Lot 14, Block 4 Meyer Addition 'x. /goon ` �
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ESCROW AGREEMENT
THIS AGREEMENT is made this le day of August, 1991, by
and between DON TASKER, 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 Fourteen (14) , Block Four (4) , Meyer Addition to the City of
Salina, Saline County, Kansas
(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.
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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 three thousand four hundred three and 09/100 Dollars
($3,403.09) , the receipt of which is hereby acknowledged by the Escrow
Agent. The amount deposited by the Property Owner has been determined as
follows:
a. All unpaid special assessment installments
which have been levied against the
Real Estate $3,982.31
b. All unlevied principal and interest
installments plus an annual administrative
fee of 5% of the annual principal and
interest due, reduced to a present value
based upon the discount rate of ( .06%) ($579.22)
TOTAL $3,403.09
2. Investment. The sum deposited by the Property Owner with
the Escrow Agent shall be deposited by the Escrow Agent in an escrow account
under the City's Special Assessment Escrow Fund and invested as permitted by
law.
3. Annual withdrawal. In January of each year, the Escrow
Agent shall transfer from the escrow account an amount necessary to pay the
annual bond principal and interest payments attributable to the Real Estate
and the 5% annual administration fee. The amount necessary to pay bond
principal and interest will be transferred to the City's Bond and Interest
Fund and the administrative fee shall be transferred to the City's General
Fund.
4. Termination. This Escrow agreement shall terminate on
December 20, 1998, coinciding with the payment from the escrow account of the
final annual installment of bond principal and interest attributable to the
Real Estate.
5. Binding effect. This Escrow Agreement shall be binding
upon and inure to the benefit of the heirs, executors, administrators,
devisees, legatees, successors and assigns of the parties.
EXECUTED this IS day of August, 1991.
cia, OF
Don Tasker
"Property Owner"
CITY 1OF SALINA, 1KANSAS
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By J r I,k sww
Jacqueline Shiever, City Clerk
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this I$'
day of August, 1991, by Don Tasker, the Property Owner.
DIANN- HEATH Y I, n Ct Vet
_ Notary Public Stato of Kansas /
�
`'` MyAppt.Expros ii-t4-V Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this t5
day of August, 1991, by Jacqueline Shiever, City Clerk of the City of Salina,
Kansas, on behalf of the City of Salina, Kansas. n5 /�
DIANN Q. HEATH Qa~`' c ' Q- d
Notary Public-Stato at Kansas Notary Public
.._ My Appt.Expres //_U-99
LEGAL DESCRIPTION: " CITY OF SALINA
" SPECIAL ASSESSMENT PREPAYMENT FORM
Lot 141.Block 4, Meyer n
c \tp
" DISCOUNT RATE: 0.06 /
MONTHS TO JAN.: 5
DUE CURRENT DEBT PAYMENT STRUCTURE PRESENT PRESENT BEGINNING PRINCIPAL ADM INTEREST
DECEMBER 20 PSI PRINCIPAL INTEREST ADM. FEE TOTAL VALUE RATIO VALUE BALANCE 6 INTEREST FEE EAR
NED
1991 $574.58 $392.46 $182.12 $28.73 $603.31 0.975610 $588.59 $3,403.09 $574.58 $28.73 $85.08
1992 $554.53 $392.46 $162.07 $27.73 $582.26 0.920387 $535.90 $2,884.86 $554.53 $27.73 $173.09
1993 $533.78 $392.46 $141.32 $26.69 $560.47 0.868289 $486.65 $2,475.69 $533.78 $26.69 $148.54
1994 $510.18 $392.48 $117.70 $25.51 $535.69 0.819141 $438.80 $2,063.76 $510.18 $25.51 $123.83 (((
1995 $487.45 $392.46 $94.99 $24.37 $511.82 0.772774 $395.52 $1,651.90 $487.45 $24.37 $99.11 \
1996 $464.26 $392.46 $71.80 $23.21 $487.47 0.729032 $355.38 $1,239.19 $464.26 $23.21 $74.35 \ 1
1997 $440.74 $392.46 $48.28 $22.04 $462.78 0.687766 $318.28 $826.07 $440.74 $22.04 $49.56
1998 $416.79 $392.46 $24.33 $20.84 $437.63 0.648836 $283.95 $412.86 $416.79 $20.84 $24.77
1999 $0.00 $0.00 $0.00 $0.00 $0.00 0.612110 $0.00 ($0.00) $0.00 $0.00 ($0.00) \I
2000 $0.00 $0.00 $0.00 $0.00 $0.00 0.577462 $0.00 ($0.00) $0.00$3,982.3$01.00 ($0.00)
TOTALS $3,982.31 $3,139.70 $842.61 $199.12 $4,181.43 $3,403.09 $3,982.31 $199.12 $778.34
NOTE: The user of this document must fill in the number of full months
until January and the principal and interest payments due by year. CURRENT PSI $3,982.31
The discount rate may be changed with the approval of the Director of PREPAYMENT $3,403.09
Finance. Prepayments for the current year may not be accepted after
it has been certified to the County Clerk. This normally occurs around August 25. SAVINGS $579.22
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LEGAL DESCRIPTION; " CITY OF SALINA
" SPECIAL ASSESSMENT PREPAYMENT FORM
Lot 14. Block 4, Meyer '; .
