Escrow Agreement •
ESCROW AGREEMENT
THIS AGREEMENT is made this 23rd day of October, 2001, by and between Donald D. and Joyce
M. Rich, (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 8, Blk 2 Gico 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 Six thousand one
hundred eighteen and 32/100 Dollars($6118.32), 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, 2006, 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 23rd day of October, 2001.
Donald D. Rich
"P .perty Owner" ,
l/ it g GAi1ifJ
/o / . Rich
"Property Owner"
•
CITY
Arca—_,OF SALINA, KANSAS
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By ✓�R odney Fan 0
"Escrow Age t"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this /�n day of October, 2001,
by Donald D. and Joyce M. Rich, the Property Owner.
a��A,y PENNY DAY 1I
Notary Public- 'ata of Kansas ,. . `
1My Appt. Expires )Dh�ba
Notary
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this day of October, 2001, by
Rodney Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
•
PENNY DAY j
Notary Public-State of Kansas _AL_1 '
My Appt. Expires O .
Notary '
•
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
ct938
JobJob
Number mber 95-5-938 Total Future Assessments Due:
Other Description: !Lot 8, BIk 2 Gico Addition Amount of Prepayment Required: $6,148.77
/ 4 7_ Savings on Prepayment: ($30.45)
Date of Payment or Sale 10/23/01 T W/E: 10/19/01 '
Discount Rate Used: 1.44%. From: http://www.federalreserve.gov/releases/h15
Date First Prepaid
Assessment is Due 12/20/02'
Total Due
First prepaid assesment Scheduled ,Principal Escrow Adm. From
due Scheduled Principal Interest and Interest Fee Escrow
10/23/01 (This is the Date Paid) 0
12/20/02 $1,069.07 $251.24 . $1,320.31 ! $66.02 $1,386.33
12/20/03 $1,069.07 $205.27 $1,274.34 i $63.72 $1,338.06
12/20/04 $1,069.07 $157.16 $1,226.23 $61.31 $1,287.54
12/20/05! $1,069.07 $105.84 $1,174.91 ; $58.75 $1,233.66
12/20/06 $1,069.07 $53.46 $1,122.53 ' $56.13 $1,178.66
12/20/071 $0.00 t $0.00 - $0.00 i $0.00 $0.00
12/20/08 $0.00 i $0.00 $0.00 1 $0.00 $0.00
12/20/091 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/10 $0.00 . $0.00 $0.001 $0.00 $0.00
12/20/11 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/12, $0.00 $0.00 $0.00 , $0.00 $0.00
12/20/13 $0.00 • $0.00 $0.00 $0.00 $0.00
12/20/14 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/15 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/16 $0.00 $0.00 $0.00 $0.00 $0.00
Totals $5,345.35 $772.97 $6,118.32 $305.92 $6,424.24
fgi3 QC_ ; c
SA5050 , Special Assessments - Tract Assessments 10/22/01
14 : 30 : 24
Job: 1995-938 S & U GIGO, Co.Club #3 ,Val .View,Woodland Hls . ,Minn
Ave . ,
Tract# Lot Block Subdivision
28048 8 002 732 GIGO ADDITION
LGL:
Year Principal Interest Payments Assessment
1997 1, 069 . 0740 561 . 2639 . 00 1 , 630 . 34
1998 1, 069 . 0740 505 . 1375 . 00 1, 574 . 21
1999 1 , 069 . 0740 436 . 1822 . 00 1, 505 . 26
2000 1, 069 . 0740 336 . 7583 . 00 1, 405 . 83
7001 1 , 069 . 0740 295 . 0644 . 00 / 1 , 364 . 18 /
2002 1 , 069 . 0740 251 . 2324 . 00 1, 320 . 31
2003 1 , 069 . 0740 205 . 2622 . 00 1, 274 . 34
2004 1 , 069 . 0740 157 . 1539 . 00 1, 226 . 23
2005 1 , 069 . 0740 105 . 8383 . 00 1, 174 . 91
2006 1, 069 . 0740 53 . 4537 . 00 1 , 122 . 53
„, , 8 ,, City of Salina
c e it 0F 0/23/2001 P.O. Box 736
Salina, Kansas 67402-0736 RECEIPT NO. 31011
saLinA 170
DESCRIPTION I , . AMOUNT
PREPAID SP TRACT#28048 JOB# 95-938 6, 118 . 32
553-000 557. 000
CHECK 2704 6 ,118.32 . IOIJJ
RECEIVED
FROM: DONALD RICH TOTAL PAID 6, 118. 32
ORIGINAL RECEIPT