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Payment SchedulePagel of 2 Franz, Rod From: David Arteberry [arteberry@gkbaum.comj Sent: Monday, October 18, 2010 11:57 AM To: Franz, Rod Subject: Final Numbers Attachments: Salina 10 -B final.pdf '... As I mentioned on my voice mail, the offering of the bonds went very well. We ended up reducing the yields in years 2018 -2021 due to over - subscriptions. Although we still have balances remaining in certain maturities, we are comfortable underwriting the bonds at these rates. A few highlights of the offering: Average Rate on Old Debt: 4.34% July Estimate of TIC on New Bonds: 2.694% Final TIC on New Bonds: 2.043% July Estimate of Total Savings: $486,238 (includes rounding amount and accrued interest) Final Total Savings: $797,080 July Estimate of PV Savings: 6.200% Final PV Savings: 9.797% of Old Par Annual Savings for Water System: $48,718 Annual Savings for B &I Fund: $22,887 Attached you will find detailed final numbers for the issue. Let me know if you have any questions. See you this afternoon. Dave David Arteberry, Senior Vice President George K. Baum & Company 4801 Main Street, Suite 500 Kansas City, Missouri 64112 E -mail: arteberry@gkbaum.com Direct: (816) 283 -5137 Toll Free: (800) 821 -7195 Fax: (816) 283 -5326 This communication constitutes an electronic communication within the meaning of the Electronic Communications Act, 18 USC 2510, and its disclosure is strictly limited to the recipient intended by the sender of this message. This communication may contain confidential and privileged material for the sole use of the intended recipient and receipt by anyone other than the intended recipient does not constitute loss of the 10/18/2010 City of Salina, Kansas General Obligation Refunding Bonds Series 2010 -B (Aggregate Issue) Table of Contents Report ISSUE SUMMARY Total Issue Sources And Uses 1 Debt Service Comparison 2 Pricing Summary 4 Debt Service Schedule 5 Proof Of Bond Yield@ 1.9025527% 6 Escrow Summary Cost 7 Escrow Fund CashFlow 8 Primary Purpose Fund Proof Of Yichl@ 01325850 9 Detail Costs Of Issuance 10 SRF REFUNDING Debt Service Comparison 11 Pricing Summary 13 Debt Service Schedule 14 Prior Original Debt Service 15 Debt Service To Maturity And To Call 17 Cuuent Refunding Escrow 19 BOND REFUNDING - Debt Service Comparison 20 Pricing Summary 21 Debt Service Schedule 22 Prior Original Debt Service 23 Debt Service To Maturity And To Call 25 Current Outstanding Debt Service 27 Escrow Summary Cost 29 Escrow Fund Cashnow 30 Primary Purpose Fund Proof Of Yield @ 0.2325850 31 Seras 4010 -B final I Issue Summary 11011 W010 1 1107 AM George K. Baum & Company Public Finance (BFi) City of Salina, Kansas General Obligation Refunding Bonds Series 2010 -B (Aggregate Issue) Total Issue Sources And Uses Dated 1011512010 1 Delivered 10129/2010 SRF Refunding Bond Refunding Issue Summary Sources Of Funds Par Amount of Bonds $5,685,000.00 $2,175,000.00 $7,860,000.00 Reoffering Premium 110,579.15 61,414 75 171,993.90 Accrued Interest from 10/15/2010 to 10/29/2010 4,762.92 1,678.54 6,441.46 Total Sources $5,800,342.07 $2,238,093.29 $8,038,435.36 . Uses Of Funds DDe osil to Net Cash Escrow Fund 5,721,636.48 2 206 515 46 7 928 I51 94 Total Underwriter's Discount (0.750%) 42,637.50 16,312.50 58 95000 Costs of Issuance 30,652.71 11,727 29 42,380.00 Deposit to Debt Service Fund 4,762.92 1,678.54 6,441.46 Rounding Amount 652.46 1 859 50 2,511.96 Total Uses $5,800,342.07 $2,238,093.29 $8,038,435.36 Senes 2010 -B final I Issue Summary I IW18101011107 AM George K. Baum & Company Public Finance (BH) Page 1 City of Salina, Kansas General Obligation Refunding Bonds Series 2010 -B (Aggregate Issue) Debt Service Comparison Part 1 of Existing Date Total P +I D/S Net New DIS Old Net D/S Savings Fiscal Total 1029/2010 - - - _ 02/012011 - - - 319,489.86 319,489.86 - 04/01/2011 76,377.29 14,505.00 90,882.29 63,431.25 (27,451.04) - 08/01/2011 - - - 319,489.86 319,489.86 - 10/01/2011 582,818.75 534,505.00 1,117 323.75 583 431.25 (533,892.50) 77,63& 19 02/01/2012 - - - 319,489.85 319,489.85 - 04/012012 81,568.75 3,300.00 84,868.75 52,226.25 (32,642.50) - 08/012012 - - - 319,489.86 319,489.86 - 10/012012 931,568.75 168,300.00 1,099,868.75 572,226.25 (527,642.50) 78,694.71 02/01/2013 - 319,489.86 319,489.86 04/01/2013 73,068.75 - 73,068.75 40,938.75 _(32,130.00) - 08/01/2013 - - - 319,489.86 319,489.86 - 10/01/2013 998,068.75 - 998,068.75 460,938.75 (537,130.00) 69,719.72 02/01/2014 - - - 319,489.86 319,489.86 - 04/01/2014 63,818.75 63818.75 31,396.88 (3242187) 08/01/2014 - - - 319,489.86 319,489.86 - 10/01/2014 988,818.75 - 988,818.75 451,396.88 (537,421.87) 69,135.98 02/01/2015 - - - 319,489.86 319,489.86 - 04/01/2015 54,568.75 - 54,568.75 21,628.75 (32,940.00) - 08/01 /2015 - - 319,489.86 319,489.86 10/012015 979,568.75 - 979,568.75 441,628.75 (537,940.00) 68,099.72 0210112016 - - - 319,489.86 319,489.86 - - 04/01/2016 45,318.75 - 45,318.75 11,606.25 (33,712.50) - - 08/01/2016 - - - 319,489.86 319,489.86 - 10/01/2016 970,318.75 - 970,318.75 431,606.25 (538,712.50) 66,554.72 02/01/2017 - - - 319,489.86 319,489.86 - 04/01/2017 36,068.75 - 36,068.75 1,462.50 (34,606.25) - 08101/2017 - - - 319,489.86 319,489.86 - 10/01/2017 601,068.75 - 601,068.75 66,462.50 (534,606.25) 69,767.22 0210112018 - 319,489.86 319,489.86 04/01/2018 29,712.50 - 29,712.50 - (29,712.50) - 08/01/2018 - - - 319,489.86 319,489.86 - 10/01/2018 554,712.50 - 554,712.50 - (554,712.50) 54,554.72 02/0112019 - - - 319,489.87 319,489.87 - 04/012019 21,837.50 21,837.50 (21,837.50) 08/01/2019 - - - 319,489.86 319,489.86 - 10/01/2019 571,837.50 - 571,837.50 - (571,837.50) 45,304.73 02/01/2020 - - - 319,489.86 319,489.86 - 04/01/2020 15,650.00 - 15,650.00 - (15,650.00) - 08/01/2020 - 184,628.12 184,628.12 10/01/2020 440,650.00 - 440,650.00 - (440,650.00) 47,817.98 02/01/2021 - - - 184,628.13 184,628.13 - 040112021 10,33250 - )0,337.50 - (10,337.50) - Senes 2010 B final I Issue Summary 1 1011812010 1 11:07 AM George K. Baum & Company Public Finance (BH) Page 2 City of Salina, Kansas General Obligation Refunding Bonds Seri es 2010 -B (Aggregate Issue) Debt Service Comparison Part 2 oft Existing Date Total P +1 D/S Net New D/S Old Net D/S Savings Fiscal Total 08/01/2021 - - - 184,628.13 184,628.13 - 10/01/2021 310,337.50 - 310,337.50 (310,337.50) 48,581.26 02/01/2022 - - - 184,628.13 184,628.13 - 04/01/2022 6,287.50 - 6,287.50 - (6,287.50) - 08/01/2022 - - - 184,628.13 184,628.13 - 10/0112022 316,287.50 - 316,287.50 - (316,287.50) 