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Arbitrage Report (2011) GILMORE 13e BELL A PROFESSIONAL CORPORATION ATTORNEYS AT LAW 816-221-1000 ST.LOUIS,MISSOURI FAX:816-221-1010 2405 GRAND BOULEVARD,SUITE 1100 WICHITA,KANSAS WWW.GILMOREBELL.COM KANSAS CITY, MISSOURI 64108-2521 LINCOLN;NEBRASKA May 31, 2011 Mr. Rod Franz, Director of Finance City of Salina, Kansas 300 West Ash Street, Room 206 P.O. Box 736 Salina, Kansas 67402-0736 Re: $4,210,000 City of Salina, Kansas General Obligation Internal Improvement Bonds, Series 2005-A (the "Bonds") Dear Rod: Enclosed are our legal opinion and the rebate computation report prepared in connection with the above-referenced Bonds. No arbitrage rebate was generated on the Bonds through the installment computation date(July 1,2010); rebate was safe by $6,042.69. If the conditions in our opinion are met,no future rebate calculations are necessary. Please call me if you have any questions. Very truly yours, I' Pkeltagitip Jenn fer L. Richardson JLR:sg Enclosures cc: Randy Irey Mike McRobbie • GILMORE 8c BELL A PROFESSIONAL CORPORATION ATTORNEYS AT LAW 816-221-1000 ST.LOUIS,MISSOURI FAX:816-221-Iola 2405 GRAND BOULEVARD,SUITE 1100 WICHITA,KANSAS WWW.GILMOREBELL.COM KANSAS CITY, MISSOURI 64108-2521 LINCOLN,NEBRASKA May 31,2011 City of Salina,Kansas Re: $4,210,000 City of Salina, Kansas General Obligation Internal Improvement Bonds, Series 2005-A(the"Bonds") Ladies and Gentlemen: We have acted as arbitrage rebate counsel for the above-referenced Bonds issued by the City of Salina, Kansas (the "Issuer"), on July 28, 2005 (the "Issue Date"). As arbitrage rebate counsel we have examined the law and such other documents, proceedings and other papers as we deem necessary to render this opinion, including certain account transaction statements provided by the Issuer which describe the deposits, disbursements and investment activities in certain funds and accounts held by the Issuer during the period beginning on the Issue Date and ending on July 1, 2010. As to questions of fact material to our opinion, we have relied upon the information furnished to us by the Issuer without undertaking to verify the same by independent investigation. In addition, we have assumed that all investments acquired with gross proceeds of the Bonds were purchased and sold at fair market value pursuant to arm's-length transactions. Amounts held in a "bona fide debt service fund" are not taken into account in computing arbitrage rebate. A"bona fide debt service fund" is a fund that— (1) is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year; and (2) is depleted at least once each bond year, except for a reasonable carryover amount not to exceed the greater of(A) the earnings on the fund for the preceding bond year, or (B) one-twelfth of the principal and interest payments on the bond issue for the preceding bond year. We understand that the debt service account qualified as a bona fide debt service fund in each bond year during the computation period. Based upon the foregoing, we are of the opinion that, under existing law: 1. The amount earned from the investment of the gross proceeds of the Bonds subject to arbitrage rebate as of July 1, 2010 was $6,042.69 less than the amount which would have been earned if such proceeds had been invested at a rate equal to the yield on the Bonds, computed in accordance with Section 148(f)of the Internal Revenue Code of 1986,as amended(the"Code"). , 2. No rebate is payable at this time to the United States in connection with the Bonds