Escrow Agreement ESCROW AGREEMENT
THIS AGREEMENT is made this 30th day of December, 1999, by and between Duane H. Sharp,
(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:
Unplatted Tract
(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 sumof Eleven thousand
three hundred ninety seven and 85 /100 Dollars ($11397.85), 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, 2014, coinciding with
the payment from the escrow account of the final annual installment of bond principal and interest attributable to the
Real Estate.
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5. Binding effect. This Escrow Agreement shall be binding upon and insure to the benefit of the
heirs, executors, administrators, devisees, legatees, successors and assigns of the parties.
EXECUTED this 30th day of December, 1999.
��c.dkt( IY'.�a" jrC�1
Duane H. Sharp
"Property Owner"
CITY OF SALINA, KANSAS
By / _
i
Rodney Franz
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss: 22((��
ICYM
The above and foregoing instrument acknowledged beforeme this..rb day of December, 1999,
by Duane H. Sharp, the Property Owner.
PENNY DAY
6
'-i Notary Public-Stateof Kansas
L'Y Appt. Expires • 6
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Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me thi% A. day of December, 1999, by
Rodney Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
PENNY DAY
aNotary Public-State of Kansas .4 &
MY gppt.Expires d se
Notary Public
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DEPARTMENT OF FINANCE AND ADMINISTRATION
s r i Judy D.Long,CMC,City Clerk
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300 West Ash Street,Ste.206 • P.O.Box 736
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Salina,Kansas 67402-0736
C I T Y • O F
SA�' Telephone(785)826-7240 • Fax(785)826-7244 • TDD(785)825-7333
0 — qa_Q-
May 20, 1999
SHARP DUANE H &GLORIA J
2317 BELMONT BLVD
SALINA,KS 67401-6840
Dear Property Owner:
On May 10, 1999, the Salina City Commission held a public hearing regarding special assessments for
improvements to property you own. These special assessments were set by ordinance on May 17, 1999.
The enclosed statements show the amount of the assessments. You have the following payment options:
I. The assessments may be paid in full or part at this time. To do this, return the yellow copy of the
statement, with your check, by June 21, 1999. If paid in part, the unpaid balance will be assessed by the
method below.
2. You may choose to pay your assessment with your property taxes over the next fifteen years. The
City will issue 15 year general obligation bonds to provide for the long term financing of the
improvements. The principal and interest will be calculated (1/15th of the principal, plus interest on the
unpaid principal) and certified to the County Clerk to be included on your annual property tax bill. The
interest rate will be set when the bonds are sold but is not expected to exceed 5.25%. To accept this
option, do not pay the amount on the statement. No payment is required at this time and you do not need
to notify my office of your decision, unless you would like to make a payment.
Although you have been given a deferment for these special assessments for up to 15 years, this is the
only time you could prepay these amounts without interest.
If you have any questions regarding this matter, please feel free to contact my office.
Sincerely,
.•y D. L., g,CMC
City Clerk
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
SHARP DUANE H&GLORIA J
2317 BELMONT BLVD
SALINA, KS 67401-6840
NOTFOUND Addition to the City of Salina, Saline County, Kansas.
Job Number 1998-I 137B
Lot , Block
Unplatted tract
is in the Benefit District for:
•
Water line State Street
The principal amount due by June 21, 1999 is $11397.85
Rather than paying this assessment in full by June 21, 1991, you may choose to pay
all or part of your assessment over the next 15 years. Under this option, your tax bill
for the next fifteen years will include 1/15th of the principal amount, plus interest on the
unpaid principal balance.
First year of Assessment-2014
Last year of Assessment -2028 "Tract ID 06848
fr
it, Nj
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1
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
i
SHARP DUANE H& GLORIA J
2317 BELMONT BLVD
SALINA, KS 67401-6840
NOTFOUND Addition to the City of Salina, Saline County, Kansas.
Job Number 1998-1137E
Lot, Block
Unplatted tract
is in the Benefit District for:
Water Line Phase I water
The principal amount due by June 21, 1999 is $10074.23
Rather than paying this assessment in full by June 21, 1991,you may choose to pay
all or part of your assessment over the next 15 years. Under this option,your tax bill
for the next fifteen years will include 1/15th of the principal amount,plus interest on the
unpaid principal balance.
First year of Assessment-2014
Last year of Assessment -2028 Tract ID 06848
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