Arbitrage Report (04-2011) •
GILMORE 8c 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.DILMOREBELL.COM KANSAS CITY, MISSOURI 6'4108-252 1 LINCOLN,NEBRASKA
April 27, 2011
Mr. Rod Franz,C.P.F.O.
Director of Finance
City of Salina
300 West Ash,Room 206
P.O. Box 736
Salina,Kansas 67402-0736
Re: $6,790,000 City.of Salina,-Kansas, Water and Sewage System Revenue Refunding Bonds,
Series 2002-A
Dear Rod:
Enclosed is a copy of the rebate computation report prepared in connection with the above-
referenced issue. No arbitrage rebate was generated on the Bonds as of August 29,2010; rebate was safe by
$88,369.50.
Under the Internal Revenue Code, the next required installment computation date is the earlier of
August 29, 2012 or the date the last Bond is paid. The next annual computation date will be August 29,
2011.
Please call me if you have any questions.
Very truly yours,
pp
Jennifer L. Richardson
JLR:sg
Enclosures
cc: Mr. Randy Irey
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I Arbitrage Rebate Analysis
IComputed as of August 29, 2010
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ICity of Salina, Kansas
Water & Sewage System Revenue Refunding Bonds
I Series 2002A
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GILMOkEBELL
GILMOftE & BELL, PL
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City of Salina Kansas
I Water& Sewage System Revenue Refunding Bonds
Series 2002A
IARBITRAGE REBATE l: ANALYSIS
Results as of August 29,2010
1 Summary of Issue
Par $ 6,790,000
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Issue Date August 29,2002
Bond Year Date September 1
Bond Yield 3.40619%
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Computation Date August 29,2010
Prior Computation Date August 29,2007
Summary of Rebate Computation
IComputation Results Rebate Liability by Source
• Total Rebate Amount (5 88,369.50) Series 2002-A
IReserve Account (47,600.25)
Credits& I
Adjustments (40,769.25)
I (88,369.50) I
• No arbitrage rebate payment is due at this time.
Total Rebate Amount
The net rebate amount as of August 29,2010 is
I ($88,369.50).
($100,000) ($50,000) $0
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Comments and Yield Comparison
IComments Yield Comparison
As of 8/29/2010
6.00%
' • The next annual rebate computation will be Bond Yield=3.41%
8/29/2011.
4.00%-
1 2.00%-
1.22%
I 0.00% MIN
Series 2002-A Reserve
Account
4/27/2011 -1- Gilmore&Bell,P.C.
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City of Salina, Kansas
Water& Sewage System Revenue Refunding Bonds
ISeries 2002A
ACCOUNT NO. 1: Series 2002-A Reserve Account
IInvestment Activity
IInvestment Investment Invested
Date Purchase Receipt Earnings Balance
I8/29/2007 773,506.96 1 (2,882.91)1 773,506.96
8/31/2007 3,191.79 3,191.79 776,698.75
I 9/30/2007 3,017.54 3,017.54 779,716.29
10/31/2007 3,029.08 3,029.08 782,745.37
11/30/2007 2,771.66 2,771.66 785,517.03
I 12/31/2007 2,799.79 2,799.79 788,316.82
1/31/2008 2,543.87 2,543.87 790,860.69
2/29/2008 1,792.66 1,792.66 792,653.35
1 3/26/2008 113,653.35 679,000.00
3/31/2008 1,552.77 1,552.77 680,552.77
4/30/2008 1,127.85 1,127.85 681,680,62
1 5/31/2008 1,096.94 1,096.94 682,777.56
6/30/2008 1,085.81 1,085.81 683,863.37
7/31/2008 1,108.95 1,108.95 684,972.32
I8/31/2008 1,106.97 1,106.97 686,079.29
9/30/2008 925.04 925.04 687,004.33
10/31/2008 291.22 291.22 687,295.55
I11/30/2008 96.92 96.92 687,392.47
12/31/2008 26.64 26.64 687,419.11
I 1/31/2009 44.25 44.25 687,463.36
2/28/2009 55.57 55.57 687,518.93
3/31/2009 45.47 45.47 687,564.40
I 4/30/2009 39.96 39.96 687,604.36
5/31/2009 40.76 40.76 687,645.12
6/30/2009 42.65 42.65 687,687.77
I 7/31/2009 40.92 40.92 687,728.69
8/31/2009 40.73 40.73 687,769.42
9/30/2009 33.54 33.54 687,802.96
I 10/31/2009 23.50 23.50 687,826.46
11/30/2009 21.78 21.78 687,848.24
12/31/2009 21.77 21.77 687,870.01
I 1/31/2010 19.95 19.95 687,889.96
2/28/2010 26.32 26.32 687,916.28
3/31/2010 35.60 35.60 687,951.88
I 4/30/2010 46.63 46.63 687,998.51
5/31/2010 55.40 55.40 688,053.91
6/30/2010 55.19 55.19 688,109.10
I4/27/2011 -2- Gilmore&Bell,F.C.