under Section 148(f)of the Code. 3. No arbitrage rebate will be generated in the future under Section 148(f)of the Code,and no further computation of rebate will be required, if the debt service account qualifies each bond year as a bona fide debt service fund. We have not been engaged nor have we undertaken to verify the truth or accuracy of any information provided to us by the Issuer, and we express no opinion relating to such information. In addition, we express no opinion as to whether'the investments allocated to gross proceeds of the Bonds were acquired and sold at fair market value. Very truly yours, adeP.C. MDM:jIr • GILMORE & BELL, P.C. a — a — a a a a ■w a s ■MI Arbitrage Rebate Analysis Computed as of July 1, 2010 City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2005-A /1 GILMOU BELL GILMORE S BELL. PC I I 1111111 M 111111 111111 NE NM UN N MI MB 1111111 NM MS I Inn City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A ARBITRAGE REBATE ANALYSIS Results as of July 1,2010 Summary of Issue Par $4,210,000 Allocation of Proceeds Issue Date July 28,2005 Improvement Bond Year Date October 1 99.9% Bond Yield 3.45071% Computation Date July 1,2010 Debt Service Account 0.1% Summary of Rebate Computation Computation Results • Total Rebate Amount ($6,042.69) • No arbitrage rebate payment is due at this time. The net rebate amount as of July 1,2010 is ($6,042.69). Rebate Liability by Source Fund 764 (330.62) Fund 757 (172.07) Fund 768 6.73 Fund 762 (30.76) Fund 761 (73.39) Fund 760 1,471.98 Fund 766 (12.33) Fund 763 (3.72) Credits&Adjustments (6,898.43) Total Rebate Amount (6,042.69) ($15,000) $0 $15,000 5/31/2011 -1- Gilmore&Bell,P.C. a� a — w S a — — an — M s MIS an — — — — a�a City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A ARBITRAGE REBATE ANALYSIS Comments and Yield Comparison Comments • We understand that the Debt Service Accounts qualified as a bona fide debt service fund for all bond years during this computation period. • No future calculations will be necessary if the conditions in our opinion are met. Yield Comparison As of 7/1/2010 8.00% Bond Yield=3.45% 6.00% 4.13% 4.53% I 4.00% 2.00% 0.00% Fund 763 Fund 766 Fund 760 Fund 761 Fund 762 Fund 768 Fund 757 Fund 764 5/31/2011 -2- Gilmore&Bell,P.C. IMO MS MI A — — w MS S — MI I — OM all MI MO — s City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A ACCOUNT NO. 1: Fund 763 Cash and Investment Activity Total Cash Transactions I Investments Cash and Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments 7/28/2005 160,748.79 160,748.79 - - - 7/28/2005 145,997.73 112,952.16 - 33,045.57 33,045.57 33,045.57 7/29/2005 33,045.57 - 33,045.57 - - Totals 306,746.52 306,746.52 33,045.57 33,045.57 - Cash Out Less Cash In: - Investment Receipts minus Purchases: - 5/31/2011 -3- Gilmore&Bell,P.C. 1 1 111111 1 S 1 1 1 1 1 1 1 1 1 1 1 1 1 1 City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A ACCOUNT NO. 1: Fund 763 Arbitrage Rebate Computation I Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.450707% 7/1/2010 of Days 0.000004% 7/28/2005 7/28/2005 - 1.1835257 - 1,773 1.0000000 - 7/28/2005 (33,045.57) 1.1835257 (39,110.28) 1,773 1.0000000 (33,045.57) 7/29/2005 33,045.57 1.1834133 39,106.57 1,772 1.0000000 33,045.57 - (3.72) (0.00) Summary of: Fund 763 Arbitrage Rebate Amount: S (3.72) Total Investment Earnings: - Investment Yield: 0.0000% Average Amount Invested: $ - Total Time Invested: 0.00 years 5/31/2011 -4- Gilmore&Bell,P.C. MN MI I S Me MB MI MB MN MI N M MI M MS MI EN City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A