Escrow Agreement ESCROW AGREEMENT
THIS AGREEMENT is made this 9TH day of June, 1998,by and between Willaim J. Selders and
S.Kay Selders,referred to in this Agreement as("the Property Owners")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 2,Block 3 Tasker Addition to the City of Salina
(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 Six Thousand
Forty-two and 04/100 Dollars($6,042.04),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
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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.
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EXECUTED this 9th day of June, 1998.
/ /- / , 01
* it cam J. Selders /
"Prope a Owner" .
\< l % 1 ``a%
S. Kay Selder.
"Property Owne '
CITY OF SALINA,KANSAS
By h, Ae
Rodn y ranz (//
"Escrow Agent"
STATE OF KANSAS,SALINE COUNTY,ss:
The above and foregoing instrument acknowledged before me this 9th day of June, 1998,by William
J. Selders,the Property Owner.
It NOTARY PUBLIC•State of Kansas i
PENNYL�ALLEN fr _.. A OS • .a 4.0
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Notary Public
STATE OF KANSAS,SALINE COUNTY,ss:
The above and foregoing instrument acknowledged before me this 9th day of June, 1998,by S. Kay
Selders,the Property Owner.
I NOTARY PUBLIC•Statte�of Kansas
PENNY L Public.i / IA �• %�
MY APO.Erp a Notary Publ
STATE OF KANSAS,SALINE COUNTY,ss:
The above and foregoing instrument acknowledged before me this 9th day of June, 1998,by Rodney
Franz,Finance Director of the City of Salina,Kansas,on ,- alf o the City of Salina,Kansas.
NOTARY PUBLIC•State of Kansas £ • L,- , All
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SA5050DF Special Assessments - Work With Tract Assessments 6/05/98
10 :32 :39
Job: 1993-873 Streets & Utilities-Laurie/Tasker
Tract# Lot Block Subdivision
27334 2 003 689 TASKER
Lgl: & S 3 LT 1
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1994 826.0410 578.1791 .00 1,404 .22
_ 1995 826.0410 379.6955 .00 1,205.74
_ 1996 826.0410 337.5732 .00 1, 163 .61
_ 1997 842 .6130 o . 8473 .00 1,147
_ 1-; .6130 264 .0783 .00 1, 106.69
_ 1999 842 .6130 222 .0285 .00 1, 064.64
_ 2000 842 .6130 179.0553 .00 1, 021.67
_ 2001 842 .6130 135.2394 .00 977.85
_ 2002 842 .6130 90.5809 .00 933 .19
_ 2003 842 .6130 45.5011 .00 888.11
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City of Salina
Cr/ P.O. Box 736
o -F 6/09/1.992 Salina, Kansas 67402-0736 'mo0361-. 2
sauna _ (RECEIPT NO. 232
DESCRIPTION AMOUNT
PREPAID SP L2 B3 TASKER 6, 042. 04
553-000 557.000
RECEIVED FROM: KAY SELDERS RECEIVED BY: 6.042.04
CHECK 5550 6.042.04
ORIGINAL RECEIPT
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a
SA5050DF Special Assessments - Work With Tract Assessments 6/05/98
10:32 :43
Job: 1995-928 Schilling Road Drainage Area A (Tasker - No. Side)
Tract# Lot Block Subdivision
27334 2 003 689 TASKER
Lgl: & S 3 LT 1
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments • Assessment
_ 1998 52 .3710 26.1855 .00 78.56
_ 1999 52 .3710 23.5670 .00 75.94
_ 2000 52 .3710 20.9484 .00 73.32
_ 2001 52.3710 17.7800 .00 70.15
_ 2002 52.3710 12.8833 .00 65.25
_ 2003 52.3710 10.8670 .00 63 .24
_ 2004 52.3710 8.7983 .00 61.17
_ 2005 52 .3710 6.6773 .00 59.05
_ 2006 52 .3710 4.5039 .00 56.87
_ 2007 52.3710 2.3043 .00 54 .68
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