Escrow Agreement ESCROW AGREEMENT
THIS AGREEMENT is made this 11th day of December, 2001, by and between Dallas C. Dunn,
(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 6, Blk 2 Georgetown 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 Two thousand six
hundred fifteen and 04 /100 Dollars ($2615.04), 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 he 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, 2004, coinciding with
the payment from the escrow account of the final annual installment of bond principal and interest attributable to the
Real Estate.
I
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 11th day of December, 2001.
i atlas C. Du I/Pr
"Property Owner"
CITY OF SALINA, KANSAS
• By (i
R dney rani n
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this /i day of December, 2001,
by Dallas C. Dunn, the Property Owner.
REGINA D.NELY
NOTARY PUBLIC
STATE OF � �
/
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Notary Pr
STATE OF KANSAS, SALINE COUNTY, ss: j
The above and foregoing instrument acknowledged before me this I ! day of December, 2001, by
Rodney Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
14 PENNY DAY
E Notary Public-Sta: of Kan
sasi
My Appt. Expires 1017jC+Z art -Tho I
Notary Public .
SA5050 , Special Assessments - Tract Assessments 12/10/01
11 : 36 : 07
Job : 1994-892 Street and utility improvements
Tract# Lot Block Subdivision
16867 6 002 112 GEORGETOWN
LGL:
Year Principal Interest Payments Assessment
1995 960 . 0170 614 . 9869 . 00 1 , 575 . 00
1996 960 . 0170 440 . 6478 . 00 1 , 400 . 66
1997 960 . 0170 389 . 3061 . 00 1 , 349 . 32
1998 960 . 0170 337 . 5516 . 00 1 , 297 . 57
1999 768 . 0140 229 . 2061 . 00 997 . 22
2000 768 . 0140 192 . 7331 . 00 960 . 75
2001 768 . 0140 155 . 5075 . 00 923 . 52
2002 768 . 0.140 117 . 5061 . 00 885 . 52 -
2003 768 . 0140 78 . 7214 . 00 846 . 74
2004 768 . 0140 39 . 5527 . 00 807 . 57
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City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract# 16867
Job Number 94-892 Total Future Assessments Due: $2,539.83
Other Description: ;Lot 6, Blk 2 Georgetown Amount of Prepayment Required: $2,615.04
Addition • Savings on Prepayment: ($75.21)
Date of Payment pr Sale 11/11/01' W/E: . _11_/9/01
Discount Rate Used: 0.95% 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
11/11/01 (This is the Date Paid) 0
12/20/02 $768.01 $117.51 II$885.52 $44.28 $929.80
12/20/03 $768.01 I $78.73 , $846.74 ' $42.34 $889.08
12/20/04, $768.01 $39.56 $807.57 I $40.38 $847.95
12/20/05• $0.00 ! $0.00 $0.00 $0.00 $0.00
12/20/06 $0.00 . $0.00 ' $0.00 ; $0.00 $0.00
12/20/07 $0.00 $0.00 $0.00 , $0.00 $0.00
12/20/08 $0.00 ; $0.00 , $0.00 $0.00 $0.00
12/20/09 $0.00 ' $0.00 $0.00 I, $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 I $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 1 $0.00 $0.00_I $0.00 $0.00
Totals $2,304.03 $235.80 $2,539.83 $126.99 $2,666.82
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