Lot 15, Block 4, Meyer Addition w &'
/870011
ESCROW AGREEMENT
THIS AGREEMENT is made this 11th day of March, 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 Fifteen (15) , 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.
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.
NOW, THEREFORE, the parties agree as follows:
1 . Payment. The property Owner deposits with the Escrow Agent
the sum of Three Thousand Three Hundred Thirty-seven and 94/100 Dollars
($3,337.94) , 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 $3,982.29
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%) (644.35)
TOTAL $3,337,94
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 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 11th day of March, 1991 .
OP
"Property Owner"
CITY OF SALINA, KANSAS
BY'Es`row�Agen' �11,.:.tIf% C I. I et 1„_,
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
11th day of March, 1991 , by Don Tasker, the property owner.
JUDITH A. C ' �
al Not RAUc-State ROS of KonOE nee ../. L As
M9 Aprt.EX*OS /(-26-94' lota% 'ublic
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
11th day of March, 1991 , by Jacqueline Shiever, City Clerk of the City of
Salina, Kansas, on behalf of the City of Salina, Kansas.
I Jill JUDITH A.ROSCOE �,' /� ; w
Notary FLplic-State of K2nsee 6`
My AFAt•Er.Pres //-.z 6-9v
0 r'ry 'ublic
j ADDITION Meyer
This Lot 15, Block 4
• Property
• is in the Benefit District for the improvement of:
Water main, Storm Sewer, Sanitary sewer,
•
& curb, gutter, paving Meyer Drive 79-655
The amount due within 30 days from the date of November 17, 1980 is
$ 3,083.20
After 30 days the assessment will be certified to the county to be
collected on the real estate tax rolls over a\ 10 year period with
`. interest at the rate of approximately. / 8 %.
First Assessment Year Last assessment Year
19 81 19 9
4=. No 50 Pg 54 Bk 16 SA17869\\
, Meyer Addition
Lot 15, Block 4
is in the Benefit District for the Curbing, guttering, paving, grading
Martin Avenue, Water main and service Job 88-763/764
The principal amount due by July 24, 1989 is - $3,924.60
After 30 days, the assessment will be certified to the County to be
collected on the real estate tax rolls over a 10 year period. If the
assessment is collected on the tax roll, you will pay 1/10 of the
principal amount plus interest at the rate of approximately 84 figured on
the unpaid principal balance each year.
The First Year of Assessment - 1989
The Last Year of Assessment - 1998 1-02600-00500
No. 5
Page 142
Book 16
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LEGAL DESCRIPTION: " CITY OF SALINA
4 " SPECIAL ASSESSMEb
Lot 15; Block 4
Meyer Addition
DISCOUNT RATE:
i nnunnnrn""""""""""""""""u ””,”,"""""""""""""""""'rn"""""" MONTHS TO JAN. :
DUE CURRENT DEBT PAYMENT STRUCTURE
DECEMBER 20 P&I PRINCIPAL INTEREST ADM. FEE TOTAL VA
1991 $574.58 $392.46 $182.12 $28.73 $603.31
1992 $554.53 $392.46 $162.07 $27.73 $582.26
1993 $533 .76 $392.46 $141.30 $26.69 $560. 45
1994 $510.18 $392.46 $117.72 $25.51 $535.69
1995 $487.45 $392.46 $94.99 $24.37 $511.82
1996 $464.26 $392.46 $71.80 $23.21 $487.47
1997 $440.74 $392.46 $48.28 $22.04 $462.78
1998 '$416.79 $392.46 $24.33 $20.84 $437.63
1999 $0.00 $0.00 $0.00 $0.00 $0.00
2000 $0.00 $0.00 $0.00 $0.00 $0.00
TOTALS $3,982.29 $3, 139.68 $842.61 $199. 11 $4,181.40
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.
The discount rate may be changed with the approval of the Director of
Finance. Prepayments for the current year may not be accepted after
it has been certified to the County Clerk. This normally occurs aroun
me.�w 8& -11.3 /749 Alt 17
a1
0 -
0
IT PREPAYMENT FORM
0.06
9
PRESENT PRESENT BEGINNING PRINCIPAL ADM INTEREST
LLUE RATIO VALUE BALANCE & INTEREST FEE EARNED .
0.956938 $577.33 $3 ,337.94 $574.58 $28. 73 $150.21
0.902772 $525.64 $2,884.84 $554.53 $27.73 $173 .09
0.851671 $477.32 $2,475.67 $533 . 76 $26.69 $148.54
0.803463 $430. 41 $2,063.76 $510. 18 $25.51 $123 .83
0.757984 $387.95 $1,651.90 $487. 45 $24.37 $99.11
0. 715080 $348.58 $1,239. 19 $464. 26 $23 .21 $74.35
0.674603 $312. 19 $826.07 $440. 74 $22.04 $49.56 I
0.636418 $278.52 $412.86 $416.79 $20.84 $24.77
0.600395 $0.00 ($0.00) $0.00 $0.00 ($0.00)
0.566410 $0.00 ($0.00) $0.00 $0.00 ($0.00)
$3,337.94 $3,982.29 $199.11 $843.46
CURRENT P&I $3,982.29
PREPAYMENT $3,337.94
d August 25. SAVINGS $644.35
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