Escrow Agreement . . •
ESCROW AGREEMENT
THIS AGREEMENT is made this 10th day of July, 2001, by and between Cheryl Linenberger,
(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 17, Blk 2 Laurie 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 One thousand
one hundred sixty three and 19/100 Dollars ($1163.19), 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, 2003, 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 insure to the benefit of
the heirs, executors, administrators, devisees, legatees, successors and assigns of the parties.
EXECUTED this 10th day of July, 2001.
. ("Ada lid,1-el 1&flu .
Cheryl 1_,' enberger
"Property Owner"
CITY OF SSALLINA, KANSAS
By /2244, r:"--d".----
Rodney Franz -7"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this I L day of July, 2001, by eh
Cheryl Linenberger, the Property Owner.
PENNY DAY I lYl ^
Ifirfalth a &V
Notary Public-State of Kansas �Jt1L IL J\
ett
,MY APPt. Expires l0'7 jo
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this 1�y of July, 2001, by Rodney
Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
PENNY DAY r''-- ---\
Notary Public-State of Kansas I X2))nrtt,
le
MY APPL Expires • • _ 1
Notary Public QtI r
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract# 27267
Job Number 93-873 Total Future Assessments Due: $1,153.36
Other Description: Lot 17, Blk 2 Laurie Amount of Prepayment Required: $1,163.19
p ;Addition Savings on Prepayment: (S9m83)
Date of Payment or Sale 07/10/01;
Discount Rate Used: 2.91%, From: http://www.bog.frb.fed.us/releases/h15/less 1 %
Date First Prepaid 1
Assessment is Due 12/20/01•
./ __. . __ _ _ ___ _
Total Due
First prepaid assesment Scheduled Principal Escrow Adm. From
due Scheduled Principal Interest and Interest Fee Escrow
7/10/01 (This is the Date Paid) 0
12/20/01 $347.18 4 $55.73 $402.91 $20.15 $423.06
12/20/021 $347.18 $37.33 , $384.51 $19.23 $403.74
12/20/031 $347.18 $18.76 $365.94 ! $18.30 $384.24
12/20/04 $0.00.1 $0.00 $0.00 $0.00 $0.00
12/20/05 $0.00 : $0.00 $0.00 $0.00 $0.00
12/20/06, $0.00.1 $0.00 ' $0.00 $0.00 $0.00
12/20/071 $0.00 ' $0.00 $0.00 ; $0.00 $0.00
12/20/081 $0.00 ; $0.00 $0.00 $0.00 $0.00
12/20/091 $0.00 i $0.00 $0.00 $0.00 $0.00
12/20/10' $0.00 ' $0.00 $0.00 ! $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 $0.00
Totals ��$QQ1,,^0FF41..5n54 _$111.82 _$1,153.36 _$57.67 $1,211.03
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SA505ODF Special Assessments - Work With Tract Assessments 7/05/01
13 :52 :27
Job: 1993-873 Streets & Utilities-Laurie/Tasker
Tract# Lot Block Subdivision Prin: 3,471.87
27267 17 002 690 LAURIE
Lgl:
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1994 347 .1870 243 .0101 .00 590 .20
_ 1995 347 . 1870 159.5869 .00 506.77
_ 1996 347 .1870 141.8828 .00 489. 07
_ 1997 347 . 1870 125 .6081 .00 472.80
_ 1998 347 . 1870 108.8098 .00 456.00
_ 1999 347. 1870 91.4838 .00 438.67
2000 347 . 18/0 73..-7-7-7.2--..--__r..,,_,_„.. _.00 .420...9.6--_-_,_,_AL,
_ 2001 347 . 1870 55 .7235 .00 402 .91 7:
_ 2002 347. 1870 37.3226 .00 384 .51
2003 347. 1870 18 .7481 .00 365. 94
F3=Exit FS=Refresh F6=Create F12=Cancel F21=Print
City of Salina
.� 1; iv -, P.O. Box 736
/10/2001
o . : Salina, Kansas 67402-0736 RECEIPT NO. 26529
sa�ina L��
DESCRIPTION AMOUNT \
PREPAID SP TRACT #27267 JOB #93-B73 LOT 17, BLK. 2 LAURIE AD 1 , 163. 19
553-000 557.000
/
RECENED: 5506 1 , 163. 19
FROM
CHERYL LINENBERGER TOTAL PAID 1 . 163. 19
ORIGINAL RECEIPT
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