ACCOUNT NO.2: Fund 766 1 Cash and Investment Activity Total Cash Transactions 1 Investments Cash and Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments 7/28/2005 322,804.54 14,156.93 308,647.61 - 308,647.61 7/29/2005 305,668.84 - 2,978.77 2,978.77 2,978.77 8/31/2005 - 3.83 3.83 2,982.60 2,982.60 9/30/2005 - 2.16 2.16 2,984.76 2,984.76 10/31/2005 - 3.20 3.20 2,987.96 2,987.96 11/30/2005 - 7.68 7.68 2,995.64 2,995.64 12/31/2005 3,001.58 - 5.94 3,001.58 5.94 - - 1/31/2006 9.70 - 9.70 - - Totals 322,804.54 322,837.05 3,001.58 3,001.58 32.51 Cash Out Less Cash In: 32.51 Investment Receipts minus Purchases: - 5/31/2011 -5- Gilmore&Bell,P.C. MO MB NM MN ! NE i - N MS NM i I OM MB 111111 MR 11111 .1111 City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A ACCOUNT NO.2: Fund 766 Arbitrage Rebate Computation I Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.450707% 7/1/2010 of Days 2.585809% 7/28/2005 7/28/2005 - 1.1835257 - 1,773 1.0000000 - 7/29/2005 (2,978.77) 1.1834133 (3,525.12) 1,772 0.9999286 (2,978.56) 8/31/2005 - 1.1799319 - 1,741 0.9976476 - 9/30/2005 - 1.1765727 - 1,711 0.9955850 - 10/31/2005 - 1.1732230 - 1,681 0.9933848 - 11/30/2005 - 1.1698828 - 1,651 0.9913309 - 12/31/2005 3,001.58 1.1665521 3,501.50 1,621 0.9891401 2,968.98 1/31/2006 9.70 1.1632310 11.28 1,591 0.9870246 9.57 32.51 (12.33) 0.00 Summary of: Fund 766 Arbitrage Rebate Amount: $ (12.33) Total Investment Earnings: 32.51 Investment Yield: 2.5858% Average Amount Invested: $ 2,473 Total Time Invested: 0.51 years 5/31/2011 -6- Gilmore&Bell,P.C. MI Ole MI 111111111 OW S OM SOS = M = MI MI M MS MI I ill I City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A rtCCOI;NT NO.3: Fund 760 Cash and Investment Activity Total Cash Transactions I Investments Cash and Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments 7/28/2005 374,946.82 374,946.82 - 374,946.82 7/29/2005 100,925.03 382,835.42 - 93,036.43 93,036.43 93,036.43 7/31/2005 106.30 - 117.69 11.39 93,154.12 93,154.12 8/31/2005 - 119.66 119.66 93,273.78 93,273.78 9/30/2005 - 67.67 67.67 93,341.45 93,341.45 10/31/2005 - 100.20 100.20 93,441.65 93,441.65 11/30/2005 - 240.08 240.08 93,681.73 93,681.73 12/31/2005 - 185.74 185.74 93,867.47 93,867.47 1/31/2006 - 303.22 303.22 94,170.69 94,170.69 2/28/2006 - 123.18 123.18 94,293.87 94,293.87 3/31/2006 - 230.20 230.20 94,524.07 94,524.07 4/30/2006 - 270.21 270.21 94,794.28 94,794.28 5/25/2006 8,578.31 - 8,578.31 86,215.97 86,215.97 5/31/2006 - 319.41 319.41 86,535.38 86,535.38 6/30/2006 - 137.86 137.86 86,673.24 86,673.24 7/31/2006 - 308.30 308.30 86,981.54 86,981.54 8/30/2006 - 310.60 310.60 87,292.14 87,292.14 9/30/2006 - 511.92 511.92 87,804.06 87,804.06 10/1/2006 - 33.34 33.34 87,837.40 87,837.40 10/31/2006 - 490.83 490.83 88,328.23 88,328.23 11/30/2006 - 833.68 833.68 89,161.91 89,161.91 12/31/2006 - 974.86 974.86 90,136.77 90,136.77 1/11/2007 63,665.00 - 63,665.00 26,471.77 26,471.77 1/31/2007 - 322.94 322.94 26,794.71 26,794.71 2/28/2007 - 137.94 137.94 26,932.65 26,932.65 3/31/2007 - 106.39 106.39 27,039.04 27,039.04 4/30/2007 - 101.08 101.08 27,140.12 27,140.12 5/31/2007 - 106.84 106.84 27,246.96 27,246.96 6/30/2007 - 103.27 103.27 27,350.23 27,350.23 7/31/2007 - 139.96 139.96 27,490.19 27,490.19 5/31/2011 -7- Gilmore&Bell,P.C. MB Mg MS - MI r MS S i MI - IIIIIII MS i MB OM MI MIR NM City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A ACCOUNT NO.3: Fund 760 ICash and Investment Activity Total ICash Transactions I Investments I Cash and Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments 8/31/2007 - 196.72 196.72 27,686.91 27,686.91 9/30/2007 - 108.30 108.30 27,795.21 27,795.21 10/31/2007 - 82.55 82.55 27,877.76 27,877.76 11/30/2007 - 98.56 98.56 27,976.32 27,976.32 12/31/2007 - 166.52 166.52 28,142.84 28,142.84 1/31/2008 - 87.69 87.69 28,230.53 28,230.53 2/29/2008 - 85.50 85.50 28,316.03 28,316.03 3/31/2008 - 128.42 128.42 28,444.45 28,444.45 4/30/2008 - 37.75 37.75 28,482.20 28,482.20 5/31/2008 - 20.48 20.48 28,502.68 28,502.68 6/30/2008 - 29.09 29.09 28,531.77 28,531.77 7/31/2008 - 37.91 37.91 28,569.68 28,569.68 8/31/2008 - 73.07 73.07 28,642.75 28,642.75 9/30/2008 - 20.32 20.32 28,663.07 28,663.07 10/31/2008 - 8.07 8.07 28,671.14 28,671.14 11/30/2008 - 60.04 60.04 28,731.18 28,731.18 12/31/2008 - 88.20 88.20 28,819.38 28,819.38 1/31/2009 - 12.15 12.15 28,831.53 28,831.53 2/28/2009 - 25.80 25.80 28,857.33 28,857.33 3126/2009 28,857.33 - 28,857.33 - - Totals 475,978.15 483,936.06 101,100.64 101,100.64 7,957.91 Cash Out Less Cash In: 7,957.91 Investment Receipts minus Purchases: - Allocation of Interest as of 7/31/2005 From To Days(Actual) Daily Interest 7/1/2005 8/1/2005 31 3.80 From To Days(Actual) Accrued Interest 7/28/2005 7/31/2005 3 11.39 5/31/2011 -8- Gilmore&Bell,P.C. - M MI MI r 11111111 I i OM IIIIIIII OM IIMII OM M M OINI IIIIM M City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2005-A ACCOI NT NO.3: Fund 760 Arbitrage Rebate Computation I Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.450707% 7/1/2010 of Days 4.131043% 7/28/2005 7/28/2005 - 1.1835257 - 1,773 1.0000000 - 7/29/2005 (93,036.43) 1.1834133 (110,100.54) 1,772 0.9998864 (93,025.86) 7/31/2005 (106.30) 1.1833008 (125.79) 1,771 0.9996593 (106.26) 8/31/2005 - 1A799319 - 1,741 0.9962588 - 9/30/2005 - 1.1765727 - 1,711 0.9929826 - 10/31/2005 - 1.1732230 - 1,681 0.9894925 - 11/30/2005 - 1.1698828 - 1,651 0.9862385 - 12/31/2005 - 1.1665521 - 1,621 0.9827721 - 1/31/2006 - 1.1632310 - 1,591 0.9794290 - 2/28/2006 - 1.1599192 - 1,561 0.9764300 - 3/31/2006 - 1.1566169 - 1,531 0.9727769 - 4/30/2006 - 1.1533240 - 1,501 0.9695780 - 5/25/2006 8,578.31 1.1505871 9,870.09 1,476 0.9668287 8,293.76 5/31/2006 - 1.1500405 - 1,471 0.9661701 - 6/30/2006 - 1.1467664 - 1,441 0.9629929 - 7/31/2006 - 1.1435015 - 1,411 0.9596081 - 8/30/2006 - 1.1402460 - 1,381 0.9564524 - 9/30/2006 - 1.1369997 - 1,351 0.9531989 - 10/1/2006 - 1.1368916 - 1,350 0.9530907 - 10/31/2006 - 1.1337626 - 1,321 0.9498486 - 11/30/2006 - 1.1305348 - 1,291 0.9467250 - 12/31/2006 - 1.1273162 - 1,261 0.9433974 - 1/11/2007 63,665.00 1.1261383 71,695.59 1,250 0.9423265 59,993.22 1/31/2007 - 1.1241067 - 1,231 0.9401883 - 2/28/2007 - 1.1209064 - 1,201 0.9373094 - 3/31/2007 - 1.1177151 - 1,171 0.9338028 - 4/30/2007 - 1.1145330 - 1,141 0.9307320 - 5/31/2007 - 1.1113599 - 1,111 0.9274606 - 6/30/2007 - 1.1081959 - 1,081 0.9244107 - 7/31/2007 - 1.1050408 - 1,051 0.9211615 - 8/31/2007 - 1.1018948 - 1,021 0.9180280 - 5/31/2011 -9- Gilmore&Bell,P.C. N 11111111 MS MI MI I MINN M MN MI I MI = I M NM NM am ow City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A ACCOUNT NO.3: Fund 760 Arbitrage Rebate Computation I Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.450707% 7/1/2010 of Days 4.131043% 7/28/2005 9/30/2007 - 1.0987577 - 991 0.9150091 - 10/31/2007 - 1.0956295 - 961 0.9117930 - 11/30/2007 - 1.0925102 - 931 0.9087946 - 12/31/2007 - 1.0893999 - 901 0.9056003 - 1/31/2008 - 1.0862983 - 871 0.9025198 - 2/29/2008 - 1.0832056 - 841 0.8996540 - 3/31/2008 - 1.0801218 - 811 0.8963901 - 4/30/2008 - 1.0770466 - 781 0.8934423 - 