Escrow AgreementESCROW AGREEMENT
THIS AGREEMENT is made this a7 day of 199 g, by and between
Virgil and Patricia Yost, referred to in this Agreement as ("the Property Owne ) and the City of Salina,
Kansas (Referred to in the Agreement as ("the Escrow Agent").
RECITALS
A. Property owner is the owner of real estate legally described as:
Lot 5, Block 4 Tasker Addition
(referred to in this Agreement as "the Real Estate")
B. Special Assessments have been levied against the Real Estate and bonds have been issued
by the City of Salina, Kansas, in payment of the costs of the public improvements for which the special
assessments were levied.
C. Pursuant to Salina Ordinance Number 88-9252, the Property Owner wishes to
deposit with the Escrow Agent funds which, when held in an interest-bearing account, will generate
sufficient interest such that the share of annual payments of bond principal and interest attributable to the
Real Estate can be made.
D. The Escrow Agent is willing to receive such payment from the Property Owner and
to hold such funds, subject to the terms and conditions of this agreement.
SO NOW, THEREFORE, the parties agree as follows:
1. PAYMENT. The Property Owner deposits with the Escrow Agent the sum of Five
Hundred Forty -Six dollars and 91/100 Dollars ($546.91), the receipt of which is hereby acknowledged by
the Escrow Agent.
2. INVESTMENT. The sum deposited by the Property Owner with the Escrow Agent
shall be deposited by the Escrow Agent in an escrow account under the City's Special Assessment Escrow
Fund and invested as permitted by law.
3. ANNUAL WITHDRAWAL. In January of each year, the Escrow Agent shall transfer
from the escrow account an amount necessary to pay the annual bond principal and interest payments
attributable to the Real Estate and the 5% annual administration fee. The amount necessary to pay bond
principal and interest will be transferred to the City's Bond and Interest Fund and the administrative fee shall
be transferred to the City's General Fund.
4. TERMINATION. This Escrow agreement shall terminate on December 20, 2007,
coinciding with the payment from the escrow account of the final annual installment of bond principal and
interest attributable to the Real Estate.
5. BINDING EFFECT. This Escrow Agreement shall be binding upon and inure to the
benefit of the heirs, executors, administrators, devisees, legatees, successors and assigns of the parties.
EXECUTED this a.1 day of re.. I-kxpr , 1998.
Virgil Yost
"Property Owner"
c.jr) 1
Patricia Yost
"Property Owner"
CITY OF SALINA, KANSAS
By
Ro Franz, Director finance
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this,�_�flay of Akh
1998, by Virgil Yost, the Property Owner.
NOTARY PUBLIC • State of Kansas
PENNY L�L�L.�N�; p
MM MY MDL Eq.
STATE OF KANSAS, SALINE COUNTY, ss:
p, u. A�A
Notary Public c
The above and foregoing instrument acknowledged before me thisoG l=day of ,
1998, by Patricia Yost, the Property Owner.
NOTARY PUBLIC • State of Kansas
PENNY L L N
WY MDL E:V.
STATE OF KANSAS, SALINE COUNTY, ss:
Notary Public
The above and foregoing instrument acknowledged before me thi��ay ofr-�� ,
1998, by Rod Franz, Director of Finance of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
NOTARY PUBLIC • State of Kansas
PENNY La.,ALL
UDAPPLEap
Notary Public
City of Salina, Kansas
SPECIAL ASSESSMENT NOTICE
Make Checks Payable to CITY OF SALINA
MAIL TO: CITY CLERK, P. O. Box 736, Salina, Kansas 67402-0736
YOST VIRGIL W & PATRICIA A
1827 PARKWOOD DR
SALINA, KS 67401-6618
TASKER Addition to the City of Salina, Saline County, Kansas.
Job Number - 95-928
Lot 5, Block 004
is in the Benefit District for:
Paving and Drainage - Equal Assmt. Schilling Rd.
The principal amount due by .January 23, 1998 is $523.71
Rather than paying this assessment in full by January 23, 1998, you may choose to pay all
or part of your assessment over the next 10 years. Under this option, your tax bill for
the next ten years will include 1/10th of the principal amount, plus interest on the
unpaid principal balance.
First year of Assessment - 1998
Last year of Assessment - 2007 Tract ID 27363
m
February 25, 1998
Mr. And Mrs. Virgil W. Yost
2921 Berkley Lane
Salina, Ks. 67401-7820
DEPARTMENT OF FINANCE AND ADMINISTRATION
300 West Ash Street • P. O. Box 736
Salina, Kansas 67402-0736
Rodney Franz, Director
Telephone (913) 826-7240 • FAX (913) 826-7244
Re: Special Assessment for Lot 5, Block 4, Tasker Addition to the City of Salina
Dear Mr. And Mrs. Yost
On February 2, 1 provided you with a letter regarding the special assessments on the referenced
property in which I described an alternate procedure that would be available to, in effect, prepay the
specials on the property instead of having them spread over the ten year period. I have enclosed a
copy of that letter for your review.
