/1/2010 411/o 91 39.22 3,952.65
7/1/2010 10/1/2010 4% 92 40.05 31992.70
10/1/2010 1/1/2011 4% 92 40.46 4,033.16
1/1/2011 4/1/2011 3% 90 29.94 4,063.10
4/1/2011 7/1/2011 4% 91 40.72 4,103.82
7/1/2011 10/1/2011 4% 92 41.58 4,145.40
10/1/2011 10/10/2011 3% 9 3.07 4,148.47
Total 490.79
Overdue arbitrage rebate 3,657.68
Plus interest accrued .490.79
Overdue arbitrage rebate,including interest: $4,148.47
* Section 6621 of the Internal Revenue Code of 1986. Interest is
compounded daily pursuant to Code Section.6622.
10/4/2011 Gilmore&Be11,P.C.
Number
Federal of Actual Amount
Start End Underpayment Days in Interest Owed at
Date Date Rate* Period Accrued End of Period
Notes.
Regulations Section 1.148-3(h): Penalty in lieu of loss of tax exemption—
(1)In general. The failure to pay the correct rebate amount when required will cause the bonds of
the issue to be arbitrage bonds,unless the Commissioner determines that the failure was not caused by
willful neglect and the issuer promptly pays a penalty to the United States.If no bond of the issue is a
private activity bond(other than a qualified 501(c)(3)bond),the penalty equals 50%of the rebate
amount not paid when required to be paid,plus interest on that amount.Otherwise,the penalty equals
100%of the rebate amount not paid when required to be paid,plus interest on that amount.
(2) Interest on underpayments. Interest accrues at the underpayment rate under section 6621,
beginning on the date the correct rebate amount is due and ending on the date 10 days before it is paid.
(3)Waivers of the penalty.The penalty is automatically waived if the rebate amount that the issuer
failed to pay plus interest is paid within 180 days after discovery of the failure,unless,the
Commissioner determines that the failure was due to willful neglect,or the issue is under examination
by the Commissioner at any time during the period beginning on the date the failure first occurred and
ending on the date 90 days after the-receipt of the rebate amount.
10/4/2011 Gilmore&Bell,P.C.
For,, 8038-T Arbitrage Rebate, Yield Reduction
(Rev.April 2011) and Penalty in Lieu of Arbitrage Rebate OMB No.1545-1219
Department of the Treasury D Under Sections 143(8)(3)and 148(f)
Internal Revenue Service and Section 103(e)(6)(D)of the Internal Revenue Code of 1954
Reporting Authority Check box if Amended Return► ❑
1 Issuer's name 2 Issuer's employer identification number(EIN)
City of Salina, Kansas 48-6017288
3 Number and street(or P.O.box no.if mail is not delivered to street address) Room/suite 4 Report number(For IRS Use Only)
300 W.Ash Street 7
5 City,town,or post office,state,and ZIP code 6 Date of issue
Salina, Kansas 67402-1736 June 27,2007
7 Name of issue 8 'CUSIP number
General Obligation Temporary Notes,Series 2007.1
794743 L44
9 Name and title of officer of the issuer or other person whom the IRS may call for more information 10 Telephone number of officer or other person
James K.Dummitt,Bond Counsel 816-221-1000
11 Type of issue► Other: street,sewer and public building improvements Issue price► 11 5,868,105
Arbitrage Rebate and Yield Reduction Payments Amount
12 Computation date to which this payment relates(MM/DD/YYYY) . . . . 08/01/2008 M11V i
13 Arbitrage rebate payment(see instructions) ❑ check box if less than 100%of rebate amount . . . 13 3,657.68
14 Yield reduction payment(see instructions) El check box if less than 100%of yield reduction amount 14
15 Rebate payment from Qualified Zone Academy Bond(QZAB)defeasance escrow(see instructions) . 15
Penalty in Lieu of Arbitrage Rebate �}
1 k N S}R
16 Number of months since date of issue: M s
El mos El 12 mos 1:1 18 mos El 24 mos El Other. No.of mos►
.a�.
17 Penalty in lieu of rebate . . . . . . . . . . . . . . . . . . . . . 17
�" i nsz x t s1 axii
18 Date of termination election(MM/DD/YYYY)
19 Penalty.upon termination . . . . . . . . .
.,_ _..,
Late Payrridfits
20 ° .:� r 4J 1 t
does farlxure to pay Lmely quaiiify for w er of;�p�enaalltt see gjrjyc s) A Yes❑✓ r No ❑ ,
21 Penalty dy-Jailure to pay;an time(see in�tructtons)
2Y Interest on,un erpay_m„eft(sE4,;nstrurrtfijns) y �, �" � `f� ..___ 22 490.79
VA T6ta1.PaVhi6ht :x=, , .` � ..... a ��d• w ,• ..<
23 Total payment. Add lines 13, 14, 15, 17, 19,21,and 22.Enter total here 23 4,148.47
MMI Miscellaneous
24 Unspent proceeds as of this computation date . . . . . . . . . . . . . . . . 24 0.00
25 Proceeds used to redeem bonds . . . . . . . . . . . . . . . . . . . 25 1,259,124.18
26 Gross proceeds used for qualified administrative costs for guaranteed investment contracts (GICs) and
defeasance escrows . . . . . . . . . . . . . . . . . . . 26 0.00
27 Fees paid for a qualified guarantee . . . . . . . . . . . . . . . . . . . . . 27 0.00
Yes No
28 Is the issue a variable rate issue? . . . . . . . . . . . . . . . . . . . . . . . . . 28 ✓
29 Did the issuer enter into a hedge? Name of provider
Term of hedge 29 ✓
30 Were gross proceeds invested in a GIC? Name of provider
Term of GIC 30 ✓
31 Were any gross proceeds invested beyond an available temporary period? . . . . . . . . . . . . 31 ✓
32 Calculations for filing of this form prepared by: ❑ Issuer ❑✓ Pre parer: Gilmore&Bell,P.C. tl t°+ ' ”
ny �."�,
a�:n�� 1
Under penalties of perjury,I declare that I have examined this return,and accompanying schedules and statements,and to the best of my knowledge and
belief,they are true,correct,and complete.I further declare that I consent to the IRS's disclosure of the issuer's return information,as necessary to
Signature process this return,to the person that 1 have authorized above.
and
Consent
/ Signature of issuer's authorized representative Date / Type or print name and title
Print/Type preparers name Preparer's signature Date PTIN
Paid' / (, Check ❑ if i
Preparer
Jr-vY t y i i ?,:ir.r<.�" r !- �yy' j C,/u h} self-employed
Use Only Firm's name ► Gilmore&Bell,P.C. _.! Firm's EIN ► 43-1611738
Firm's address ► 2405 Grand Boulevard,Suite 1100, Kansas City,MO 64108 Phone no. (816)221-1000
For Paperwork Reduction Act Notice,see the separate instructions. Cat.No.11545Y Form 8038-T(Rev.4-2011)
EXPLANATION OF WHY FAILURE TO MAKE TIMELY PAYMENT
OF ARBITRAGE REBATE
WAS NOT DUE TO WILLFUL NEGLECT
$5,825,000 City of Salina,Kansas General Obligation Temporary Notes Series 2007-1 (the"Notes")
This statement is submitted by Rod Franz, Director of Finance on behalf of the City of Salina,
Kansas(the"Issuer"), with respect to the above-referenced Notes. The purpose of this statement is to set
out facts necessary to establish the absence of willful neglect in the Issuer's failure to timely pay rebate on
the Notes,under the criteria set out in Revenue Procedure 2005-40,2005-28 I.R.B. 83.
The Notes were issued on June 27, 2007 (the "Issue Date") with a stated maturity date of
August 1,2008.
The Issuer is paying rebate on or before October 20, 2011, which is within 180 days of the
Issuer's discovery that it failed to timelypay rebate. The failure to compute and pay rebate on time was
not due to willful neglect; it was simply an error caused by administrative oversight. Once the failure to
compute and pay rebate was discovered, the Issuer promptly caused the rebate calculation to be prepared
and is now making the rebate payment.
The Issuer has not received any notice that the Notes are under examination or investigation by
the IRS. On this basis,the Issuer believes that Section 3.01 of Revenue Procedure 200540 applies.
Under penalties of perjury, I declare that. I have examined this explanation, including
accompanying documents, and, to the best of my knowledge and belief, the explanation contains all the
relevant facts relating to the explanation,and such facts are true,correct, and complete.
Date: 2011
By:
Name: Rod Franz
Title: Director of Fin ce
i
CITY OF SALINA SALINA KANSAS Vendor # 11079 X36974'
> > CHECK:
�• • •
DESCRIPTION
•
10/06/201 111006 FI,\EIN #4,8-6017228, Form 8038- 4,148 .47 .
THE FACE OF THIS CHECK CONTAINS A SECURITY VOID BACKGROUND PATTERN DO NOT CASH IF VOID IS VISIBLE.
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THIS DOCUMENT HAS A TRUE WATERMARK HOLD UP TO THE LIGHT TO VERII
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INSTRUCTIONS FOR FILING IRS FORM 8038-T
1) ' The following items on the Form 8038-T will need to be completed:
➢ Signature block requires signature,date,printed name and title.
2) Prepare transmittal letter to Internal Revenue Service(proposed draft enclosed).
3) Prepare, sign and date the "Explanation of Why Failure to Make Timely Payment of Arbitrage
Rebate Was Not Due to Willful Neglect"(proposed draft enclosed).
4 Prepare a check or money order fo8�47wnade :"a able`to�the' unite SIN
P y Py
arla he I"ssuer's name, ad%i`ie ' : IN,``I n,803$ T 'hand date, the`J pia}#went.
5) Using certified mail or a commercial service that show proof of the mailing date, mail to the IRS
on or before October 15,2011/:
➢ Transmittal letter;
➢ Form 8038-T; ✓ ✓
➢ Interest calculation summary,
➢ Explanation of Why Failure to Make Timely Payment of Arbitrage Rebate Was Not Due
to Willful Neglect; and V
➢ Check in payment of the rebate amount
6) After the Form 8038-T has been filed with the IRS, please mail a photocopy of each of the
following items to the address below for our file:
➢ Transmittal letter to IRS; '
➢ Executed Form 8038-T;
➢ Explanation of Why Failure to Make Timely Payment of Arbitrage Rebate Was Not Due
to Willful Neglect; and
➢ Check in payment of the rebate amount.
Mailing-Address
Ms. Sandy Gulley,Coordinator . too— !ifa— O .�s-000
Compliance Services Group
Gilmore&Bell,P.C.
2405 Grand Boulevard, Suite 1100
Kansas City,MO 64108-2521
Vendor#. l / Q PO#
Name
Inv. #--D l W192
Inv. Date A,C;_(o-(/ Duo Date /.
Description)EL= t=36or)l
Amt. Q.
Freight Discount
Acct.#
Department Head Approva!