5/31/2008 - 1.0739803 - 751 0.8903020 - 6/30/2008 - 1.0709227 - 721 0.8873743 - 7/31/2008 - 1.0678737 - 691 0.8842553 - 8/31/2008 - 1.0648335 - 661 0.8812473 - 9/30/2008 - 1.0618019 - 631 0.8783494 - 10/31/2008 - 1.0587790 - 601 0.8752621 - 11/30/2008 - 1.0557646 - 571 0.8723839 - 12/31/2008 - 1.0527588 - 541 0.8693175 - 1/31/2009 - 1.0497616 - 511 0.8663604 - 2/28/2009 - 1.0467730 - 481 0.8637076 - 3/26/2009 28,857.33 1.0441897 30,132.53 455 0.8609651 24,845.15 7,957.91 1,471.88 (0.00) 5/31/2011 -10- Gilmore&Bell,P.C. BM M = MI MO N A M I MIlli M IIIIIII MI OM I - City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2005-A ACCOUNT NO.3: Fund 760 Arbitrage Rebate Computation I Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.450707% 7/1/2010 of Days 4.131043% 7/28/2005 Summary of: Fund 760 Arbitrage Rebate Amount: $ 1,471.88 Total Investment Earnings: 7,957.91 Investment Yield: 4.1310% Average Amount Invested: $ 52,617 Total Time Invested: 3.66 years 5/31/2011 -11- Gilmore&Bell,P.C. MN SIN I MN N IIIIIII 1111111 111118 M = n B NM UM SIN S isi S — City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A ACCOUNT NO.4: Fund 761 Cash and Investment Activity Total ICash Transactions I Investments I Cash and Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments 7/28/2005 150,000.00 150,000.00 - 150,000.00 7/29/2005 21,505.13 153,140.64 - 18,364.49 18,364.49 18,364.49 7/31/2005 21.85 - 24.19 2.34 18,388.68 18,388.68 8/31/2005 - 23.62 23.62 18,412.30 18,412.30 9/30/2005 - 13.36 13.36 18,425.66 18,425.66 10/31/2005 - 19.78 19.78 18,445.44 18,445.44 11/30/2005 - 47.39 47.39 18,492.83 18,492.83 12/31/2005 18,529.49 - 36.66 18,529.49 36.66 - - 1/31/2006 59.86 - 59.86 - - Totals 171,526.98 171,729.99 18,529.49 18,529.49 203.01 Cash Out Less Cash In: 203.01 Investment Receipts minus Purchases: - Allocation of Interest as of 7/31/2005 From To Days(Actual) Daily Interest 7/1/2005 8/1/2005 31 0.78 From To Days(Actual) Accrued Interest 7/28/2005 7/31/2005 3 2.34 5/31/2011 -12- Gilmore&Bell,P.C. NB 1M 01111 11111 11111 all MN 1111.1 MN 111111 MS 11111111 M = MR 0111111 N P M City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A ACCOUNT NO.4: Fund 761 Arbitrage Rebate Computation I Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.450707% 7/1/2010 of Days 2.616090% 7/28/2005 7/28/2005 - 1.1835257 - 1,773 1.0000000 - I 7/29/2005 (18,364.49) 1.1834133 (21,732.78) 1,772 0.9999278 (18,363.16) 7/31/2005 (21.85) 1.1833008 (25.85) 1,771 0.9997834 (21.84) 8/31/2005 - 1.1799319 - 1,741 0.9976203 - 9/30/2005 - 1.1765727 - 1,711 0.9955337 - 10/31/2005 - 1.1732230 - 1,681 0.9933081 - 11/30/2005 - 1.1698828 - 1,651 0.9912305 - 12/31/2005 18,529.49 1.1665521 21,615.62 1,621 0.9890145 18,325.93 1/31/2006 59.86 1.1632310 69.63 1,591 0.9868747 59.07 203.01 (73.39) (0.00) Summary of: Fund 761 Arbitrage Rebate Amount: $ (73.39) Total Investment Earnings: 203.01 Investment Yield: 2.6161% Average Amount Invested: $ 15,266 Total Time Invested: 0.51 years 5/31/2011 -13- Gilmore&Bell,P.C. MO ON MOI1 11111 1111111 all I 11111 OINI MI 1 M am am we OM 111111 O N City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A ACCOUNT NO.5: Fund 762 Cash and Investment Activity Total Cash Transactions I Investments Cash and Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments 7/28/2005 84,200.00 84,200.00 - 84,200.00 7/28/2005 379,192.08 463,392.08 - 463,392.08 7/28/2005 389,193.78 852,585.86 - 852,585.86 7/29/2005 176,472.11 1,018,626.18 - 10,431.79 10,431.79 10,431.79 7/31/2005 102.40 - 113.37 10.97 10,545.16 