ACCOUNT NO. 1: Series 2002-A Reserve Account
Investment Activity
' Investment Investment Invested
Date Purchase Receipt Earnings Balance
' 7/31/2010 61.65 61.65 688,170.75
8/29/2010 688,170.75 56.58
Totals 801,824.10 801,824.10 25,490.81
Investment Receipts minus Purchases: -
Kansas Investment Pool Accrual
From 8/1/2007
To 8/29/2007
Days 28
Posted Amt. 3,191.79
Daily Rate 102.96
Accrual 2,882.91
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4/27/2011 -3- Gilmore&Bell,P.C.
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ICity of Salina, Kansas
Water& Sewage System Revenue Refunding Bonds
ISeries 2002A
ACCOUNT NO. 1: Series 2002-A Reser\e Account
IArbitrage Rebate Computation I Investment Yield
Future Present
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Net Value Future Value Present
Investment Factor @ Value to Number Factor @ Value to
I Date Activity 3.406194% 8/29/2010 of Days 1.221898% 8/29/2007
8/29/2007 (776,389.87) 1.1066367 (859,181.51) 1,080 1.0000000 (776,389.87)
8/31/2007 - 1.1065329 - 1,079 0.9999323 -
I9/30/2007 - 1.1034228 - 1,049 0.9989516 1.1003215 1,019 0.9979042
11/30/2007 - 1.0972289 - 989 0.9969254 -
I 12/31/2007 - 1.0941450 - 959 0.9958802 -
1/31/2008 1.0910697 929 0.9948698
2/29/2008 - 1.0880031 - 899 0.9939276 -
3/26/2008 113,653.35 1.0853524 123,353.93 873 0.9930199 112,860.04
3/31/2008 - 1.0849451 - 869 0.9928519 -
4/30/2008 - 1.0818958 - 839 0.9918781 -
' 5/31/2008 - 1.0788549 - 809 0.9908382 -
6/30/2008 - 1.0758227 - 779 0.9898664 -
7/31/2008 - 1.0727989 - 749 0.9888285
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8/31/2008 1.0697837 719 0.9878252
9/30/2008 - 1.0667769 - 689 0.9868564 -
I 10/31/2008 - 1.0637786 - 659 0.9858217 -
11/30/2008 1.0607887 629 0.9848548
12/31/2008 - 1.0578072 - 599 0.9838222 -
' 1/31/2009 - 1.0548341 - 569 0.9828240 -
2/28/2009 1.0518693 539 0.9819265
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3/31/2009 - 1.0489129 - 509 0.9808306 -
I 4/30/2009 - 1.0459648 479 0.9798686 -
5/31/2009 1.0430250 449 0.9788412
6/30/2009 - 1.0400934 - 419 0.9778812 -
I 7/31/2009 - 1.0371701 - 389 0.9768559 -
8/31/2009 1.0342550 359 0.9758647
9/30/2009 - 1.0313480 - 329 0.9749076 -
I 10/31/2009 - 1.0284493 - 299 0.9738855 -
11/30/2009 1.0255587 269 0.9729302
12/31/2009 - 1.0226762 - 239 0.9719102 -
I 1/31/2010 - 1.0198018 - 209 0.9709241 -
2/28/2010 1.0169356 179 0.9700374
3/31/2010 - 1.0140773 - 149 0.9689548 -
I 4/30/2010 - 1.0112271 - 119 0.9680044 -
5/31/2010 1.0083849 89 0.9669895
6/30/2010 - 1.0055507 - 59 0.9660411 -
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ACCOUNT NO. 1: Series 2002-A Reserve Account
' Arbitrage Rebate Computation I Investment Yield
Future Present
Net Value Future Value Present
' Investment Factor @ Value to Number Factor @ Value to
Date Activity 3.406194% 8/29/2010 of Days 1.221898% 8/29/2007
' 7/31/2010 - 1.0027245 - 29 0.9650282
8/29/2010 688,227.33 1.0000000 688,227.33 0.9641143 663,529.82
25,490.81 (47,600.25) 0.00
' Summary of: Series 2002-A Reserve Account
Arbitrage Rebate Amount: $ (47,600.25)
' Total Investment Earnings: 25,490.81
Investment Yield: 1.2219%
Average Amount Invested: $ 695,389
111 Total Time Invested: 3.00 years
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4/27/2011 -5- Gilmore&Bell,P.C.
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City of Salina, Kansas
Water& Sewage System Revenue Refunding Bonds
' Series 2002A
COMPUTATION CREDITS AND ADJUSTMENTS
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Arbitrage Rebate Computation
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' Future
Value Future
Factor @ Value to Number
' Date Description Amount 3.406194% 8/29/2010 of Days
8/29/2007 Prior Rebate Amount (33,066.21) 1.1066367 (36,592.28) 1,080
9/1/2007 Computation Credit (1,000.00) 1.1064291 (1,106.43) 1,078
9/1/2008 Computation Credit (1,430.00) 1.0696833 (1,529.65) 718
9/1/2009 Computation Credit (1,490.00) 1.0341579 (1,540.90) 358
(36,986.21)
Total Adjustments: $ (40,769.25)
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4/27/2011 -6- Gilmore&Bell,P.C.