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 4, 2011
City of Salina, Kansas
Re: $5,825,000 City of Salina, Kansas General Obligation Temporary Notes Series 2007-1
(the"Notes")—Legal Opinion Regarding Arbitrage Rebate Analysis as of August 1, 2008
Ladies and Gentlemen:
We have acted as counsel to City of Salina, Kansas (the "Issuer") in connection with the
preparation of the Arbitrage Rebate Analysis dated August 1, 2008 (the "Arbitrage Analysis'') for the
above-referenced Notes. Attached as Exhibit A is our Explanation of Arbitrage Rebate Analysis and as
Exhibit B is our Arbitrage Rebate Analysis.
Our opinion is based on the facts and assumptions stated in the Explanation of Arbitrage Rebate
Analysis and we have assumed that the financial records provided to us and the incorporation of those
records into the Arbitrage Analysis are accurate and correct. Unless otherwise noted in the Explanation
of Arbitrage Rebate Analysis, we have also assumed that the proceeds of the Notes and other funds were
used and invested in accordance with the documents contained in the Transcript, including but not limited
to the Federal Tax Certificate.
Based upon the foregoing, we are of the opinion that,under existing law:
1. The accounting method, identification of funds and accounts subject to rebate or yield
reduction payment restrictions and the overall methodology employed in the preparation of the Arbitrage
Analysis are in accordance with Section 148 of the Internal Revenue Code of 1986, as amended (the
"Code") and United States Treasury Regulations and decisions.
2. As of the Computation Date, the amount earned from the investment of the gross
proceeds of the Notes subject to arbitrage rebate under Section 148(f) of the Code was $3,657.68. Payment
to the United States Treasury of 100% of this rebate amount was due to the United States on September 30,
2008, 60 days after August 1, 2008.
3. The amount of$4,148.47 represents rebate in the amount of$3,657.68 (equal to 100% of
the total rebate amount) plus $490.79 of interest accruing thereon computed at the Federal underpayment
rates for the period from September 30, 2008 to October 10, 2011 (10 days before the assumed receipt of
payment by the United States on October 20,2011).
4. As of the Computation Date, no yield reduction payment was required to be made for the
Notes.
5. No rebate will be generated in the future under Section 148(f) of the Code, and no further
computation of rebate will be required.
Our opinion is based on statutes, regulations and decisions in effect as of this date, and is intended
for and can be relied on only by the parties to whom it is addressed. We understand that the Issuer will use
this opinion and the Arbitrage Analysis to determine whether any rebate liability or yield reduction payment
is due and the amount and timing of that.payment.
Very truly yours,
LKM:jlr
GILMORE & BELL, P.C.
✓t
Gina moRE & BELL
A PROFESSIONAL CORPORATION
ATTORNEYS AT LAW
616-221-1000 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 4, 2011
Mr. Rod Franz
Director of Finance
City of Salina, Kansas
300 West Ash Street, Room 206
P.O. Box 736
Salina, Kansas 67402
Re: $5,825,000 City of Salina, Kansas General Obligation Temporary Notes Series 2007-1
(the "Notes")
Dear Rod:
Enclosed are the following documents related to our computation of arbitrage rebate in
connection with the above-referenced note issue:
• IRS Form 8038-T together with filing instructions, along with an Issuer Copy of the Form
8038-T for your file
• Legal Opinion of Gilmore & Bell Regarding the Arbitrage Rebate Analysis
• Exhibit A - Explanation of Arbitrage Rebate Analysis
• Exhibit B -Arbitrage Rebate Analysis as of August 1, 2008 (the "Computation Date")
• Computation of Interest on Late Payment of Arbitrage Rebate
• Proposed Transmittal Letter from Issuer to the Internal Revenue Service (the "IRS"); and
• Proposed Explanation of Why Failure.to Make Timely Payment of Arbitrage Rebate Was Not
Due to Willful Neglect
The amount accrued as of the Computation Date as a rebate liability attributable to the investment
of the gross proceeds of the Notes subject to arbitrage rebate was $3,657.68. This amount was payable to
the Internal Revenue Service on or before September 30, 2008. Because the payment is late, the Issuer is
required to pay interest accruing on the liability after the due date. As shown on the Computation of
Interest on Late Payment of Arbitrage Rebate, the total amount due and payable is $4,148.47, which
represents 100% of the rebate liability, plus interest thereon. For purposes of computing interest on the
rebate liability, we have assumed that the Issuer will mail the payment b October 2�0� k and the IRS
will receive the payment not later than October 20,2011. This amount was computed as follows:
Total arbitrage rebate generated through August 1,2008 $3,657.68
Arbitrage rebate payable by September 30, 2008 $3,657.68
Plus interest accred at the federal underpayment rate
Through October 10,2011 (10 days before the
assumed receipt of payment by the IRS on October 20, 2011) 490.79
Overdue arbitrage rebate plus interest4 L
in addition, for a late rebate payment, the Internal Revenue Service can charge a penalty of 50%
of the rebate amount plus interest. The Internal Revenue Service will waive the penalty (but not the
interest) if the Issuer pays the amount due within 180 days after the discovery of the failure to pay, unless
the Commissioner of the Internal Revenue Service determines that the failure to pay was due to "willful
neglect." For this reason, we have drafted and enclosed a proposed "Explanation of Why Failure to Make
Timely Payment of Arbitrage Rebate Was Not Due To Willful Neglect."
Please review the enclosed suggested form of transmittal letter to the Internal Revenue Service, the
Internal Revenue Service Form 8038-T, and the draft explanation of the late payment. Feel free to edit the
explanation of late payment if you see fit. These three documents should be signed by an authorized
representative of the Issuer for submission to the IRS pursuant to the enclosed instructions.
No further arbitrage rebate computations are necessary.
If you have any questions,please call me.
Very truly yours,
Jennifer L. Richardson
Enclosures
cc: James Dummitt
Lynd Mische
Randy Irey
Gina Riekhof
GILMORE & 13ELL, P.C.
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 August 1, 2008 (the "Arbitrage Analysis") for
the $5,825,000 General Obligation Temporary Notes Series 2007-1 (the "Notes") of the City of Salina,
Kansas(the"Issuer.")
General Matters
The time period covered by the Arbitrage Analysis (the "Computation Period") began June 27,
2007 and ended August 1, 2008. (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 Notes 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 a rebate computation installment payment date.
The computation of yield on the Notes 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 Notes 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,Note proceeds were allocated to expenditures on the dates reflected in
the Investment Records for the Improvement Fund. Note proceeds were assumed to have been spent in
accordance with the various documents contained in the Transcript. In general these rules permit Note
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 Notes), 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 Notes were calculated based on
the unspent balance of Note proceeds in each account and the average monthly interest rate on Issuer's
investments, as reported by the Issuer.
We understand that Investment earnings on proceeds of the Notes were initially deposited to the
General Fund of the Issuer. Amounts in the General Fund were reasonably expected to be spent(using a
"Note proceeds spent first" method of accounting) within six months of the date of deposit. Since the
Notes 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 Note proceeds as spent on the date they were earned in accordance with Treasury
Regulation §1.148-6(d)(6).
Commingled Fund or Account
The Improvement Fund contained both Note proceeds and other money contributed by the Issuer.
In preparing the Arbitrage Analysis, expenditures from the fund were allocated between Note proceeds
and other money using a"Note proceeds spent first"accounting method.
The Improvement Fund contained Note proceeds and proceeds of the Issuer's $6,545,000 General
Obligation Internal Improvement Bonds, Series 2007-A. We calculated the investment return on all
money in the fund and allocated a pro rata portion of the overall investment results to the Notes based on
the relative sources of amounts invested.
Yield Reduction Payment–Restricted Investment
No funds or accounts were identified as subject to investment yield restrictions.
Exemption of Funds from Rebate–Bona Fide Debt Service Fund
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.
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 August 1, 2008
City of Salina, Kansas
General Obligation Temporary Notes
Series 2007-1
GILMOkEBELL
G I L M O R E 8 BELL, PC
City of Salina, Kansas
General Obligation Temporary Notes
Series 2007-1
Results as of August 1,2008
Summary of Issue
Par $ 5,825,000 Allocation of Proceeds
Issue Date June 27,2007 Improvement
Note Year Date October 1 Fund
99.9%
Note Yield 3.79581%
Computation Date August 1,2008
P&I Account
0.1%
Summary of Rebate Computation
Computation Results
• Total Rebate Amount $3,657.68
• Arbitrage rebate is currently due. The net
rebate amount as of August 1,2008 is$3,657.68.
• Payment was due to the IRS on or before September 30,2008.
101412011 -1- Gilmore&Bell,P.C.
City of Salina, Kansas
General Obligation Temporary Notes
Series 2007-1
Aiwiii�.va' REBATE ANALYSIS
Rebate Liability by Source
Fund 781-Golden Eagle Estates#4,Phase III (272.56)
Fund 780-Liberty Addition#2,Phase III 263.22
Fund 779-West Diamond Drive (1,517.02)
Fund 778-Downtown Traffic Improvements 597.81
Fund 770-Fire Station Number 2 502.48
Fund 756-Liberty Addition Sewer 633.31
Fund 740-South Ohio Corridor 4,017.09
Fund 711-Pacific Avenue Improvements (504.26)
Fund 782-Quail Meadows Estates,Phase III 202.78
Fund 785-Magnolia Hills Estates,Phase II 2,609.41
Credits&Adjustments (2,874.56)
Total Rebate Amount 3,657.68
($30,000) ($15,000) $0 $15,000
101412011 -2- Gilmore&Bell,P.C.
City of Salina, Kansas
General Obligation Temporary Notes
Series 2007-1
Comments and Yield Comparison
Comments
• We understand that the principal and interest
account qualified as a bona fide debt service fund
for all note years during this computation period.
• The Notes matured on August 1,2008.
Yield Comparison
As of 8/1/2008
8.00%
Bond Yield=3.80%
6.00%
4.89% 5.04% 4.94%
4.60%
3.95% 4.04% 3.98%
4.00% 3.62% 3.62% r o
2.00
i
0.00%
Fund 785- Fund 782- Fund 711- Fund 740- Fund 756- Fund 770-Fire Fund 778- Fund 779- Fund 780- Fund 781-
Magnolia Hills Quail Meadows Paciflc Avenue South Ohio Liberty Addition Station Number Downtown West Diamond Liberty Addition Golden Eagle
Estates,Phase Estates,Phase Improvements Corridor Sewer 2 Traffic Drive #2,Phase III Estates#4,
II III Improvements Phase III
101412011 -3- Gilmore&Bell,P.C.