We now know what the interest rate is on the bond issue, and have calculated the pre -payment
necessary, which is $546.91. We are still holding your check in the amount of $523.71, so this would
mean an additional payment of $23.20. This is slightly more than the estimate I provided in the letter of
February 2, but is reasonably close to that estimate. Prepayment will save you $111.32 over the life of
the assessment.
If you wish to proceed, please sign and notarize the two copies of the agreements I have enclosed. We
do have staff available in the office who can notarize this for you, if you would prefer to bring the
agreement in with you.
I have also attached a spreadsheet showing the calculation of the savings, and a second sheet showing
the schedule of assessments if you should elect not to prepay.
If we have not heard from you by March 31, we will assume that you do no wish to prepay the
assessment, and will return your check at that time.
Please call or pay us a visit in person if you have any concerns or questions
Sincerely,
RKdney Franz
Director of Finance
I/
February 2, 1998
Mr. And Mrs. Virgil W. Yost
2921 Berkley Lane
Salina, KS 67401-7820
DEPARTMENT OF FINANCE AND ADMINISTRATION
300 West Ash Street • P. O. Box 736
saline. Kansas 67402-0736
Rodney Franz. Director
Telephone (785) 826-7240 • FAX (785) 826-7244
Re: Special Assessment for Lot 5, Block 4, Tasker Addition to The City of Salina
Dear Mr. And Mrs Yost:
On January 29, we received your payment of $523.71 intended to prepay the special assessment for
Lot 5, Block 4 in Tasker Addition. The envelope in which the payment was mailed was postmarked
January 28. Unfortunately, the prepayment was due by January 23, and commitment to issue long term
bonds was made immediately after that date. We thus cannot legally accept the prepayment at this
time.
However, there is an alternative available to achieve nearly the same result. If you still desire not to
have the amount plus interest added to your taxes over ten years, there is an option to prepay the
principal and interest amounts, once the interest schedules are known. The bond bids are scheduled to
be received and awarded on February 9, and the final assessment schedules, for both principal and
interest, will be known shortly thereafter based on the interest rate of the bonds.
Under this option, credit would be given to you for projected interest earned against your prepayment
through the life of the bonds to offset the interest accruing on the specials. As a result, your
prepayment will likely be somewhat more than the $523.71 but will also be substantially less than the
accumulated principal and interest charges over the life of the issue. Based on the bond interest rate
we now expect, the additional payment due from you would be about $10.00.
Once we know what the interest will be, we will provide you with an analysis of the cost under this
option, and the contract necessary to proceed. You can then make a decision if you would like to pay
the difference, and not have specials certified against the property; or if you would prefer us to return
your check, and have the special assessments and interest spread against the property for 10 years.
Unless we hear otherwise from you, we will hold your check until you have had a chance to decide how
you would prefer to proceed.
Sincerely,
/R?og
anz
Director of Finance
Yosre«
ESCROW AGREEMENT
THIS AGREEMENT is made this day of 199_, by and between
Virgil and Patricia Yost, referred to in this Agreement as ("the Property Owner") and the City of Salina,
Kansas (Referred to in the Agreement as ("the Escrow Agent").
RECITALS
A. Property owner is the owner of real estate legally described as:
Lot 5, Block 4 Tasker Addition
(referred to in this Agreement as "the Real Estate")
B. Special Assessments have been levied against the Real Estate and bonds have been issued
by the City of Salina, Kansas, in payment of the costs of the public improvements for which the special
assessments were levied.
C. Pursuant to Salina Ordinance Number 88-9252, the Property Owner wishes to
deposit with the Escrow Agent funds which, when held in an interest-bearing account, will generate
sufficient interest such that the share of annual payments of bond principal and interest attributable to the
Real Estate can be made.
D. The Escrow Agent is willing to receive such payment from the Property Owner and
to hold such funds, subject to the terms and conditions of this agreement.
SO NOW, THEREFORE, the parties agree as follows:
1. PAYMENT. The Property Owner deposits with the Escrow Agent the sum of Five
Hundred Forty -Six dollars and 91/100 Dollars ($546.91), the receipt of which is hereby acknowledged by
the Escrow Agent.
2. INVESTMENT. The sum deposited by the Property Owner with the Escrow Agent
shall be deposited by the Escrow Agent in an escrow account under the City's Special Assessment Escrow
Fund and invested as permitted by law.
3. ANNUAL WITHDRAWAL. In January of each year, the Escrow Agent shall transfer
from the escrow account an amount necessary to pay the annual bond principal and interest payments
attributable to the Real Estate and the 5% annual administration fee. The amount necessary to pay bond
principal and interest will be transferred to the City's Bond and Interest Fund and the administrative fee shall
be transferred to the City's General Fund.