10,545.16 8/31/2005 - 13.48 13.48 10,558.64 10,558.64 9/30/2005 - 7.66 7.66 10,566.30 10,566.30 10/31/2005 - 11.34 11.34 10,577.64 10,577.64 11/30/2005 - 27.18 27.18 10,604.82 10,604.82 12/31/2005 10,625.85 - 21.03 10,625.85 21.03 - - 1/31/2006 34.32 - 34.32 - - Totals 1,029,160.37 1,029,286.35 10,625.85 10,625.85 125.98 Cash Out Less Cash In: 125.98 Investment Receipts minus Purchases: - Allocation of MM Interest as of 7/31/2005 From To Days(Actual) Daily Interest 7/1/2005 8/1/2005 31 3.66 From To Days(Actual) Accrued Interest 7/28/2005 7/31/2005 3 10.97 5/31/2011 -14- Gilmore&Bell,P.C. M 111111111 MO I IMO MI NM OM M N MI MN M l 11111111 P MN MI IIIIIII City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A ACCOUNT NO.5: Fund 762 Arbitrage Rebate Computation I Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.450707% 7/1/2010 of Days 2.834125% 7/28/2005 7/28/2005 - 1.1835257 - 1,773 1.0000000 - 7/28/2005 - 1.1835257 - 1,773 1.0000000 - 7/28/2005 - 1.1835257 - 1,773 1.0000000 - 7/29/2005 (10,431.79) 1.1834133 (12,345.12) 1,772 0.9999218 (10,430.97) 7/31/2005 (102.40) 1.1833008 (121.17) 1,771 0.9997655 (102.37) 8/31/2005 - 1.1799319 - 1,741 0.9974236 - 9/30/2005 - 1.1765727 - 1,711 0.9951650 - 10/31/2005 - 1.1732230 - 1,681 0.9927563 - 11/30/2005 - 1.1698828 - 1,651 0.9905082 - 12/31/2005 10,625.85 1.1665521 12,395.61 1,621 0.9881108 10,499.52 1/31/2006 34.32 1.1632310 39.92 1,591 0.9857962 33.83 125.98 (30.76) (0.00) Summary of: Fund 762 Arbitrage Rebate Amount: $ (30.76) Total Investment Earnings: 125.98 Investment Yield: 2.8341% Average Amount Invested: $ 8,745 Total Time Invested: 0.51 years 5/31/2011 -15- Gilmore&Bell,P.C. OM NM M NM I MN MI M OM R P OM OM MR MN M NM MN - City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A ACCOUNT NO.6: Fund 768 Cash and Investment Activity Total Cash Transactions I Investments Cash and Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments 7/28/2005 280,893.19 280,893.19 - 280,893.19 7/29/2005 25,082.77 305,668.80 - 307.16 307.16 307.16 7/31/2005 13.91 - I5.40 + 1.49 1 322.56 322.56 8/31/2005 - 0.40 0.40 322.96 322.96 9/30/2005 - 0.23 0.23 323.19 323.19 10/31/2005 - 0.35 0.35 323.54 323.54 11/30/2005 - 0.83 0.83 324.37 324.37 12/31/2005 - 0.64 0.64 325.01 325.01 1/31/2006 - 1.05 1.05 326.06 326.06 2/28/2006 - 0.43 0.43 326.49 326.49 4/30/2006 - 0.93 0.93 327.42 327.42 5/31/2006 - 1.16 1.16 328.58 328.58 6/30/2006 - 0.52 0.52 329.10 329.10 7/31/2006 - 1.17 1.17 330.27 330.27 8/30/2006 - 1.18 1.18 331.45 331.45 9/30/2006 - 1.94 1.94 333.39 333.39 10/1/2006 - 0.13 0.13 333.52 333.52 10/31/2006 - 1.86 1.86 335.38 335.38 11/30/2006 - 3.17 3.17 338.55 338.55 12/31/2006 - 3.70 3.70 342.25 342.25 1/31/2007 - 1.90 1.90 344.15 344.15 2/28/2007 - 1.78 1.78 345.93 345.93 3/29/2007 345.93 - 345.93 - - Totals 305,989.87 306,014.73 345.93 345.93 24.86 Cash Out Less Cash In: 24.86 Investment Receipts minus Purchases: - Allocation of MM Interest as of 7/31/2005 From To Days(Actual) Daily Interest 7/1/2005 8/1/2005 31 0.50 From To Days(Actual) Accrued Interest 7/28/2005 7/31/2005 3 1.49 5/31/2011 -16- Gilmore&Bell,P.C. MN 1 NM I 11111 NM MP M NM MI MI NM IN UN MN NM NM an City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A I iiCCOUN"1"NO.6: Fund 768 Arbitrage Rebate Computation I Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.450707% 7/1/2010 of Days 4.525842% 7/28/2005 7/28/2005 - 1.1835257 - 1,773 1.0000000 - 7/29/2005 (307.16) 1.1834133 (363.50) 1,772 0.9998757 (307.12) 7/31/2005 (13.91) 1.1833008 (16.46) 1,771 0.9996271 (13.90) 8/31/2005 - 1.1799319 - 1,741 0.9959060 - 9/30/2005 - 1.1765727 - 1,711 0.9923220 - 10/31/2005 - 1.1732230 - 1,681 0.9885051 - 11/30/2005 - 1.1698828 - 1,651 0.9849478 - 12/31/2005 - 1.1665521 - 1,621 0.9811593 - 1/31/2006 - 1.1632310 - 1,591 0.9775069 - 2/28/2006 - 1.1599192 - 1,561 0.9742314 - 4/30/2006 - 1.1533240 - 1,501 0.9667512 - 5/31/2006 - 1.1500405 - 1,471 0.9630327 - 6/30/2006 - 1.1467664 - 1,441 0.9595671 - 7/31/2006 - 1.1435015 - 1,411 0.9558762 - 8/30/2006 - 1.1402460 - 1,381 0.9524363 - 1 9/30/2006 - 1.1369997 - 1,351 0.9488908 - 10/1/2006 - 1.1368916 - 1,350 0.9487728 - 10/31/2006 - 1.1337626 - 1,321 0.9452410 - 11/30/2006 - 1.1305348 - 1,291 0.9418394 - 12/31/2006 - 1.1273162 - 1,261 0.9382167 - 1/31/2007 - 1.1241067 - 1,231 0.9347241 - 2/28/2007 - 1.1209064 - 1,201 0.9315919 - 3/29/2007 345.93 1.1178214 386.69 1,172 0.9280087 321.03 24.86 6.73 (0.00) Summary of: Fund 768 Arbitrage Rebate Amount: $ 6.73 Total Investment Earnings: 24.86 ■ Investment Yield: 4.5258% Average Amount Invested: $ 329 Total Time Invested: 1.67 years 5/31/2011 -17- Gilmore&Bell,P.C. ON N In 111.11 I N NM MN NI MI NM 111111 NM NM I M MN MN N City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A ACCOUNT NO.7: Fund 757 Cash and Investment Activity Total Cash Transactions I Investments Cash and Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments 7/28/2005 1,672,023.07 6,900.44 1,665,122.63 - 1,665,122.63 7/29/2005 165,851.07 1,761,812.50 - 69,161.20 69,161.20 69,161.20 7/31/2005 128.78 - 142.58 13.80 69,303.78 69,303.78 8/4/2005 540.00 - 540.00 68,763.78 68,763.78 8/11/2005 27,307.66 - 27,307.66 41,456.12 41,456.12 8/31/2005 - 71.09 71.09 41,527.21 41,527.21 9/30/2005 - 30.12 30.12 41,557.33 41,557.33 10/31/2005 - 44.61 44.61 41,601.94 41,601.94 11/30/2005 - 106.89 106.89 41,708.83 41,708.83 12/31/2005 41,689.92 - 82.69 41,689.92 82.69 101.60 101.60 1/31/2006 - 135.00 135.00 236.60 236.60 2/9/2006 236.60 - 236.60 (0.00) (0.00) Totals 1,838,002.92 1,838,487.12 69,774.18 69,774.18 484.20 Cash Out Less Cash In: 484.20 Investment Receipts minus Purchases: - Allocation of MM Interest as of 7/31/2005 From To Days(Actual) Daily Interest 7/1/2005 8/1/2005 31 4.60 From To Days(Actual) Accrued Interest 7/28/2005 7/31/2005 3 13.80 5/31/2011 -18- Gilmore&Bell,P.C. M N N 11111 11111 MINN M WM N WM M NM N M M M MN N IMII I City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A ACCOUNT NO.7: Fund 757 Arbitrage Rebate Computation I Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.450707% 7/1/2010 of Days 2.627854% 7/28/2005 7/28/2005 - 1.1835257 - 1,773 1.0000000 - 7/29/2005 (69,161.20) 1.1834133 (81,846.28) 1,772 0.9999275 (69,156.18) 7/31/2005 (128.78) 1.1833008 (152.39) 1,771 0.9997825 (128.75) 8/4/2005 540.00 1.1828511 638.74 1,767 0.9995650 539.77 8/11/2005 27,307.66 1.1820644 32,279.41 1,760 0.9990577 27,281.93 8/31/2005 - 1.1799319 - 1,741 0.9976097 - 9/30/2005 - 1.1765727 - 1,711 0.9955138 - 10/31/2005 - 1.1732230 - 1,681 0.9932783 - 11/30/2005 - 1.1698828 - 1,651 0.9911915 - 12/31/2005 41,689.92 1.1665521 48,633.46 1,621 0.9889657 41,229.90 1/31/2006 - 1.1632310 - 1,591 0.9868164 - 2/9/2006 236.60 1.1622364 274.99 1,582 0.9862441 233.35 484.20 (172.07) (0.00) Summary of: Fund 757 Arbitrage Rebate Amount: $ (172.07) Total Investment Earnings: 484.20 Investment Yield: 2.6279% Average Amount Invested: $ 34,729 Total Time Invested: 0.53 years 5/31/2011 -19- Gilmore&Bell,P.C. M N M O Mill MIN M — Wall — NM M M NM MI MI I City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A ACCOUNT NO.8: Fund 764 