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
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
6/27/2007 566,346.12 566,346.12 566,346.12 566,346.12 5.0559% -
6/30/2007 235.35 235.35 566,346.12 566,346.12 5.0559% 566,346.12 3 235.35
7/12/2007 569.40 569.40 565,776.72 565,776.72 5.0559% 566,346.12 12 941.39
7/26/2007 1,374.50 1,374.50 564,402.22 564,402.22 5.0559% 565,776.72 14 1,098.29
7/31/2007 2,431.53 2,431.53 564,402.22 564,402.22 5.0559% 564,402.22 5 391.85
8/23/2007 87,249.13 87,249.13 477,153.09 477,153.09 4.9905% 564,402.22 23 1,774.87
8/30/2007 36,023.37 36,023.37 441,129.72 441,129.72 4.9905% 477,153.09 7 540.18
8/31/2007 2,380.29 2,380.29 441,129.72 441,129.72 4.9905% 441,129.72 1 65.24
9/27/2007 72,637.17 72,637.17 368,492.55 368,492.55 4.9128% 441,129.72 27 1,603.12
9/30/2007 1,781.24 1,781.24 368,492.55 368,492.55 4.9128% 368,492.55 3 178.12
10/25/2007 25,308.42 25,308.42 343,184.13 343,184.13 4.7333% 368,492.55 25 1,194.65
10/31/2007 1,481.37 1,481.37 343,184.13 343,184.13 4.7333% 343,184.13 6 286.72
11/29/2007 40,174.56 40,174.56 303,009.57 303,009.57 4.5246% 343,184.13 29 1,233.71
11/30/2007 1,276.25 1,276.25 303,009.57 303,009.57 4.5246% 303,009.57 1 42.54
12/20/2007 204,936.09 204,936.09 98,073.48 98,073.48 4.2000% 303,009.57 20 697.34
12/31/2007 1,080.88 1,080.88 98,073.48 98,073.48 4.2000% 98,073.48 11 383.54
1/24/2008 8,912.95 8,912.95 89,160.53 89,160.53 3.5687% 98,073.48 24 230.13
1/31/2008 15,996.26 15,996.26 73,164.27 73,164.27 3.5687% 89,160.53 7 67.12
1/31/2008 297.25 297.25 73,164.27 73,164.27 3.5687% - -
2/28/2008 48,802.04 48,802.04 24,362.23 24,362.23 3.0978% 73,164.27 28 211.88
2/29/2008 218.09 218.09 24,362.23 24,362.23 3.0978% 24,362.23 1 6.21
3/31/2008 48.65 48.65 24,362.23 24,362.23 2.3514% 24,362.23 31 48.65
4/30/2008 44.89 44.89 24,362.23 24,362.23 2.2417% 24,362.23 30 44.89
5/31/2008 43.91 43.91 24,362.23 24,362.23 2.1220% 24,362.23 31 43.91
6/30/2008 39.23 39.23 24,362.23 24,362.23 1.9590% 24,362.23 30 39.23
7/31/2008 44.80 44.80 24,362.23 24,362.23 2.1650% 24,362.23 31 44.80
8/1/2008 12,742.79 12,742.79 11,619.44 11,619.44 2.2459% 24,362.23 1 1.50
8/l/2008 11,620.94 - 11,619.44 1.50 - - 2.2459% - -
Totals 566,346.12 577,751.35 566,346.12 566,346.12 11,405.23 11,405.23
Cash Out Less Cash In: 11,405.23
Investment Receipts minus Purchases: -
101412011 -4- Gibnore&Be//,P.C.
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
Arbitrage Rebate Com utation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 3.795807% 8/1/2008 of Days 4.889126% 6/27/2007
6/27/2007 (566,346.12) 1.0420122 (590,139.59) 394 1.0000000 (566,346.12)
6/30/2007 235.35 1.0416858 245.16 391 0.9995976 235.26
7/12/2007 569.40 1.0403809 592.39 379 0.9979894 568.26
7/26/2007 1,374.50 1.0388607 1,427.91 365 0.9961165 1,369.16
7/31/2007 2,431.53 1.0384267 2,524.97 361 0.9954484 2,420.46
8/23/2007 87,249.13 1.0359350 90,384.43 338 0.9925143 86,596.01
8/30/2007 36,023.37 1.0351779 37,290.60 331 0.9915826 35,720.15
8/31/2007 2,380.29 1.0351779 2,464.02 331 0.9914495 2,359.94
9/27/2007 72,637.17 1.0322626 74,980.64 304 0.9879968 71,765.29
9/30/2007 1,781.24 1.0319392 1,838.13 301 0.9875992 1,759.15
10/25/2007 25,308.42 1.0292480 26,048.64 276 0.9842920 24,910.87
10/31/2007 1,481.37 1.0287107 1,523.90 271 0.9834999 1,456.93
11/29/2007 40,174.56 1.0255993 41,203.00 242 0.9798119 39,363.51
11/30/2007 1,276.25 1.0254922 1,308.78 241 0.9796804 1,250.32
12/20/2007 204,936.09 1.0233522 209,721.79 221 0.9770549 200,233.82
12/31/2007 1,080.88 1.0222838 1,104.97 211 0.9756139 1,054.52
1/24/2008 8,912.95 1.0197243 9,088.75 187 0.9726078 8,668.80
1/31/2008 15,996.26 1.0190855 16,301.56 181 0.9716947 15,543.48
1/31/2008 297.25 1.0190855 302.92 181 0.9716947 288.84
2/28/2008 48,802.04 1.0161094 49,588.21 153 0.9681809 47,249.20
2/29/2008 218.09 1.0158971 221.56 151 0.9680510 211.12
3/31/2008 48.65 1.0127188 49.27 121 0.9639035 46.89
4/30/2008 44.89 1.0095504 45.32 91 0.9601601 43.10
5/31/2008 43.91 1.0063919 44.19 61 0.9561747 41.99
6/30/2008 39.23 1.0032432 39.36 31 0.9524613 37.37
7/31/2008 44.80 1.0001045 44.80 1 0.9485079 42.49
8/1/2008 12,742.79 1.0000000 12,742.79 0.9485079 12,086.64
8/1/2008 11,620.94 1.0000000 11,620.94 0.9485079 11,022.55
11,405.23 2,609.41 0.00
Summary of: Fund 785-Magnolia Hills Estates,Phase II
Arbitrage Rebate Amount: $ 2,609.41
Total Investment Earnings: 11,405.23
Investment Yield: 4.8891%
Average Amount Invested: $ 213,147
Total Time Invested: 1.09 years
101412011 -s- Gilmore&Bell,P.C.
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
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
6/27/2007 334,000.00 13,339.88 320,660.12 320,660.12 320,660.12 5.0559%
6/27/2007 19,508.56 19,508.56 301,151.56 301,151.56 5.0559% - -
6/30/2007 125.14 125.14 301,151.56 301,151.56 5.0559% 301,151.56 3 125.14
7/26/2007 115,133.68 115,133.68 186,017.88 186,017.88 5.0559% 301,151.56 26 1,084.59
7/31/2007 1,213.42 1,213.42 186,017.88 186,017.88 5.0559% 186,017.88 5 128.83
8/23/2007 64,420.43 64,420.43 121,597.45 121,597.45 4.9905% 186,017.88 23 584.97
8/31/2007 717.97 717.97 121,597.45 121,597.45 4.9905% 121,597.45 8 133.00
9/30/2007 491.00 491.00 121,597.45 121,597.45 4.9128% 121,597.45 30 491.00
10/25/2007 23,452.15 23,452.15 98,145.30 98,145.30 4.7333% 121,597.45 25 394.22
10/31/2007 470.58 470.58 98,145.30 98,145.30 4.7333% 98,145.30 6 76.36
11/30/2007 364.99 364.99 98,145.30 98,145.30 4.5246% 98,145.30 30 364.99
12/31/2007 350.10 350.10 98,145.30 98,145.30 4.2000% 98,145.30 31 350.10
1/31/2008 9,561.02 9,561.02 88,584.28 88,584.28 3.5687% 98,145.30 31 297.47
1/31/2008 297.47 297.47 88,584.28 88,584.28 3.5687% - -
2/29/2008 218.03 218.03 88,584.28 88,584.28 3.0978% 88,584.28 29 218.03
3/31/2008 176.91 176.91 88,584.28 88,584.28 2.3514% 88,584.28 31 176.91
4/30/2008 163.22 163.22 88,584.28 88,584.28 2.2417% 88,584.28 30 163.22
5/31/2008 159.65 159.65 88,584.28 88,584.28 2.1220% 88,584.28 31 159.65
6/30/2008 142.63 142.63 88,584.28 88,584.28 1.9590% 88,584.28 30 142.63
7/31/2008 162.89 162.89 88,584.28 88,584.28 2.1650% 88,584.28 31 162.89
8/1/2008 7,515.00 7,515.00 81,069.28 81,069.28 2.2459% 88,584.28 1 5.45
8/1/2008 81,074.73 - 81,069.28 5.45 - - 2.2459% - -
Totals 334,000.00 339,059.45 320,660.12 320,660.12 5,059.45 5,059.45
Cash Out Less Cash In: 5,059.45
Investment Receipts minus Purchases: -
101411011 -6- Gilmore&Bell,P.C.
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
Arbitrage Rebate Computation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 3.795807% 8/1/2008 of Days 3.950688% 6/27/2007
6/27/2007 (320,660.12) 1.0420122 (334,131.77) 394 1.0000000 (320,660.12)
6/27/2007 19,508.56 1.0420122 20,328.16 394 1.0000000 19,508.56
6/30/2007 125.14 1.0416858 130.36 391 0.9996740 125.10
7/26/2007 115,133.68 1.0388607 119,607.85 365 0.9968535 114,771.41
7/31/2007 1,213.42 1.0384267 1,260.05 361 0.9963120 1,208.94
8/23/2007 64,420.43 1.0359350 66,735.38 338 0.9939329 64,029.58
8/31/2007 717.97 1.0351779 743.23 331 0.9930692 712.99
9/30/2007 491.00 1.0319392 506.68 301 0.9899444 486.06
10/25/2007 23,452.15 1.0292480 24,138.08 276 0.9872586 23,153.34
10/31/2007 470.58 1.0287107 484.09 271 0.9866151 464.28
11/30/2007 364.99 1.0254922 374.29 241 0.9835107 358.97
12/31/2007 350.10 1.0222838 357.90 211 0.9802030 343.17
1/31/2008 9,561.02 1.0190855 9,743.50 181 0.9770126 9,341.24
1/31/2008 297.47 1.0190855 303.15 181 0.9770126 290.63
2/29/2008 218.03 1.0158971 221.50 151 0.9740443 212.37
3/31/2008 176.91 1.0127188 179.16 121 0.9706629 171.72
4/30/2008 163.22 1.0095504 164.78 91 0.9676087 157.93
5/31/2008 159.65 1.0063919 160.67 61 0.9643545 153.96
6/30/2008 142.63 1.0032432 143.09 31 0.9613202 137.11
7/31/2008 162.89 1.0001045 162.91 1 0.9580871 156.06
8/1/2008 7,515.00 1.0000000 7,515.00 0.9580871 7,200.02
8/1/2008 81,074.73 1.0000000 81,074.73 0.9580871 77,676.65
5,059.45 202.78 0.00
Summary of: Fund 782-Quail Meadows Estates,Phase III
Arbitrage Rebate Amount: $ 202.78
Total Investment Earnings: 5,059.45
Investment Yield: 3.9507%
Average Amount Invested: $ 117,014
Total Time Invested: 1.09 years
101412011 -7- Gilmore&Bell,RC.
