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