I Cash and Investment Activity i Total Cash Transactions I Investments Cash and Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments 7/28/2005 250,000.00 250,000.00 - 250,000.00 7/29/2005 101,671.70 255,212.83 - 96,458.87 96,458.87 96,458.87 7/31/2005 113.27 - 125.41 12.14 96,584.28 96,584.28 8/4/2005 15,283.75 - 15,283.75 81,300.53 81,300.53 8/11/2005 256.61 - 256.61 81,043.92 81,043.92 8/18/2005 17,316.45 - 17,316.45 63,727.47 63,727.47 8/25/2005 3,244.80 - 3,244.80 60,482.67 60,482.67 8/31/2005 - 100.87 100.87 60,583.54 60,583.54 9/1/2005 1,049.00 - 1,049.00 59,534.54 59,534.54 9/8/2005 300.00 - 300.00 59,234.54 59,234.54 9/29/2005 317.45 - 317.45 58,917.09 58,917.09 9/30/2005 - 43.34 43.34 58,960.43 58,960.43 10/6/2005 2,400.00 - 2,400.00 56,560.43 56,560.43 10/31/2005 - 62.00 62.00 56,622.43 56,622.43 11/10/2005 33,697.00 - 33,697.00 22,925.43 22,925.43 11/30/2005 - 102.17 102.17 23,027.60 23,027.60 12/31/2005 23,073.21 - 45.61 23,073.21 45.61 - - 1/31/2006 74.53 - 74.53 - - Totals 351,784.97 352,225.63 96,938.27 96,938.27 440.66 Cash Out Less Cash In: 440.66 Investment Receipts minus Purchases: - Allocation of MM Interest as of 7/31/2005 From To Days(Actual) Daily Interest 7/1/2005 8/1/2005 31 4.05 From To Days(Actual) Accrued Interest 7/28/2005 7/31/2005 3 12.14 5/31/2011 -20- Gum ore&Bell,P.C. MIN MN M A - M N - MI N IIw MI N Mill ME l WM M M City of Salina,Kansas General Obligation Internal Improvement Bonds Series 2005-A ACCOUNT NO.8: Fund 764 Arbitrage Rebate Computation I Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.450707% 7/1/2010 of Days 2.093865% 7/28/2005 7/28/2005 - 1.1835257 - 1,773 1.0000000 - 7/29/2005 (96,458.87) 1.1834133 (114,150.71) 1,772 0.9999421 (96,453.29) 7/31/2005 (113.27) 1.1833008 (134.04) 1,771 0.9998264 (113.25) 8/4/2005 15,283.75 1.1828511 18,078.40 1,767 0.9996529 15,278.44 8/11/2005 256.61 1.1820644 303.33 1,760 0.9992481 256.42 8/18/2005 17,316.45 1.1812783 20,455.55 1,753 0.9988435 17,296.42 8/25/2005 3,244.80 1.1804927 3,830.46 1,746 0.9984390 3,239.73 8/31/2005 - 1.1799319 - 1,741 0.9980924 - 9/1/2005 1,049.00 1.1798198 1,237.63 1,740 0.9980924 1,047.00 9/8/2005 300.00 1.1790352 353.71 1,733 0.9976883 299.31 9/29/2005 317.45 1.1766845 373.54 1,712 0.9964767 316.33 9/30/2005 - 1.1765727 - 1,711 0.9964191 - 10/6/2005 2,400.00 1.1759020 2,822.16 1,705 0.9960732 2,390.58 10/31/2005 - 1.1732230 - 1,681 0.9946334 - 11/10/2005 33,697.00 1.1721085 39,496.54 1,671 0.9941156 33,498.71 11/30/2005 - 1.1698828 - 1,651 0.9929659 - 12/31/2005 23,073.21 1.1665521 26,916.10 1,621 0.9911864 22,869.85 1/31/2006 74.53 1.1632310 86.70 1,591 0.9894674 73.75 440.66 (330.62) (0.00) Summary of: Fund 764 Arbitrage Rebate Amount: $ (330.62) Total Investment Earnings: 440.66 Investment Yield: 2.0939% Average Amount Invested: $ 41,400 Total Time Invested: 0.51 years 5/31/2011 -21- Gilmore&Bell,P.C. r — r = I — ■■II MI M N MIN I I M - - - MI N City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2005-A COMPUTATION CREDITS AND ADJUSTMENTS Arbitrage Rebate Computation Future Value Future Factor @ Value to Number Date Description Amount 3.450707% 7/1/2010 of Days 10/1/2005 Computation Credit (1,000.00) 1.1764609 (1,176.46) 1,710 10/1/2006 Computation Credit (1,000.00) 1.1368916 (1,136.89) 1,350 10/1/2007 Computation Credit (1,400.00) 1.0986533 (1,538.11) 990 10/1/2008 Computation Credit (1,430.00) 1.0617010 (1,518.23) 630 10/1/2009 Computation Credit (1,490.00) 1.0259916 (1,528.73) 270 (6,320.00) Total Adjustments: $ (6,898.43) 5/31/2011 -22- Gilmore&Bell,P.C.