rr rr r� rr ■r r ws �r r M � r
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
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
6/27/2007 300,000.00 38,990.79 261,009.21 261,009.21 261,009.21 5.0559% - -
6/30/2007 108.46 108.46 261,009.21 261,009.21 5.0559% 261,009.21 3 108.46
7/26/2007 728.09 728.09 260,281.12 260,281.12 5.0559% 261,009.21 26 940.02
7/31/2007 1,120.29 1,120.29 260,281.12 260,281.12 5.0559% 260,281.12 5 180.27
8/2/2007 81.00 81.00 260,200.12 260,200.12 4.9905% 260,281.12 2 71.17
8/31/2007 1,102.88 1,102.88 260,200.12 260,200.12 4.9905% 260,200.12 29 1,031.71
9/30/2007 1,050.67 1,050.67 260,200.12 260,200.12 4.9128% 260,200.12 30 1,050.67
10/31/2007 1,046.02 1,046.02 260,200.12 260,200.12 4.7333% 260,200.12 31 1,046.02
11/30/2007 967.65 967.65 260,200.12 260,200.12 4.5246% 260,200.12 30 967.65
12/31/2007 928.17 928.17 260,200.12 260,200.12 4.2000% 260,200.12 31 928.17
1/31/2008 8,813.65 8,025.00 788.65 252,175.12 252,175.12 3.5687% 260,200.12 31 788.65
2/29/2008 620.67 620.67 252,175.12 252,175.12 3.0978% 252,175.12 29 620.67
3/31/2008 503.61 503.61 252,175.12 252,175.12 2.3514% 252,175.12 31 503.61
4/30/2008 464.63 464.63 252,175.12 252,175.12 2.2417% 252,175.12 30 464.63
5/31/2008 454.48 454.48 252,175.12 252,175.12 2.1220% 252,175.12 31 454.48
6/30/2008 406.04 406.04 252,175.12 252,175.12 1.9590% 252,175.12 30 406.04
7/31/2008 463.69 463.69 252,175.12 252,175.12 2.1650% 252,175.12 31 463.69
8/l/2008 6,750.00 6,750.00 245,425.12 245,425.12 2.2459% 252,175.12 1 15.52
8/1/2008 245,440.64 - 245,425.12 15.52 - - 2.2459% - -
Totals 300,000.00 310,041.43 261,009.21 261,009.21 10,041.43 10,041.43
Cash Out Less Cash In: 10,041.43
Investment Receipts minus Purchases: -
1 0 14 12 0 1 1 -8- Gilmore&Bell,RC.
City of Salina,Kansas
General Obligation Temporary Notes
Series 1007-1
-Arbitrage Rebate Computation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 3.795807% 8/1/2008 of Days 3.615768% 6/27/2007
6/27/2007 (261,009.21) 1.0420122 (271,974.79) 394 1.0000000 (261,009.21)
6/30/2007 108.46 1.0416858 112.98 391 0.9997014 108.43
7/26/2007 728.09 1.0388607 756.38 365 0.9971175 725.99
7/31/2007 1,120.29 1.0384267 1,163.34 361 0.9966213 1,116.50
8/2/2007 81.00 1.0382098 84.09 359 0.9965221 80.72
8/31/2007 1,102.88 1.0351779 1,141.68 331 0.9936496 1,095.88
9/30/2007 1,050.67 1.0319392 1,084.23 301 0.9907854 1,040.99
10/31/2007 1,046.02 1.0287107 1,076.05 271 0.9877328 1,033.19
11/30/2007 967.65 1.0254922 992.32 241 0.9848856 953.02
12/31/2007 928.17 1.0222838 948.85 211 0.9818512 911.32
1/31/2008 8,813.65 1.0190855 8,981.86 181 0.9789235 8,627.89
2/29/2008 620.67 1.0158971 630.54 151 0.9761989 605.90
3/31/2008 503.61 1.0127188 510.02 121 0.9730944 490.06
4/30/2008 464.63 1.0095504 469.07 91 0.9702894 450.83
5/31/2008 454.48 1.0063919 457.38 61 0.9672999 439.62
6/30/2008 406.04 1.0032432 407.36 31 0.9645117 391.63
7/31/2008 463.69 1.0001045 463.74 1 0.9615400 445.86
8/1/2008 6,750.00 1.0000000 6,750.00 0.9615400 6,490.39
8/1/2008 245,440.64 1.0000000 245,440.64 0.9615400 236,000.99
10,041.43 (504.26) 0.00
Summary of: Fund 711-Pacific Avenue Improvements
Arbitrage Rebate Amount: $ (504.26)
Total Investment Earnings: 10,041.43
Investment Yield: 3.6158%
Average Amount Invested: $ 253,747
Total Time Invested: 1.09 years
101412011 -9- Gilmore&Bell,BC.
am r
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
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
6/27/2007 1,000,000.00 36,585.47 963,414.53 963,414.53 963,414.53 5.0559% - -
6/30/2007 400.35 400.35 963,414.53 963,414.53 5.0559% 963,414.53 3 400.35
7/5/2007 1,325.00 1,325.00 962,089.53 962,089.53 5.0559% 963,414.53 5 667.25
7/26/2007 2,831.96 2,831.96 959,257.57 959,257.57 5.0559% 962,089.53 21 2,798.60
7/31/2007 4,130.22 4,130.22 959,257.57 959,257.57 5.0559% 959,257.57 5 664.37
8/2/2007 3,361.50 3,361.50 955,896.07 955,896.07 4.9905% 959,257.57 2 262.31
8/16/2007 1,500.00 1,500.00 954,396.07 954,396.07 4.9905% 955,896.07 14 1,829.74
8/23/2007 4,366.50 4,366.50 950,029.57 950,029.57 4.9905% 954,396.07 7 913.44
8/30/2007 1,150.00 1,150.00 948,879.57 948,879.57 4.9905% 950,029.57 7 909.26
8/31/2007 4,044.49 4,044.49 948,879.57 948,879.57 4.9905% 948,879.57 1 129.74
9/28/2007 23,370.00 23,370.00 925,509.57 925,509.57 4.9128% 948,879.57 28 3,576.06
9/30/2007 3,825.20 3,825.20 925,509.57 925,509.57 4.9128% 925,509.57 2 249.14
10/2/2007 24,753.09 24,753.09 900,756.48 900,756.48 4.7333% 925,509.57 2 240.04
10/42007 5,056.15 5,056.15 895,700.33 895,700.33 4.7333% 900,756.48 2 233.62
10/42007 20,239.35 20,239.35 875,460.98 875,460.98 4.7333% - -
10/152007 307.43 307.43 875,153.55 875,153.55 4.7333% 875,460.98 11 1,248.82
10/162007 4,290.00 4,290.00 870,863.55 870,863.55 4.7333% 875,153.55 1 113.49
10252007 4,759.50 4,759.50 866,104.05 866,104.05 4.7333% 870,863.55 9 1,016.40
10/312007 3,526.27 3,526.27 866,104.05 866,104.05 4.7333% 866,104.05 6 673.90
11/152007 6,285.81 6,285.81 859,818.24 859,818.24 4.5246% 866,104.05 15 1,610.46
11/292007 60.00 60.00 859,758.24 859,758.24 4.5246% 859,818.24 14 1,492.18
11/302007 3,209.22 3,209.22 859,758.24 859,758.24 4.5246% 859,758.24 1 106.58
12/62007 611,000.00 611,000.00 248,758.24 248,758.24 4.2000% 859,758.24 6 593.59
12/312007 1,309.20 1,309.20 248,758.24 248,758.24 4.2000% 248,758.24 25 715.61
1/31/2008 28,078.41 28,078.41 220,679.83 220,679.83 3.5687% 248,758.24 31 753.97
1/31/2008 753.97 753.97 220,679.83 220,679.83 3.5687% - -
2292008 543.15 543.15 220,679.83 220,679.83 3.0978% 220,679.83 29 543.15
327/2008 152.00 152.00 220,527.83 220,527.83 2.3514% 220,679.83 27 383.85
3/31/2008 440.68 440.68 220,527.83 220,527.83 2.3514% 220,527.83 4 56.83
4/172008 207,448.00 207,448.00 13,079.83 13,079.83 2.2417% 220,527.83 17 230.25
4/30/2008 240.69 240.69 13,079.83 13,079.83 2.2417% 13,079.83 13 10.44
5/292008 54.00 54.00 13,025.83 13,025.83 2.1220% 13,079.83 29 22.05
5/312008 23.56 23.56 13,025.83 13,025.83 2.1220% 13,025.83 2 1.51
6/302008 20.97 20.97 13,025.83 13,025.83 1.9590% 13,025.83 30 20.97
7/312008 23.95 23.95 13,025.83 13,025.83 2.1650% 13,025.83 31 23.95
8/l/2008 13,026.63 - 13,025.83 0.80 - - 2.2459% 13,025.83 1 0.80
Totals 1,000,000.00 1,022,492.72 963,414.53 963,414.53 22,492.72 22,492.72
Cash Out Less Cash In: 22,492.72
Investment Receipts minus Purchases: -
101412011 -10- Gilmore&Bell,P.C.