46,681.26 02/01/2023 - 184 !8.12 184,628.12 04/01/2023 2,025.00 - 2,025.00 - (2,025.00) - 10/01/2023 137,025.00 - 137,025.00 - (137,025.00) 45,578.12 Total $8,899,721.04 $720,610.00 $9,620,331.04 $10,408,457.36 $788,126.32 - PV Analysis Summary (Net to Net) Gross PV Debi Service Savings 751,67197 97 Net PV CashFlow Savings @ 1.903 %(Bond Yield) 751,672.97 Accrued Interest Credit to Debt Service Fund 6,441.46 Contingency or Rounding Amount 2,511.96 Net Present Value Benefit $760 626 39 Net PV Benefit / $7,763,643 Refunded Principal Net PV Benefit/ $7,860,000 Refunding Principal 9.797% 9.677% Refunding Bond Information Refunding Dated Date 10/15/2010 Refunding Delivery Date 10/29/2010 Senes 2010 -B final I Issue Summary 11 Oil W01011107 AM George K. Baum & Company Public Finance (BH) Page 3 City of Salina, Kansas General Obligation Refunding Bonds Series 2010 -B (Aggregate Issue) Pricing Summary Type of Maturity Maturity Bond Coupon Yield Value Price Dollar Price 10/01/2011 Serial Coupon 0.500% 0.500% 500,000.00 100.000% 500,000.00 10/0112012 Serial Coupon 1000% 0.700% 850,000.00 102.477% 871,054.50 10/01/2013 Serial Coupon 2.000% 0.850% 925,000.00 103.311% 955,626.75 10/01/2014 Serial Coupon 2.000% 1.100% 925,000.00 103.445% 956,866.25 101012015 Serial Coupon 2.000% 1.350% 925,000.00 103.084% 953,527.00 10/01/2016 Serial Coupon 2.000% 1.650% 925,000.00 101.966% 943,185.50 10/01/2017 Serial Coupon 2.250% 1.900% 565,000.00 102.259% 577,763.35 10/01/2018 Serial Coupon 1000% 2.100% 525,000.00 106.535% 559,308.75 10/01/2019 Serial Coupon 2.250% 10/01/2020 Serial Coupon 2,500% 2.300% 2.500% 550,000.00 428 000 00 99.597% 100.000% 547,783.50 425,000.00 10/012021 Serial Coupon 2.7000/. 2.700% 300,000.00 100.000% 300,000.00 10/01/2022 Serial Coupon 2.750% 2.850% 310,000.00 98.993% 306,878.30 10/01/2023 Serial Coupon 3.000% 3.000% 135,000.00 100.000% 135,000.00 Total - - - $7,860,000.00 - $8,031,993.90 Bid Information Par Amount of Bonds $7 860 000 00 Reoffering Premium or (Discount) 171,993.90 Gross Production $8,031,993.90 Total Underwriter's Discount (0.750 %) $(58,950.00) Bid (101.438 %) 7,973,043.90 Accrued Interest from 10/152010 to 1029/2010 6,44L46 46 Total Purchase Price $7,979,485.36 Bond Year Dollars S44,674.33 Meratie Life 5.684 Years Average Coupon 2.3273342 Net Interest Cost (NIC) 2.0742943% True Interest Cost (TIC) 2.0434362% Senes 201"final I Issue Summary 1 10118120101 1107 AM George K. Baum & Company Public Finance (BH) Page 4 City of Salina, Kansas General Obligation Refunding Bonds Series 2010 -B (Aggregate Issue) Debt Service Schedule Date Principal Coupon Interest Total P +I Fiscal Total 10/29/2010 - - _ - - 04/01/2011 - - 76,377.29 76,377.29 - 10/01/2011 500,000.00 0.500% 82,818.75 582,818.75 659,196.04 04/01/2012 - - 81,568.75 81,568.75 - 10/01/2012 850,000.00 1000% 81,568.75 931,568.75 1,013,137.50 04/01/2013 - - 73,068.75 73,068.75 - 10/01/2013 925,000.00 2.000% 73,068.75 998,068.75 1,071,137.50 04/01/2014 - - 63,818.75 63,818.75 - 10/012014 925,000.00 2.000% 63,818.75 988,818.75 1,052,637.50 04/01/2015 54,568.75 54,568.75 10 /01/2015 925,000.00 2.000% 54,568.75 979,568.75 1,034,137.50 04/01/2016 - - 45,318.75 45,318.75 - 10/01/2016 925,000.00 2.000% 45,318.75 970,318.75 1,015,637.50 04/01/2017 - - 