Escrow Agreement I C
ESCROW AGREEMENT
THIS AGREEMENT is made this 12th day of December, 2001, by and between Fern Dorman,
(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 2, BIk 13 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 One thousand
ninety two and 75 /100 Dollars ($1092.75), 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, 2015, 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 12th day of December, 2001. p �n
Fern Dorman
"Property Owner"
•
CITY OF SALINA, KANSAS
•
By
Rodney Franz
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
i2Ztl
The above and foregoing instrument acknowledged before me this day of December, 2001,
by Fern Dorman, the Property Owner.
PENNY DAY
r,c�i�� Notary Public-S; to of Kansas I� ' U t
tdy Appt. Expires 10 j J nn
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
aTh
The above and foregoing instrument acknowledged before me this.1 day of December, 2001, by
Rodney Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
PENNY DAY
r= Notary Publ!ci St�t�ojOKan\sas
,My APPt. Expires 1 � , .-.L
Notary Public
SA5052DF Special Assessments - Work With Tract Assessments 12/12/01
08 :07 :31
Job: 2000-1223 Woodland Hill Estates Add - Utility and Street
Improvements (Amortized)
Tract# Lot Block Subdivision Prin: 858.05
16468 2 013 112 GEORGETOWN
Lgl :
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
2001 41. 1374 39.0326 .00 80 .17
2002 43.0087 37.1313 .00 80.17
_ 2003 44.9652 35.2048 .00 80.17
_ 2004 47. 0106 33 .1594 .00 80.17
_ 2005 49.1491 31.0209 .00 80.17
_ 2006 51.3849 28.7851 .00 80.17
_ 2007 53.7224 26.4476 .00 80.17
_ 2008 56.1663 24.0037 .00 80.17
_ 2009 58.7213 + 21.4487 .00 80.17
2010 61.3925 18.7775 .00 80.17 +
F3=Exit F5=Refresh F6=Create F12=Cancel F21=Print
.1-6 óez 6r.
SA5052DF Special Assessments - Work With Tract Assessments 12/12/01
08:07 :31
Job: 2000-1223 Woodland Hill Estates Add - Utility and Street
Improvements (Amortized)
Tract# Lot Block Subdivision Prin: 858 .05
16468 2 013 112 GEORGETOWN
Lgl :
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 2011 64.1852 15.9848 .00 80.17
_ 2012 67.1050 13 .0650 .00 80.17
_ 2013 70. 1576 10.0124 .00 80 . 17
_ 2014 73 .3491 6.8209 .00 80 . 17
2015 76.6858 3 .4842 .00 80.17
F3=Exit F5=Refresh F6=Create F7.2=Cancel F21=rent
City of Salina
5i- rtot � -2/12%2901 P.O. Box 736
o
Salina, Kansas 67402-0736 RECEIPT NO. 33266
saLina 1PU
DESCRIPTION AMOUNT
PREPAID SP TRACT #16468 LOT 2, BLK 13 GEORGETOW 1 ,092.75
553-000 557.000
7
REC IV F:: 1939 1 ,092.75
FROM:
FERN DORMAN TOTAL PAID 1 ,092.75
ORIGINAL RECEIPT
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City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract# i _ 16468
Job Number 00-1223 Total Future Assessments Due: $1,122.38
Other Description: 'Lot 2, Blk 13 Georgetown Amount of Prepayment Required: $1,092.75
Addition ' Savings on Prepayment: $29.63
(24t21
Date of Payment or Sale 1 . 12/12/01 W/E: 12/7/01. .
Discount Rate Used: 1.02%, From: http://www.federalreserve.gov/releases/h15
Date First Prepaid
Assessment is Due I 12/20/02 .
• Total Due
First prepaid assesment Scheduled Principal Escrow Adm. From
due Scheduled Principal Interest and Interest Fee Escrow
12/12/01 (This is the Date Paid) 0
12/20/02 - - $4301 $37.16 - ._ $80.174: $4.01 $84.18
12/20/03, $44.97. , $35.20 .. $80.17 , $4.01 $84.18
12/20/041 $47.01 $33.16 $80.17 $4.01 $84.18
12/20/051 $49.15 ' $31.02 $80.17 $4.01 $84.18
12/20/06: $51.38 ' $28.79 $80.17 I $4.01 $84.18
12/20/07 $53.72 $26.45 $80.17'' $4.01 $84.18
12/20/08 $56.17 $24.00 $80.17 1 $4.01 $84.18
12/20/09 $58.72 $21.45 $80.171 $4.01 $84.18
12/20/10, $61.39 $18.78 $80.17 j $4.01 $84.18
12/20/11 $64.19 $15.98 $80.17 $4.01 $84.18
12/20/121 : ' $67,11 $13.06 $80.171 $4.01 $84.18
12/20/13 ' ' $70.16 $10.01 $80.17 $4.01 $84.18
12/20/14 $73.35 $6.82 $80.17 ' $4.01 $84.18
12/20/15 $76.69 $3.48 $80.17 ; $4.01 $84.18
12/20/16 $0.00 , $0.00 $0.00 , $0.00 $0.00
Totals $817.02 $305.36 $1,122.38 $56.12 $1,178.50