ww � me m A'
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
Corridor
Arbitrage Rebate Computed n Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 3.795807% 8/1/2008 of Days 4599332% 6/27/2007
6/27/2007 (963,414.53) 1.0420122 (1,003,889.74) 394 1.0000000 (963,414.53)
6/30/2007 400.35 1.0416858 417.04 391 0.9996211 400.20
7/5/2007 1,325.00 1.0411419 1,379.51 386 0.9989900 1,323.66
7/26/1007 2,831.96 1.0388607 2,942.01 365 0.9963436 2,821.61
7/31/2007 4,130.22 1.0384267 4,288.93 361 0.9957146 4,112.52
8/2/2007 3,361.50 1.0382098 3,489.94 359 0.9955888 3,346.67
8/16/2007 1,500.00 1.0366928 1,555.04 345 0.9938298 1,490.74
8/23/2007 4,366.50 1.0359350 4,523.41 338 0.9929515 4,335.72
8/30/2007 1,150.00 1.0351779 1,190.45 331 0.9920739 1,140.88
8/31/2007 4,044.49 1.0351779 4,186.77 331 0.9919486 4,011.93
9/28!2007 23,370.00 1.0321548 24,121.46 303 0.9885714 23,102.91
9/30/2007 3,825.20 1.0319392 3,947.37 301 0.9883217 3,780.53
10/2/2007 24,753.09 1.0317237 25,538.35 299 0.9880720 24,457.84
10/4/2007 5,056.15 1.0315081 5,215.46 297 0.9878225 4,994.58
10/4/2007 20,239.35 1.0315081 20,877.05 297 0.9878225 19,992.88
10/15/2007 307.43 1.0303237 316.75 286 0.9864509 303.26
10/16/2007 4,290.00 1.0302161 4,419.63 285 0.9863263 4,231.34
10/25/1007 4,759.50 1.0292480 4,898.71 276 0.9852057 4,689.09
10/31/2007 3,526.27 1.0287107 3,627.51 271 0.9844593 3,471.47
11/15/2007 6,285.81 1.0271002 6,456.16 256 0.9827199 6,177.19
11/29/1007 60.00 1.0255993 61.54 242 0.9809837 58.86
11/30/2007 3,209.22 1.0254922 3,291.03 241 0.9808598 3,147.79
12/6/2007 611,000.00 1.0248497 626,183.18 235 0.9801167 598,851.29
12/31/2007 1,309.20 1.0222838 1,338.37 211 0.9770265 1,279.12
1/31/2008 28,078.41 1.0190855 28,614.30 181 0.9733312 27,329.59
1/31/2008 753.97 1.0190855 768.36 181 0.9733312 733.86
2/29/2008 543.15 1.0158971 551.78 151 0.9698949 526.80
3/27/2008 152.00 1.0130362 153.98 124 0.9664707 146.90
3/31/2008 440.68 1.0127188 446.28 121 0.9659825 425.69
4/17/2008 207,448.00 1.0109221 209,713.77 104 0.9640322 199,986.55
4/30!2008 240.69 1.0095504 242.99 91 0.9624505 231.65
5/29!2008 54.00 1.0064970 54.35 62 0.9589314 51.78
5/31/2008 23.56 1.0063919 23.71 61 0.9586892 22.59
6/30/2008 20.97 1.0032432 21.04 31 0.9551839 20.03
7/31/2008 23.95 1.0001045 23.95 1 0.9514510 22.79
8/1/2008 13,026.63 1.0000000 13,026.63 - 0.9514510 12,394.20
22,492.72 4,017.09 0.00
101412011 -0- Gilmore&Bel/,P.C.
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
Arbitrage Rebate Com utation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 3.795807% 8/1/2008 of Days 4.599332% 6/27/2007
Summary of: Fund 740-South Ohio Corridor
Arbitrage Rebate Amount: $ 4,017.09
Total Investment Earnings: 22,492.72
Investment Yield: 4.5993%
Average Amount Invested: $ 446,842
Total Time Invested: 1.09 years
101412011 -12- Gilmore&BeB,P.C.
Will on 4w wM aw
City of Salina, Kansas
General Obligation Temporary Notes
Series 2007-1
ACCO-LAT NO. 5: Fund 756- Liberty Addition SeN%er
Investments
Date Purchase Receipt Earnings Balance
6/27/2007 485,121.10 - - 485,121.10
6/28/2007 - 20.05 - 485,101.05
6/30/2007 - - 201.58 485,101.05
7/5/2007 - 21.31 - 485,079.74
7/12/2007 - 60.63 - 485,019.11
7/26/2007 - 1,272.15 - 483,746.96
7/31/2007 - 483,746.96 2,081.93 -
Totals 485,121.10 485,121.10 2,283.51
101412011 -13- Gilmore&Bell,P.C.
City of Salina, Kansas
General Obligation Temporary Notes
Series 2007-1
Arbitrage Rebate Computation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 3.795807% 8/1/2008 of Days 5.039231% 6/27/2007
6/27/2007 (485,121.10) 1.0420122 (505,502.13) 394 1.0000000 (485,121.10)
6/28/2007 20.05 1.0419034 20.89 393 0.9998618 20.04
6/30/2007 201.58 1.0416858 209.98 391 0.9995854 201.50
7/5/2007 21.31 1.0411419 22.19 386 0.9988947 21.29
7/12/2007 60.63 1.0403809 63.08 379 0.9979285 60.51
7/26/2007 1,272.15 1.0388607 1,321.59 365 0.9959989 1,267.06
7/31/2007 485,828.89 1.0384267 504,497.70 361 0.9953107 483,550.70
2,283.51 633.31 0.00
Summary of: Fund 756-Liberty Addition Sewer
Arbitrage Rebate Amount: $ 633.31
Total Investment Earnings: 2,283.51
Investment Yield: 5.0392%
Average Amount Invested: $ 479,802
Total Time Invested: 0.09 years
101412011 -14- Gilmore&Bell,AC.
' an M x" M
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
Allocation of Commingled Fund 756-Libert.% Sewer Addition
Total 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
6/27/2007 562,599.00 52,452.00 510,147.00 510,147.00 510,147.00 5.0559% 510,147.00 1 70.66
6/28/2007 21.08 21.08 510,125.92 510,125.92 5.0559% 510,125.92 2 141.32
6/30/2007 211.98 211.98 510,125.92 510,125.92 5.0559% 510,125.92 5 353.31
7/5/2007 22.41 22.41 510,103.51 510,103.51 5.0559% 510,103.51 7 494.61
7/12/2007 63.76 63.76 510,039.75 510,039.75 5.0559% 510,039.75 14 989.09
7/26/2007 1,337.78 1,337.78 508,701.97 508,701.97 5.0559% 508,701.97 5 352.32
7/31/2007 510,891.30 508,701.97 2,189.33 - - 5.0559% - -
Totals 562,599.00 565,000.31 510,147.00 510,147.00 2,401.31 2,401.31
101412011 -15- Gilmore&Bell,P.C.
MW Am Mw M am am an
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
Allocation of Commingled Fund 756-Liberty Sewer Addition
Investment Activity Allocable to Series 2007A Investment Activity Allocable to Series 2007-1 Notes
Investment Investment Investment Invested Percent Investment Investment Investment Invested Percent
Date Purchase Receipt Earnings Balance of Total Purchase Receipt Earnings Balance of Total
6/27/2007 25,025.90 - 25,025.90 4.91% 485,121.10 - 485,121.10 95.09%
6/28/2007 - 1.03 25,024.87 4.91% - 20.05 485,101.05 95.09%
6/30/2007 - 10.40 25,024.87 4.91% - 201.58 485,101.05 95.09%
7/5/2007 1.10 - 25,023.77 4.91% 21.31 - 485,079.74 95.09a/a
7/12/2007 3.13 - 25,020.64 4.91% 60.63 - 485,019.11 95.09%
7/26/2007 65.63 - 24,955.01 4.91% 1,272.15 - 483,746.96 95.09%
7/31/2007 - 24,955.01 107.40 - 4.91% - 483,746.96 2,081.93 - 95.09%
Totals 25,025.90 25,025.90 117.80 485,121.10 485,121.10 2,283.51
101412011 -16- GUmore&Bdt,AC
City of Salina, Kansas
General Obligation Temporary Notes
Series 2007-1
Investments
Date Purchase Receipt Earnings Balance
6/27/2007 422,311.85 - - 422,311.85
6/30/2007 - - 175.49 422,311.85
7/26/2007 - 28,918.60 - 393,393.25
7/31/2007 - 393,393.25 - -
7/31/2007 - - 1,753.94 -
Totals 422,311.85 422,311.85 1,929.43
101412011 -17- Gilmore&Bell,P.C.
t� Am 1�
City of Salina, Kansas
General Obligation Temporary Notes
Series 2007-1
Arbitrage Rebate Computation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 3.795807% 8/1/2008 of Days 4.937156% 6/27/2007
6/27/2007 (422,311.85) 1.0420122 (440,054.12) 394 1.0000000 (422,311.85)
6/30/2007 175.49 1.0416858 182.81 391 0.9995936 175.42
7/26/2007 28,918.60 1.0388607 30,042.40 365 0.9960789 28,805.21
7/31/2007 393,393.25 1.0384267 408,510.07 361 0.9954043 391,585.35
7/31/2007 1,753.94 1.0384267 1,821.33 361 0.9954043 1,745.87
1,929.43 502.48 0.00
Summary of: Fund 770-Fire Station Number 2
Arbitrage Rebate Amount: $ 502.48
Total Investment Earnings: 1,929.43
Investment Yield: 4.9372%
Average Amount Invested: $ 413,785
Total Time Invested: 0.09 years
101412011 -18- Gilmore&Bell,P.C.
r�r r +r are rl tr ■r M r M r r M r r r sr
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
Total 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
6/27/2007 480,000.00 57,688.15 - 422,311.85 422,311.85 422,311.85 5.0559% 422,311.85 3 175.49
6/30/2007 240,000.00 175.49 0.00 240,000.00 175.49 662,311.85 662,311.85 5.0559% 662,311.85 26 2,385.29
7/26/2007 28,918.60 0.00 28,918.60 633,393.25 633,393.25 5.0559% 633,393.25 5 438.68
7/31/2007 633,393.25 - 633,393.25 - - 5.0559% - -
7/31/2007 2,823.97 - 2,823.97 - - 5.0559% - - -
Totals 720,000.00 722,999.46 662,311.85 662,311.85 2,999.46 2,999.46
101412011 -19- Gilmore&Bell,P.0
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
Investment Activity Allocable to Series 2007-1 Notes Investment Activity Allocable to Special Sales Tax
Investment Investment Investment Invested Percent Investment Investment Investment Invested
Date Purchase Receipt Earnings Balance of Total Purchase Receipt Earnings Balance
6/27/2007 422,311.85 422,311.85 100.00% - - - -
6/30/2007 - 175.49 422,311.85 63.76% 240,000.00 - - 240,000.00
7/26/2007 - 28,918.60 - 393,393.25 62.11% - - - 240,000.00
7/31/2007 393,393.25 - - 62.11% 240,000.00 - -
7/31/2007 - 1,753.94 - 62.11% - 1,070.03
Totals 422,311.85 422,311.85 1,929.43 240,000.00 240,000.00 1,070.03
1014/2011 -20- Gilmore&Bell,P.C.
�1 I� M M M W = m om M M !mil l� �
City of Salina, Kansas
General Obligation Temporary Notes
Series 2007-1
Investments
Date Purchase Receipt Earnings Balance
6/27/2007 690,009.36 - - 690,009.36
6/28/2007 - 153,619.01 - 536,390.35
6/30/2007 - - - 536,390.35
6/30/2007 - - 243.86 536,390.35
7/19/2007 - 407.99 - 535,982.36
7/26/2007 - 113,048.56 - 422,933.80
7/31/2007 - - 2,100.95 422,933.80
8/23/2007 - 13,313.23 - 409,620.57
8/31/2007 - - 1,765.11 409,620.57
9/27/2007 - 86,723.64 - 322,896.93
9/30/2007 - - 1,504.93 322,896.93
10/25/2007 - 117,697.17 - 205,199.76
10/31/2007 - - 1,026.53 205,199.76
11/30/2007 - - 763.11 205,199.76
12/20/2007 - 67,033.20 - 138,166.56
12/31/2007 - - 559.18 138,166.56
1/24/2008 - 7,150.63 - 131,015.93
1/31/2008 - 19,420.35 404.10 111,595.58
2/29/2008 - - 274.67 111,595.58
3/31/2008 - - 222.86 111,595.58
4/30/2008 - - 205.62 111,595.58
5/31/2008 - - 201.12 111,595.58
6/30/2008 - - 179.68 111,595.58
7/31/2008 - - 205.20 111,595.58
8/1/2008 - 15,525.21 - 96,070.37
8/1/2008 - 96,070.37 6.24 -
Totals 690,009.36 690,009.36 9,663.16
101412011 -21- Gilmore&Bell,P.C.