36,068.75 36,068.75 - 10/01/2017 565,000.00 2.250% 36,068.75 601,068.75 637,137.50 04/012018 - - 29,712.50 29,71150 - 10 /01/2018 525,000.00 3.000% 29,712.50 554,712.50 584,425.00 04/01/2019 - - 21,837.50 21,837.50 - 10/01/2019 550,000.00 2.250% 21,837.50 571,837.50 593,675.00 04/01/2020 - 15,650.00 15,650.00 10/01/2020 425,000.00 2.500% 15,650.00 440,650.00 456,300.00 04/01/2021 - - 10,337.50 10,337.50 - 10/01 /2021 300,000.00 - 2.700% 10,337.50 310,337.50 320,675.00 04/01/2022 - - 6,287.50 6,287.50 - 10/01/2022 310,000.00 2.750% 6,287.50 316,287.50 322,57500 04/01 /2023 - - 2,025.00 2,025.00 - 10/01/2023 135,000.00 3.000% 2,025.00 137,025.00 139,050.00 Total $7,860,000.00 - $1,039,721.04 $8,899,721.04 - Yield Statistics Accrued Interest 6om 10/15/2010 to 10 /29 /2010 6,441.46 Bond Year Dollars $44,674.33 Average Life 5.684 Years Average Coupon 2.3273342% Net Interest Cost (NIC) 10742943% True Interest Cost (TIC) 2 0434362% Bond Yield for Arbitrage Purposcs 1 9025527% All Inclusive Cost (AIC) 2.1456503% IRS Fonn 8038 Net lnterest Cost 1 8934661 Weighted Average Maturity 5.663 Years Senes 2010 -8 final I Issue Summary 1 10/1812010 1 11,07 AM George K. Baum & Company Public Finance (BH) Page 5 City of Salina, Kansas General Obligation Refunding Bonds Series 2010 -B (Aggregate Issue) Proof Of Bond Yield @ 1.9025527% Cumulative Date CashFlow PV Factor Present Value PV 10/29/2010 - 1.000000ox - _ 04/01/2011 76,377.29 0.9921 75,769.09 75,769.09 10/012011 582,818.75 0.9821 572,729.43 648,498.52 04/01/2012 81,568.75 0.9734288x 79,401.37 727,899.89 10/01/2012 931,568.75 0.9642561 898,270.78 1 626 170 66 04/012013 73,068.75 0.9551691 69,793.06 1,695,963.72 10/012013 998,068.75 0.94611 944,341.75 2,640,305.46 04/01/2014 63,818.75 0.9372532x 59,814.33 2,700,119.79 10/0112014 988,818.75 0.91 918,040.40 3,618,160.19 04/01/2015 54,568.75 0.9196727x 50,185.39 3,668,345.58 10/012015 979,568.75 0.9111 892,393.50 4,560,739.08 04/012016 45,318.75 0.9024220x 40,896.64 4,601,635.71 10/012016 970,318.75 0.8939183x 867,385.72 5,469,021.44 04/01/2017 36,068.75 0.8854948x 31,938.69 5,500,960.13 10/01/2017 601,068.75 0.8771507x 52722788 602818801 04/01/2018 29,712.50 0.8688852x 25,816.75 6,054,004.76 10/0120/8 554,712.50 0.861 477,439.71 6,531,444.47 04/012019 21,837.50 0.8525871x 18,618.37 6,550,06184 10/012019 571,837.50 0.844553lx 482,947.13 7,033,009.98 04/01/2020 15,650.00 0.8365948x 13,092471 704610269 10/01/2020 440,650.00 0.8287114x 365,171.69 7,411,274.38 04/01/2021 10,337.50 0.821 8,486.08 7,419,760.46 10/01/2021 310,337.50 0.81311 252,356.19 7,672,111 04/01/2022 - 6,287.50 0.81 5,064.61 7,677,181.26 10/01/2022 316,287.50 0.7979140x 252,370 22 7,929,551.48 1 2,025.00 0.790395lx 1,600.55 7,931,152.03 10/012023 137,025.00 0.7829472x 107,283.33 8,038,435.36 Total $8,899,721.04 - $8,038,435436 - Derivation Of Target Amount Par Amount of Bonds $7,860,000.00 Reoffering Premium or (IDscount) 171,993.90 Accmed Interest from 10/15/2010 to 10/29/2010 6,441.46 Original Issue Proceeds $8 038 435 36 Series 2010 -B final I Issue Summary 1 1011812010 1 1107 AM George K. Baum & Company Public Finance (BH) Page 6 City of Salina, Kansas General Obligation Refunding Bonds Series 2010-B (Aggregate Issue) Escrow Summary Cost Par Principal +Accrued