4. TERMINATION. This Escrow agreement shall terminate on December 20, 2007,
coinciding with the payment from the escrow account of the final annual installment of bond principal and
interest attributable to the Real Estate.
5. BINDING EFFECT. This Escrow Agreement shall be binding upon and inure to the
benefit of the heirs, executors, administrators, devisees, legatees, successors and assigns of the parties.
EXECUTED this day of
1998.
Virgil Yost
"Property Owner"
Patricia Yost
"Property Owner"
CITY OF SALINA, KANSAS
LIMA
Rod Franz, Director of Finance
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this _ day of
1998, by Virgil Yost, the Property Owner.
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this day of
1998, by Patricia Yost, the Property Owner.
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this —day of ,
1998, by Rod Franz, Director of Finance of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
Notary Public
ESCROW AGREEMENT
THIS AGREEMENT is made this day of 199, by and between
Virgil and Patricia Yost, referred to in this Agreement as ("the Property Owner") and the City of Salina,
Kansas (Referred to in the Agreement as ("the Escrow Agent").
RECITALS
A. Property owner is the owner of real estate legally described as:
Lot 5, Block 4 Tasker Addition
(referred to in this Agreement as "the Real Estate")
B. Special Assessments have been levied against the Real Estate and bonds have been issued
by the City of Salina, Kansas, in payment of the costs of the public improvements for which the special
assessments were levied.
C. Pursuant to Salina Ordinance Number 88-9252, the Property Owner wishes to
deposit with the Escrow Agent funds which, when held in an interest-bearing account, will generate
sufficient interest such that the share of annual payments of bond principal and interest attributable to the
Real Estate can be made.
D. The Escrow Agent is willing to receive such payment from the Property Owner and
to hold such funds, subject to the terms and conditions of this agreement.
SO NOW, THEREFORE, the parties agree as follows:
1. PAYMENT. The Property Owner deposits with the Escrow Agent the sum of Five
Hundred Forty -Six dollars and 91/100 Dollars ($546.91), the receipt of which is hereby acknowledged by
the Escrow Agent.
2. INVESTMENT. The sum deposited by the Property Owner with the Escrow Agent
shall be deposited by the Escrow Agent in an escrow account under the City's Special Assessment Escrow
Fund and invested as permitted by law.
3. ANNUAL WITHDRAWAL. In January of each year, the Escrow Agent shall transfer
from the escrow account an amount necessary to pay the annual bond principal and interest payments
attributable to the Real Estate and the 5% annual administration fee. The amount necessary to pay bond
principal and interest will be transferred to the City's Bond and Interest Fund and the administrative fee shall
be transferred to the City's General Fund.
4. TERMINATION. This Escrow agreement shall terminate on December 20, 2007,
coinciding with the payment from the escrow account of the final annual installment of bond principal and
interest attributable to the Real Estate.
5. BINDING EFFECT. This Escrow Agreement shall be binding upon and inure to the
benefit of the heirs, executors, administrators, devisees, legatees, successors and assigns of the parties.
EXECUTED this day of '1998.
Virgil Yost
"Property Owner"
Patricia Yost
"Property Owner"
CITY OF SALINA, KANSAS
MA
Rod Franz, Director of Finance
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this day of
1998, by Virgil Yost, the Property Owner.
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this day of
1998, by Patricia Yost, the Property Owner.
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this —day of
1998, by Rod Franz, Director of Finance of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
Notary Public
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Job: 1995-928
Tract#
27363
Lgl:
Special Assessments - Work With Tract Assessments
Schilling Road Drainage Area A (Tasker - No. Side)
Lot Block Subdivision
5 004 689 TASKER
Type options,
press ENTER.
78.56
75.94
2 -Change 4 -Delete 5 -Display
73.32
Opt Year
Principal
Interest
_ 1998
52.3710
26.1855
_ 1999
52.3710
23.5670
_ 2000
52.3710
20.9484
_ 2001
52.3710
17.7800
_ 2002
52.3710
12.8833
_ 2003
52.3710
10.8670
_ 2004
52.3710
8.7983
_ 2005
52.3710
6.6773
_ 2006
52.3710
4.5039
_ 2007
52.3710
2.3043
Help F3=Exit
FS=Refresh
F6=Create
Payments
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F12=Cancel
2/11/98
9:55:24
Assessment
78.56
75.94
73.32
70.15
65.25
63.24
61.17
59.05
56.87
54.68
City of Salina
air
��° 27/1998 P.O. Box 736 960030246
Salina, Kansas 67402-0736 1 I RECEIPT NO.
222
I
DESCRIPTION AMOUNT
PREPAID SP #27363 L5 B4 TASKER 546.91
553-000 557.000
546.91
RECEIVED BY:
ORIGINAL RECEIPT r.