/%, .
" DISCOUNT RATE: 0.06
MONTHS TO JAN.: 4
DUE CURRENT DEBT PAYMENT STRUCTURE PRESENT PRESENT BEGINNING PRINCIPAL ADM INTEREST
DECEMBER 20 PSI PRINCIPAL INTEREST ADM. FEE TOTAL VALUE RATIO VALUE BALANCE 6 INTEREST FEE EAR
NED
1991 $574.58 $392.46 $182.12 $28.73 $603.31 0.980392 $591.48 $3,419.77 $574.58 $28.73 $68.40
1992 $554.53 $392.46 $162.07 $27.73 $582.26 0.924898 $538.53 $2,884.86 $554.53 $27.73 $173.09
1993 $533.78 $392.46 $141.32 $26.69 $560.47 0.872546 $489.03 $2,475.69 $533.78 $26.69 $148.54
1994 $510.18 $392.48 $117.70 $25.51 $535.69 0.823156 $440.96 $2,063.76 $510.18 $25.51 $123.83
1995 $487.45 $392.46 $94.99 $24.37 $511.82 0.776562 $397.46 $1,651.90 $487.45 $24.37 $99.11
1996 $464.26 $392.46 $71.80 $23.21 $487.47 0.732606 $357.13 $1,239.19 $464.26 $23.21 $74.35
1997 $440.74 $392.46 $48.28 $22.04 $462.78 0.691138 $319.84 $826.07 $440.74 $22.04 $49.56
1998 $416.79 $392.46 $24.33 $20.84 $437.63 0.652017 $285.34 $412.86 $416.79 $20.84 $24.77
1999 $0.00 $0.00 $0.00 $0.00 $0.00 0.615110 $0.00 ($0.00) $0.00 $0.00 ($0.00)
2000 $0.00 $0.00 $0.00 $0.00 $0.00 0.580293 $0.00 ($0.00) $0.00 $0.00 ($0.00)
TOTALS $3,982.31 $3,139.70 $842.61 $199.12 $4,181.43 $3,419.77 $3,982.31 $199.12 $761.66
NOTE: The user of this document must fill in the number of full months - I
until January and the principal and interest payments due by year. CURRENT PSI $3,982.31
The discount rate may be changed with the approval of the Director of PREPAYMENT $3,419.77
Finance. Prepayments for the current year may not be accepted after
it has been certified to the County Clerk. This normally occurs around August 25. SAVINGS $562.54
• City of Salina 041591
AIS liar® `_Ari:�' P.O. Box 736
C 7 , . o Salina, Kansas 67402-0736 RECEIPT NO. ■
sA L l n� 8/15/91 ■ 41591
DESCRIPTION AMOUNT
PREPAID SPECIAL ASSESSMENTS 3 ,403 . 09
L14 B2! MEYER JOB#S8°763 ' 91-•98
CHECK NUMBER 0000042672 TOTAL 3 , 403 .09
TENDERED 3 , 406 . 09
CHANGE .3 . 00
RECEIVED FROM DON TASHER RECEIVED BY CC
TRIPLICATE RECEIPT