City of Salina, Kansas
General Obligation Temporary Notes
Series 2007-1
Arbitrage Rebate Computation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 3.795807% 8/1/2008 of Days 4.040155% 6/27/2007
6/27/2007 (690,009.36) 1.0420122 (718,998.20) 394 1.0000000 (690,009.36)
6/28/2007 153,619.01 1.0419034 160,056.17 393 0.9998889 153,601.94
6/30/2007 - 1.0416858 - 391 0.9996667 -
6/30/2007 243.86 1.0416858 254.03 391 0.9996667 243.78
7/19/2007 407.99 1.0396205 424.15 372 0.9975586 406.99
7/26/2007 113,048.56 1.0388607 117,441.70 365 0.9967831 112,684.89
7/31/2007 2,100.95 1.0384267 2,181.68 361 0.9962295 2,093.03
8/23/2007 13,313.23 1.0359350 13,791.64 338 0.9937973 13,230.65
8/31/2007 1,765.11 1.0351779 1,827.20 331 0.9929143 1,752.60
9/27/2007 86,723.64 1.0322626 89,521.57 304 0.9900501 85,860.75
9/30/2007 1,504.93 1.0319392 1,553.00 301 0.9897202 1,489.46
10/25/2007 117,697.17 1.0292480 121,139.58 276 0.9869748 116,164.14
10/31/2007 1,026.53 1.0287107 1,056.00 271 0.9863171 1,012.48
11/30/2007 763.11 1.0254922 782.56 241 0.9831441 750.25
12/20/2007 67,033.20 1.0233522 68,598.57 221 0.9809619 65,757.01
12/31/2007 559.18 1.0222838 571.64 211 0.9797637 547.86
1/24/2008 7,150.63 1.0197243 7,291.67 187 0.9772631 6,988.05
1/31/2008 19,824.45 1.0190855 20,202.81 181 0.9765033 19,358.64
2/29/2008 274.67 1.0158971 279.04 151 0.9734701 267.38
3/31/2008 222.86 1.0127188 225.69 121 0.9700151 216.18
4/30/2008 205.62 1.0095504 207.58 91 0.9668947 198.81
5/31/2008 201.12 1.0063919 202.41 61 0.9635701 193.79
6/30/2008 179.68 1.0032432 180.26 31 0.9604703 172.58
7/31/2008 205.20 1.0001045 205.22 1 0.9571678 196.41
8/1/2008 15,525.21 1.0000000 15,525.21 - 0.9571678 14,860.23
8/1/2008 96,076.61 1.0000000 96,076.61 - 0.9571678 91,961.44
9,663.16 597.81 0.00
101412011 -22- Gilmore&Bell,P.C.
w■ iiw w�i w M li! M M IM w w M w w ■w iw� w1 w� wi
City of Salina, Kansas
General Obligation Temporary Notes
Series 2007-1
Arbitrage Rebate Computation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 3.795807% 8/1/2008 of Days 4.040155% 6/27/2007
Summary of: Fund 778-Downtown Traffic Improvements
Arbitrage Rebate Amount: $ 597.81
Total Investment Earnings: 9,663.16
Investment Yield: 4.0402%
Average Amount Invested: $ 218,538
Total Time Invested: 1.09 years
101412011 -23- Gilmore&Bell,P.C.
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
Total 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
6/27/2007 698,180.30 - 698,180.30 698,180.30 698,180.30 5.0559% 698,180.30 -
6/28/2007 153,619.01 - 153,619.01 544,561.29 544,561.29 5.0559% 544,561.29 1 96.71
6/30/2007 - 544,561.29 544,561.29 5.0559% - -
6/30/2007 175,000.00 247.57 - 175,000.00 247.57 719,561.29 719,561.29 5.0559% 719,561.29 2 150.86
7/19/2007 407.99 - 407.99 719,153.30 719,153.30 5.0559% 719,153.30 19 1,893.77
7/26/2007 113,048.56 - 113,048.56 606,104.74 606,104.74 5.0559% 606,104.74 7 697.31
7/31/2007 3,010.86 - 3,010.86 606,104.74 606,104.74 5.0559% 606,104.74 5 419.78
8/23/2007 13,313.23 - 13,313.23 592,791.51 592,791.51 4.9905% 592,791.51 23 1,906.02
8/31/2007 2,554.42 - 2,554.42 592,791.51 592,791.51 4.9905% 592,791.51 8 648.40
9/27/2007 86,723.64 - 86,723.64 506,067.87 506,067.87 4.9128% 506,067.87 27 2,154.28
9/30/2007 2,358.63 - 2,358.63 506,067.87 506,067.87 4.9128% 506,067.87 3 204.35
10/25/2007 117,697.17 - 117,697.17 388,370.70 388,370.70 4.7333% 388,370.70 25 1,640.67
10/31/2007 1,942.85 - 1,942.85 388,370.70 388,370.70 4.7333% 388,370.70 6 302.18
11/30/2007 1,444.29 - 1,444.29 388,370.70 388,370.70 4.5246% 388,370.70 30 1,444.29
12/20/2007 67,033.20 - 67,033.20 321,337.50 321,337.50 4.2000% 321,337.50 20 893.78
12/31/2007 1,300.51 - 1,300.51 321,337.50 321,337.50 4.2000% 321,337.50 11 406.73
1/24/2008 7,150.63 - 7,150.63 314,186.87 314,186.87 3.5687% 314,186.87 24 754.03
1/31/2008 20,389.41 - 19,420.35 969.06 294,766.52 294,766.52 3.5687% 294,766.52 7 215.03
2/29/2008 725.50 - 725.50 294,766.52 294,766.52 3.0978% 294,766.52 29 725.50
3/31/2008 588.67 - 588.67 294,766.52 294,766.52 2.3514% 294,766.52 31 588.67
4/30/2008 543.11 - 543.11 294,766.52 294,766.52 2.2417% 294,766.52 30 543.11
5/31/2008 531.24 - 531.24 294,766.52 294,766.52 2.1220% 294,766.52 31 531.24
6/30/2008 474.61 - 474.61 294,766.52 294,766.52 1.9590% 294,766.52 30 474.61
7/31/2008 542.01 - 542.01 294,766.52 294,766.52 2.1650% 294,766.52 31 542.01
8/1/2008 15,542.69 - 15,525.21 279,241.31 279,241.31 2.2459% 279,241.31 1 18.14
8/1/2008 2799259.45 (0.00) 279,241.31 18.14 - (0.00) 2.2459% - -
Totals 873,180.30 890,449.25 873,180.30 873,180.30 17,251.47 17,251.47
101411011 -24- Gilmore&Bell,R C
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
Investment Activity Allocable to Series 2007-1 Notes Investment Activity Allocable to Other Mone
Investment Investment Investment Invested Percent Investment Investment Investment Invested
Date Purchase Receipt Earnings Balance of Total Purchase Receipt Earnings Balance
6/27/2007 690,009.36 - 690,009.36 98.83% 8,170.94 8,170.94
6/28/2007 - 153,619.01 - 536,390.35 98.50% - 8,170.94
6/30/2007 - - 536,390.35 98.50% - - 8,170.94
6/30/2007 - 243.86 536,390.35 74.54% 175,000.00 3.71 183,170.94
7/19/2007 407.99 - 535,982.36 74.53% - - 183,170.94
7/26/2007 113,048.56 - 422,933.80 69.78% - 183,170.94
7/31/2007 - 2,100.95 422,933.80 69.78% - 909.91 183,170.94
8/23/2007 13,313.23 - 409,620.57 69.10% - - 183,170.94
8/31/2007 - 1,765.11 409,620.57 69.10% 789.31 183,170.94
9/27/2007 86,723.64 - 322,896.93 63.81% - 183,170.94
9/30/2007 - 1,504.93 322,896.93 63.81% - 853.70 183,170.94
10/25/2007 117,697.17 - 205,199.76 52.84% - - 183,170.94
10/31/2007 - 1,026.53 205,199.76 52.84% - 916.32 183,170.94
11/30/2007 - 763.11 205,199.76 52.84% - 681.18 183,170.94
12/20/2007 - 67,033.20 - 138,166.56 43.00% - 183,170.94
12/31/2007 - - 559.18 138,166.56 43.00% - 741.33 183,170.94
1/24/2008 - 7,150.63 - 131,015.93 41.70% - - 183,170.94
1/31/2008 - 19,420.35 404.10 111,595.58 37.86% 564.96 183,170.94
2/29/2008 - - 274.67 111,595.58 37.86% - 450.83 183,170.94
3/31/2008 - 222.86 111,595.58 37.86% - 365.81 183,170.94
4/30/2008 - 205.62 111,595.58 37.86% - 337.49 183,170.94
5/31/2008 201.12 111,595.58 37.86% - 330.12 183,170.94
6/30/2008 179.68 111,595.58 37.86% - 294.93 183,170.94
7/31/2008 - 205.20 111,595.58 37.86% - 336.81 183,170.94
8/1/2008 15,525.21 - 96,070.37 34.40% - - - 183,170.94
8/1/2008 - 96,070.37 6.24 - 34.40% - 183,170.94 11.90 -
Totals 690,009.36 690,009.36 9,663.16 183,170.94 183,170.94 7,588.31
701411077 -25- Gilmore&Bell.P.0
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
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
6/27/2007 812,644.52 5,832.00 806,812.52 806,812.52 806,812.52 5.0559% -
6/30/2007 335.27 335.27 806,812.52 806,812.52 5.0559% 806,812.52 3 335.27
7/26/2007 1,972.25 1,972.25 804,840.27 804,840.27 5.0559% 806,812.52 26 2,905.71
7/31/2007 3,463.13 3,463.13 804,840.27 804,840.27 5.0559% 804,840.27 5 557.42
8/2/2007 486.00 486.00 804,354.27 804,354.27 4.9905% 804,840.27 2 220.09
8/23/2007 472.50 472.50 803,881.77 803,881.77 4.9905% 804,354.27 21 2,309.50
8/31/2007 3,408.88 3,408.88 803,881.77 803,881.77 4.9905% 803,881.77 8 879.29
9/30/2007 3,246.01 3,246.01 803,881.77 803,881.77 4.9128% 803,881.77 30 3,246.01
10/4/2007 459.00 459.00 803,422.77 803,422.77 4.7333% 803,881.77 4 416.99
10/25/2007 607.50 607.50 802,815.27 802,815.27 4.7333% 803,422.77 21 2,187.94
10/31/2007 3,229.58 3,229.58 802,815.27 802,815.27 4.7333% 802,815.27 6 624.65
11/15/2007 715.50 715.50 802,099.77 802,099.77 4.5246% 802,815.27 15 1,492.77
11/30/2007 2,984.21 2,984.21 802,099.77 802,099.77 4.5246% 802,099.77 15 1,491.44
12/31/2007 2,861.19 2,861.19 802,099.77 802,099.77 4.2000% 802,099.77 31 2,861.19
1/31/2008 22,849.51 22,849.51 779,250.26 779,250.26 3.5687% 802,099.77 31 2,431.12
1/31/2008 2,431.12 2,431.12 779,250.26 779,250.26 3.5687% - -
2/7/2008 1,188.00 1,188.00 778,062.26 778,062.26 3.0978% 779,250.26 7 462.95
2/29/2008 1,915.72 1,915.72 778,062.26 778,062.26 3.0978% 778,062.26 22 1,452.77
3/6/2008 337.50 337.50 777,724.76 777,724.76 2.3514% 778,062.26 6 300.75
3/27/2008 1,512.00 1,512.00 776,212.76 776,212.76 2.3514% 777,724.76 21 1,052.15
3/31/2008 1,552.92 1,552.92 776,212.76 776,212.76 2.3514% 776,212.76 4 200.02
4/24/2008 958.50 958.50 775,254.26 775,254.26 2.2417% 776,212.76 24 1,144.13
4/30/2008 1,429.81 1,429.81 775,254.26 775,254.26 2.2417% 775,254.26 6 285.68
5/29/2008 5,589.00 5,589.00 769,665.26 769,665.26 2.1220% 775,254.26 29 1,307.06
5/31/2008 1,396.55 1,396.55 769,665.26 769,665.26 2.1220% 769,665.26 2 89.49
6/26/2008 2,160.00 2,160.00 767,505.26 767,505.26 1.9590% 769,665.26 26 1,074.03
6/30/2008 1,238.80 1,238.80 767,505.26 767,505.26 1.9590% 767,505.26 4 164.77
7/17/2008 378.00 378.00 767,127.26 767,127.26 2.1650% 767,505.26 17 773.92
7/31/2008 1,410.95 1,410.95 767,127.26 767,127.26 2.1650% 767,127.26 14 637.03
8/l/2008 18,284.50 - 18,284.50 748,842.76 748,842.76 2.2459% 767,127.26 1 47.20
8/1/2008 748,842.76 47.20 748,842.76 47.20 - 47.20 2.2459% - -
Totals 812,644.52 843,548.66 806,812.52 806,812.52 30,951.34 30,951.34
Cash Out Less Cash In: 30,904.14
Investment Receipts minus Purchases: -
101412011 -26- Gilmore&Bell,AC.