Maturity Type Coupon Yield $ Price Amount Cost Interest = Total Cost Escrow 03/28/2011 SLGS -C1 0.150% 0.150% 09/28/2011 SLGS -CI 0.200% 0.200% 03/282012 SLGS -NT 0.250% 0.250% 09/28/2012 SLGS-NT 0.320% 0.320% 100.0000000% 100.0000000% 100.0000000% 100.0000000% 48,450 1,820,057 6,498 331,505 48,450.00 1,820,057.00 6,498.00 331,505.00 - 48,450.00 - 1,820,057.00 - 6,498.00 - 331,505.00 Subtotal - - - $2,206,510 $2,206,510.00 - $2,206,510.00 Total - $2,206,510 $2,206,510.00 $2,206,510.00 Escrow Cash Deposit 5 721,641.94 Cost of Investments Purchased with Bond Proceeds 2,206,510+00 Total Cost of investments $7 928,151.94 Delivery Date 10129/2010 Senes 2010 -B final I Issue Summary 1 l WlS12010 1 1107 AM George K. Baum & Company Public Finance (BH) Page 7 City of Salina, Kansas General Obligation Refunding Bonds Series 2010 -B (Aggregate Issue) Escrow Fund Cashflow Date Principal Rate Interest Receipts Disbursements Cash Balance 10/29/2010 - - - 5,721,641.94 5,721,636A8 5.46 03/28/2011 48,450.00 0.150% 476.15 48,926.15 - 48,931.61 04/0112011 - - - - 48,926.25 5.36 09/28/2011 1,820,057.00 0200% 3,869.47 1,823,926.47 - 1,823,931.83 10/0120/1 - 1,823,926.25 5.58 03/18/2012 6,498.00 0.250% 538.52 7,036.52 - 7,042.10 04/01/2012 - - - - 7,036.25 5.85 09/282012 331,505.00 0.320% 530.40 332,035.40 - 332,041.25 10/01/2012 - - - - 332,036.25 5.00 Total $2,206,510.00 - $5,414.54 $7,933,566.48 $7,933,561.48 Investment Parameters Investment Model [PV, GIC, or Securities] Securities Default investment yield target Bond Yield Cash Deposit 5,721,641.94 Cost of Investments Purchased with Bond Proceeds 2,206,510.00 Total Cost of Investments $7,928,151.94 Target Cost of Investments a( bond yield $7,889,542.18 Actual positive or (negative) arbitrage (38,609.76) Yield to Receipt 0.2325850% Yield for Arbitrage Purposes 1.9025527% State and local Government Series (SLGS) rates for 10/18/2010 Series 2010 -Banal I Issue Summary I lWl W010I 11,07AM George K. Baum & Company Public Finance (131-1) Page 8 City of Salina, Kansas General Obligation Refunding Bonds Series 2010 -B (Aggregate Issue) Primary Purpose Fund Proof Of Yield @ 0.2325850% Cumulative Date - Cashflow PV Factor Present Value PV 10/29/2010 - 1.000000ox - - 03/28/2011 48,926.15 0.9990384x 48,879.10 48,879.10 09/282011 1,823,926.47 0.9978779x 1,820,055.96 1,868,935.06 03/28/2012 7,036.52 0.9967188x 7,013.43 1,875,948.49 09/28/2012 332,035.40 - 0.995561 Ox 330,561 51 2,206,510.00 Total $2,211,924.54 - $2,206,510.00 - Composition Of Initial Deposit Cost of Investments Purchased with Bond Proceeds 2,206,510.00 Adjusted Cost of Investments 2,206,510M Series 2010.8 final I Issue Summary 1 10/182010 1 11:07AM George K. Baum & Company Public Finance (BH) Page 9 City of Salina, Kansas General Obligation Refunding Bonds Series 2010 -B (Aggregate Issue) Detail Costs Of Issuance Dated 10115120101 Delivered 1012912010 COSTS OF ISSUANCE DETAIL - Bond Counsel $21,000.00 Escrow Trustee $2,500.00 Escrow Verification $3,000.00 Rating Agency Pee $9,600.00 Publication $1,000.00 POS /Official Statement $1,000.00 State Treasurer $3,580.00 Attorney Geneml $250.00 CUSIP Pee $450.00 TOTAL $42,380.00 S oes2010 -Bfinal I Issue Summary 1101182010.1 11,07AM George K. Baum & Company Public Finance (BH) page 10