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
Arbitrage Rebate Com utation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 3.795807% 8/1/2008 of Days 3.619907% 6/27/2007
6/27/2007 (806,812.52) 1.0420122 (840,708.53) 394 1.0000000 (806,812.52)
6/30/2007 335.27 1.0416858 349.25 391 0.9997011 335.17
7/26/2007 1,972.25 1.0388607 2,048.89 365 0.9971142 1,966.56
7/31/2007 3,463.13 1.0384267 3,596.21 361 0.9966175 3,451.42
8/2/2007 486.00 1.0382098 504.57 359 0.9965182 484.31
8/23/2007 472.50 1.0359350 489.48 338 0.9944349 469.87
8/31/2007 3,408.88 1.0351779 3,528.80 331 0.9936425 3,387.21
9/30/2007 3,246.01 1.0319392 3,349.68 301 0.9907750 3,216.07
10/4/2007 459.00 1.0315081 473.46 297 0.9903801 454.58
10/25/2007 607.50 1.0292480 625.27 276 0.9883097 600.40
10/31/2007 3,229.58 1.0287107 3,322.30 271 0.9877190 3,189.92
11/15/2007 715.50 1.0271002 734.89 256 0.9863419 705.73
11/30/2007 2,984.21 1.0254922 3,060.28 241 0.9848686 2,939.05
12/31/2007 2,861.19 1.0222838 2,924.95 211 0.9818308 2,809.20
1/31/2008 22,849.51 1.0190855 23,285.60 181 0.9788999 22,367.38
1/31/2008 2,431.12 1.0190855 2,477.52 181 0.9788999 2,379.82
2/7/2008 1,188.00 1.0183406 1,209.79 174 0.9783147 1,162.24
2/29/2008 1,915.72 1.0158971 1,946.17 151 0.9761722 1,870.07
3/6/2008 337.50 1.0152607 342.65 145 0.9754915 329.23
3/27/2008 1,512.00 1.0130362 1,531.71 124 0.9734522 1,471.86
3/31/2008 1,552.92 1.0127188 1,572.67 121 0.9730643 1,511.09
4/24/2008 958.50 1.0101832 968.26 97 0.9708365 930.55
4/30/2008 1,429.81 1.0095504 1,443.47 91 0.9702562 1,387.28
5/29/2008 5,589.00 1.0064970 5,625.31 62 0.9674563 5,407.11
5/31/2008 1,396.55 1.0063919 1,405.48 61 0.9672635 1,350.83
6/26/2008 2,160.00 1.0036625 2,167.91 35 0.9648567 2,084.09
6/30/2008 1,238.80 1.0032432 1,242.82 31 0.9644721 1,194.79
7/17/2008 378.00 1.0014634 378.55 14 0.9628396 363.95
7/31/2008 1,410.95 1.0001045 1,411.10 1 0.9614972 1,356.62
8/1/2008 18,284.50 1.0000000 18,284.50 0.9614972 17,580.50
8/1/2008 748,889.96 1.0000000 748,889.96 0.9614972 720,055.62
30,951.34 (1,517.02) 0.00
101412011 -27- Gilmore&Bell,P.C.
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
Arbitrage Rebate Computation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 3.795807% 8/1/2008 of Days 3.619907% 6/27/2007
Summary of: Fund 779-West Diamond Drive
Arbitrage Rebate Amount: $ (1,517.02)
Total Investment Earnings: 30,951.34
Investment Yield: 3.6199%
Average Amount Invested: $ 781,247
Total Time Invested: 1.09 years
101412011 -28- Gilmore&Be]],P.C.
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
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
6/27/2007 755,000.00 345,543.30 409,456.70 409,456.70 409,456.70 5.0559% - -
6/28/2007 130,798.08 130,798.08 278,658.62 278,658.62 5.0559% 409,456.70 1 56.72
6/30/2007 133.92 133.92 278,658.62 278,658.62 5.0559% 278,658.62 2 77.20
7/26/2007 103,577.04 - 103,577.04 175,081.58 175,081.58 5.0559% 278,658.62 26 1,003.58
7/31/2007 1,124.84 - 1,124.84 175,081.58 175,081.58 5.0559% 175,081.58 5 121.26
8/31/2007 742.08 - 742.08 175,081.58 175,081.58 4.9905% 175,081.58 31 742.08
9/30/2007 706.97 - 706.97 175,081.58 175,081.58 4.9128% 175,081.58 30 706.97
10/25/2007 60,715.01 - 60,715.01 114,366.57 114,366.57 4.7333% 175,081.58 25 567.61
10/31/2007 656.60 - 656.60 114,366.57 114,366.57 4.7333% 114,366.57 6 88.99
11/30/2007 425.31 - 425.31 114,366.57 114,366.57 4.5246% 114,366.57 30 425.31
12/31/2007 407.96 - 407.96 114,366.57 114,366.57 4.2000% 114,366.57 31 407.96
1/31/2008 21,281.86 - 21,281.86 93,084.71 93,084.71 3.5687% 114,366.57 31 346.64
1/31/2008 346.64 - 346.64 93,084.71 93,084.71 3.5687% - -
2/29/2008 229.11 - 229.11 93,084.71 93,084.71 3.0978% 93,084.71 29 229.11
3/31/2008 185.90 - 185.90 93,084.71 93,084.71 2.3514% 93,084.71 31 185.90
4/30/2008 171.51 - 171.51 93,084.71 93,084.71 2.2417% 93,084.71 30 171.51
5/31/2008 167.76 - 167.76 93,084.71 93,084.71 2.1220% 93,084.71 31 167.76
6/30/2008 149.88 - 149.88 93,084.71 93,084.71 1.9590% 93,084.71 30 149.88
7/31/2008 171.16 - 171.16 93,084.71 93,084.71 2.1650% 93,084.71 31 171.16
8/1/2008 16,987.50 - 16,987.50 - 76,097.21 76,097.21 2.2459% 93,084.71 1 5.73
8/1/2008 76,102.94 - 76,097.21 5.73 - - 2.2459% - -
Totals 755,000.00 760,625.37 409,456.70 409,456.70 5,625.37 5,625.37
Cash Out Less Cash In: 5,625.37
Investment Receipts minus Purchases: -
101412011 -29- Gilmore&Be/1,P.C.
�r rr rr r �r ri a■ rr rr rr rr it rr rr rr tr r rr rr
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
Arbitrage Rebate Computation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 3.795807% 8/1/2008 of Days 3.977240% 6/27/2007
6/27/2007 (409,456.70) 1.0420122 (426,658.90) 394 1.0000000 (409,456.70)
6/28/2007 130,798.08 1.0419034 136,278.97 393 0.9998906 130,783.77
6/30/2007 13192 1.0416858 139.50 391 0.9996719 133.88
7/26/2007 103,577.04 1.0388607 107,602.11 365 0.9968326 103,248.97
7/31/2007 1,124.84 1.0384267 1,168.06 361 0.9962875 1,120.66
8/31/2007 742.08 1.0351779 768.18 331 0.9930232 736.90
9/30/2007 706.97 1.0319392 729.55 301 0.9898779 699.81
10/25/2007 60,715.01 1.0292480 62,490.81 276 0.9871744 59,936.30
10/31/2007 656.60 1.0287107 675.45 271 0.9865266 647.75
11/30/2007 425.31 1.0254922 436.15 241 0.9834019 418.25
12/31/2007 407.96 1.0222838 417.05 211 0.9800726 399.83
1/31/2008 21,281.86 1.0190855 21,688.03 181 0.9768614 20,789.43
1/31/2008 346.64 1.0190855 353.26 181 0.9768614 338.62
2/29/2008 229.11 1.0158971 232.75 151 0.9738738 223.12
3/31/2008 185.90 1.0127188 1 88.26 121 0.9704706 180.41
4/30/2008 171.51 1.0095504 173.15 91 0.9673967 165.92
5/31/2008 167.76 1.0063919 168.83 61 0.9641216 161.74
6/30/2008 149.88 1.0032432 150.37 31 0.9610678 144.04
7/31/2008 171.16 1.0001045 171.18 1 0.95 78141 163.94
8/1/2008 16,987.50 1.0000000 16,987.50 - 0.9578141 16,270.87
8/1/2008 76,102.94 1.0000000 76,102.94 - 0.9578141 72,892.47
5,625.37 263.22 (0.00)
Summary of: Fund 780-Liberty Addition#2,Phase III
Arbitrage Rebate Amount: $ 263.22
Total Investment Earnings: 5,625.37
Investment Yield: 3.9772%
Average Amount Invested: $ 129,234
Total Time Invested: 1.09 years
101412011 -30- Gilmore&Bell,AC.
m m m m m m
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
Investments
Date Purchase Receipt Earnings Balance
6/27/2007 352,000.00 - 352,000.00
6/30/2007 - - - 352,000.00
7/26/2007 - 48,569.10 - 303,430.90
7/31/2007 - - 355.01 303,430.90
8/23/2007 - 104,928.50 - 198,502.40
8/31/2007 - - 1,149.27 198,502.40
9/27/2007 - 25,112.57 - 173,389.83
9/30/2007 - - 792.00 173,389.83
10/25/2007 - 4,703.81 - 168,686.02
10/31/2007 - - 712.80 168,686.02
11/29/2007 - 128,496.42 - 40,189.60
11/30/2007 - - 464.04 40,189.60
12/20/2007 - 5,574.21 - 34,615.39
12/31/2007 - - 137.95 34,615.39
1/31/2008 - 10,051.28 - 24,564.11
1/31/2008 - - 106.18 24,564.11
2/28/2008 - 24,564.11 - -
2/29/2008 - - 67.71
Totals 352,000.00 352,000.00 3,784.96
101412011 -31- Gilmour&Bell,P.C.
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
Arbitrage Rebate Computation Investment Yield
Future Present
Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
Date Activity 3.795807% 8/1/2008 of Days 3.545371% 6/27/2007
6/27/2007 (352,000.00) 1.0420122 (366,788.31) 394 1.0000000 (352,000.00)
6/30/2007 - 1.0416858 - 391 0.9997072 -
7/26/2007 48,569.10 1.0388607 50,456.53 365 0.9971730 48,431.80
7/31/2007 355.01 1.0384267 368.65 361 0.9966864 353.83
8/23/2007 104,928.50 1.0359350 108,699.11 338 0.9945482 104,356.45
8/31/2007 1,149.27 1.0351779 1,189.70 331 0.9937718 1,142.11
9/27/2007 25,112.57 1.0322626 25,922.77 304 0.9912527 24,892.90
9/30/2007 792.00 1.0319392 817.30 301 0.9909624 784.84
10/25/2007 4,703.81 1.0292480 4,841.39 276 0.9885470 4,649.94
10/31/2007 712.80 1.0287107 733.26 271 0.9879681 704.22
11/29/2007 128,496.42 1.0255993 131,785.84 242 0.9852713 126,603.84
11/30/2007 464.04 1.0254922 475.87 241 0.9851752 457.16
12/20/2007 5,574.21 1.0233522 5,704.38 221 0.9832536 5,480.86
12/31/2007 137.95 1.0222838 141.02 211 0.9821983 135.49
1/31/2008 10,051.28 1.0190855 10,243.11 181 0.9793261 9,843.48
1/31/2008 106.18 1.0190855 108.21 181 0.9793261 103.98
2/28/2008 24,564.11 1.0161094 24,959.82 153 0.9767482 23,992.95
2/29/2008 67.71 1.0158971 68.79 151 0.9766529 66.13
3,784.96 (272.56) (0.00)
Summary of: Fund 781-Golden Eagle Estates#4,Phase III
Arbitrage Rebate Amount: $ (272.56)
Total Investment Earnings: 3,784.96
Investment Yield: 3.5454%
Average Amount Invested: $ 158,813
Total Time Invested: 0.67 years
101412011 -32- Gilmore&Bell,P.C.
City of Salina,Kansas
General Obligation Temporary Notes
Series 2007-1
Total Cash and Investment Activity Imputed Interest Calculation
Total Relevant Relevant Days
Cash Transactions F ash and Investment Invested Invested Imputed
Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings
6/27/2007 374,883.04 374,883.04 374,883.04 374,883.04 5.0559%
6/30/2007 - 374,883.04 374,883.04 5.0559% 374,883.04 3 155.78
7/26/2007 48,569.10 48,569.10 326,313.94 326,313.94 5.0559% 326,313.94 5 226.00
7/31/2007 381.78 381.78 326,313.94 326,313.94 5.0559% 326,313.94 23 1,039.61
8/23/2007 104,928.50 104,928.50 221,385.44 221,385.44 4.9905% 221,385.44 8 242.15
8/31/2007 1,281.76 1,281.76 221,385.44 221,385.44 4.9905% 221,385.44 27 817.27
9/27/2007 25,112.57 25,112.57 196,272.87 196,272.87 4.9128% 196,272.87 3 79.25
9/30/2007 896.52 896.52 196,272.87 196,272.87 4.9128% 196,272.87 25 660.44
10/25/2007 4,703.81 4,703.81 191,569.06 191,569.06 4.7333% 191,569.06 6 149.06
10/31/2007 809.50 809.50 191,569.06 191,569.06 4.7333% 191,569.06 29 720.43
11/29/2007 128,496.42 128,496.42 63,072.64 63,072.64 4.5246% 63,072.64 1 7.82
11/3012007 728.25 728.25 63,072.64 63,072.64 4.5246% 63,072.64 20 156.37
12/20/2007 5,574.21 5,574.21 57,498.43 57,498.43 4.2000% 57,498.43 11 72.78
12/31/2007 229.15 229.15 57,498.43 57,498.43 4.2000% 57,498.43 31 205.10
1/31/2008 10,051.28 10,051.28 47,447.15 47,447.15 3.5687% - -
1/31/2008 205.10 205.10 47,447.15 47,447.15 3.5687% 47,447.15 28 129.89
2/28/2008 36,820.03 36,820.03 10,627.12 10,627.12 3.0978% 10,627.12 1 0.90
2/29/2008 130.79 130.79 10,627.12 10,627.12 3.0978% 10,627.12 31 27.96
3/31/2008 27.96 27.96 10,627.12 10,627.12 2.3514% 10,627.12 30 20.54
4/30/2008 20.54 20.54 10,627.12 10,627.12 2.2417% 10,627.12 31 20.23
5/31/2008 20.23 20.23 10,627.12 10,627.12 2.1220% 10,627.12 30 18.53
6/30/2008 18.53 18.53 10,627.12 10,627.12 1.9590% 10,627.12 31 17.68
7/31/2008 17.68 17.68 10,627.12 10,627.12 2.1650% 10,627.12 I 0.63
8/1/2008 10,627.75 0.00 10,627.12 0.63 - 0.00 2.2459% - -
Totals 374,883.04 379,651.46 374,883.04 374,883.04 4,768.42 4,768.42
101412011 .33- Gidron d Bell.P.C.
City of sauna,Kansas
General Obligation Temporary Notes
Series 2007-1
Investment Activity Allocable to Series 2007-1 Notes Investment Activity Allocable to Other Mon
Investment Investment Investment Invested Percent Investment Investment Investment Invested
Date Purchase Receipt Earnings Balance of Total Purchase Receipt Earnings Balance
6/27/2007 352,000.00 352,000.00 93.90% 22,883.04 22,883.04
6/30/2007 - - 352,000.00 93.90% - 22,883.04
7/26/2007 48,569.10 303,430.90 92.99% 22,883.04
7/3112007 - 355.01 303,430.90 92.99% 26.77 22,883.04
8/2312007 104,928.50 198,502.40 89.66% - 22,883.04
8/31/2007 - 1,149.27 198,502.40 89.66% 132.49 22,883.04
9/27/2007 25,112.57 173,389.83 88.34% - 22,883.04
9/30/2007 - 792.00 173,389.83 88.34% 104.52 22,883.04
10/25/2007 4,703.81 - 168,686.02 88.05% - 22,883.04
10/31/2007 712.80 168,686.02 88.05% 96.70 22,883.04
11/29/2007 128,496.42 - 40,189.60 63.72% 22,883.04
11/30/2007 464.04 40,189.60 63.72% 264.21 22,883.04
12/20/2007 5,574.21 - 34,615.39 60.20% - 22,883.04
12/31/2007 - 137.95 34,615.39 60.20% 91.20 22,883.04
1/31/2008 10,051.28 - 24,564.11 51.77% - 22,883.04
1/31/2008 - 106.18 24,564.11 51.77% - 98.92 22,883.04
2/28/2008 24,564.11 - - 0.00% 12,255.92 - 10,627.12
2/2912008 - 67.71 0.00% - 63.08 10,627.12
3/31/2008 - 0.00% 27.96 10,627.12
4/30/2008 0.00% 20.54 10,627.12
5/31/2008 0.00% 20.23 10,627.12
6/30/2008 0.00% 18.53 10,627.12
7/3112008 0.00% - 17.68 10,627.12
8/1/2008 - - - 0.00% - 10,627.12 0.63 -
Totals 352,000.00 352,000.00 3,784.96 22,883.04 22,883.04 983.46
10/4/ZO!!
-34- Gilmore 6 QdL PC
City of Salina, Kansas
General Obligation Temporary Notes
Series 2007-1
Arbitrage Rebate Computation
Future
Value Future
Factor @ Value to Number
Date Description Amount 3.795807% 8/1/2008 of Days
10/1/2007 Computation Credit (1,400.00) 1.0318314 (1,444.56) 300
8/1/2008 Computation Credit (1,430.00) 1.0000000 (1,430.00) -
(2,830.00)
Total Adjustments: $ (2,874.56)
101412011 -39- Gilmore&Bell,AC.
City of Salina, Kansas
General Obligation Temporary Notes
Series 2007-1
Weighted Average Yields as Provided by Issuer
Month Month Beg. Month End. Overall Yld
Jun-07 6/1/2007 6/30/2007 5.056%
Jul-07 7/1/2007 7/31/2007 5.056%
Aug-07 8/1/2007 8/31/2007 4.991%
Sep-07 9/1/2007 9/30/2007 4.913%
Oct-07 10/1/2007 10/31/2007 4.733%
Nov-07 11/1/2007 11/30/2007 4.525%
Dec-07 12/1/2007 12/31/2007 4.200%
Jan-08 1/1/2008 1/31/2008 3.569%
Feb-08 2/1/2008 2/29/2008 3.098%
Mar-08 3/1/2008 3/31/2008 2.351%
Apr-08 4/1/2008 4/30/2008 2.242%
May-08 5/1/2008 5/31/2008 2.122%
Jun-08 6/1/2008 6/30/2008 1.959%
Jul-08 7/1/2008 7/31/2008 2.165%
Aug-08 8/1/2008 8/31/2008 2.246%
Sep-08 9/1/2008 9/30/2008 2.248%
Oct-08 10/1/2008 10/31/2008 2.167%
Nov-08 11/1/2008 11/30/2008 2.239%
Dec-08 12/1/2008 12/31/2008 2.294%
Jan-09 1/1/2009 1/31/2009 2.182%
Feb-09 2/1/2009 2/28/2009 1.792%
Mar-09 3/1/2009 3/31/2009 1.804%
101412011 -36- Gilmore&Bell,P.C.