Untitled ESCROW AGREEMENT
THIS AGREEMENT is made this 25th day of July,2003,by and between Stanley J. Smith and Barbara
K. Smith,as Trustees of the Stanley J. Smith Trust No. 1,dated June 1,2003, and their successors,(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 1,Blk 3 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 six
hundred ten and 47/100 Dollars($1610.47),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 the date 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 25th day of July,2003.
Stanley J.Smith on
Stanley J. Smith and Barbara K. Smith, as Trustees of the Stanley
J. Smith Trust No. 1, dated June 1, 2003, and their successors.
"Pr.8erty Owner"
Bar,ara K.Smith on behal o ;
Sta.,ey J. Smith and B. bara K. • 'th,as Trustees of the Stanley
J. Smith Trust No. 1, dated June 1, 2003, and their successors
"Property Owner"
CITY OF SALINA, KANSAS
By itt
Rodney Fran /
"Escrow Agent" /
STATE OF KANSAS, SALINE COUNTY, ss: 7�St�t
The above and foregoing instrument acknowledged before me thisc25 day of July, 2003, by
Stanley J.Smith, the Property Owner.
aLIEU ANN NICOLA . I�, fl S
Notary Public-State of Kansas
My Appt. Expires 4.-13-p£ • Notary Public
STATE OF KANSAS, SALINE COUNTY,ss:
. • The above and foregoing instrument acknowledged before me this Ct�day of July, 2003, by
Barbara K.Smith,the Property Owner.
PENNY DAY
a Notary Public-State of Kansas
,My Appt. Expires lO/7/OL,p _
8 J-tV
Notary Publ'c `
STATE OF KANSAS, SALINE COUNTY, ss: �A`
The above and foregoing instrument acknowledged before me this 'r ' day of July, 2003, by
Rodney Franz, Finance Director of the City of Salina,Kansas,on behalf of the City o{f SS,alliinna,,LKansas.
•
LIEU ANN NICOLA / i . ,
Notary Public-State of Kansas Notary Public
iMy Appt. Expires t4il 1—cc
City of Salina (61q<J )(
Special Assessment Prepayment Form /
Summary of Findings: //
Tract# 27277
Job Number ' 94-892 Total Future Assessments Due: $922.47
Other Description: Lot 1, Blk 3 Laurie Amount of Prepayment Required: $968.42
,Addition Savings on Prepayment: ($45.95)
Date of Payment or Sale 07/25/03; W/E: 7/18/20031
Discount Rate Used: 0.02% From: http://www.federalreserve.00v/releases/h15
Date First Prepaid '
Assessment is Due 12/20/2003
Principal Total Due
First prepaid assesment Scheduled and Escrow From
due Scheduled Principal Interest Interest Adm. Fee Escrow
7/25/2003 (This is the Date Paid) 0
12/20/2003 $428.26 $43.90 $472.16 ' $23.61 $495.77
12/20/2004 $428.26 . $22.05 $450.31 ' $22.52 $472.83
12/20/2005 $0.00 ' $0.00 $0.00 I $0.00 $0.00
12/20/20061 $0.00 I $0.00 $0.00 , $0.00 $0.00
12/20/2007, $0.00 ; $0.00 : $0.00 , $0.00 $0.00
12/20/2008 $0.00 1 $0.00 $0.00 ; $0.00 $0.00
12/20/2009 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2010' $0.00 $0.00 $0.00 I $0.00 $0.00
12/20/2011 . $0.00 ' $0.00 $0.00 ; $0.00 $0.00
12/20/2012, $0.00 $0.00 ' $0.00 , $0.00 $0.00
12/20/2013 $0.00 , $0.00 $0.00 , $0.00 $0.00
12/20/2014 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2015 $0.00 ! $0.00 $0.00 $0.00 $0.00
12/20/2016 $0.00 $0.00 $0.00 1 $0.00 $0.00
12/20/2017 $0.00 , $0.00 $0.00 $0.00 $0.00
Totals $856.52 $65.95 $922.47 $46.12 $968.59
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City of Salina G14'1. �
Special Assessment Prepayment Form
Summary of Findings:
Tract# 27277
Job Number 93-873 Total Future Assessments Due: $611.53
Other Description: iLot 1, Blk 3 Laurie Amount of Prepayment Required: $642.05
Addition Savings on Prepayment: ($30.52)
Date of Payment or Sale 07/25/031 W/E: 7/18/20034
Discount Rate Used: 0.02% From: http://www.federalreserve.gov/releases/h15
Date First Prepaid i
Assessment is Due 1 12/20/2003!
Principal Total Due
First prepaid assesment Scheduled and Escrow From
due Scheduled Principal Interest Interest Adm. Fee Escrow
7/25/2003 (This is the Date Paid) 0
12/20/2003! $580.20 $31.33 $611.53 , $30.58 $642.11
12/20/2004 $0.00 $0.00 $0.00 I $0.00 $0.00
12/20/2005. $0.00 $0.00 $0.00, $0.00 $0.00
12/20/2006 $0.00 $0.00 ' $0.00 . $0.00 $0.00
12/20/2007. $0.00 $0.00 !, $0.00 I $0.00 $0.00
12/20/2008 $0.00 , $0.00 , $0.00 $0.00 $0.00
12/20/2009 1 $0.00 $0.00 $0.00 1 $0.00 $0.00
12/20/2010 $0.00 I $0.00 $0.00 ' $0.00 $0.00
12/20/2011 ' $0.00 l $0.00 ' $0.00 { $0.00 $0.00
12/20/2012 i $0.00 $0.00 + $0.00 l $0.00 $0.00
12/20/2013 $0.00 i $0.00 $0.00 j $0.00 $0.00
12/20/2014 $0.00 , $0.00 $0.00 1 $0.00 $0.00
12/20/2015 $0.00 $0.00 , $0.00 ' $0.00 $0.00
12/20/2016' $0.00 , $0.00 $0.00 $0.00 $0.00
12/20/2017 $0.00 ' $0.00 ' $0.00 $0.00 $0.00
Totals $580.20 $31.33 $611.53 $30.58 $642.11
611 4 O Stanley J. Smith and Barbara K. Smith,
as Trustees of the Stanley J. Smith
7/60. Oa their No. 1, dated June 1, 2003, and
Trust successors
i 0 ‘16—.6d 4e
U-,
City of Salina •
�� P.O. Box 736
7/25/2003
o F Salina, Kansas 67402-0736 RECEIPT NO 59913
sauna
12C`
DESCRIPTION AMOUNT
PREPAID SP TRACT #27277 LOT 1 , BLK 3 LAURIE 1 ,610.47
553-000 557.000
CHECK. 5790 1 ,610.47 J`4)
RECEIVED
FROM: BARBARA SMITH TOTAL PAID 1 ,610.47
ORIGINAL RECEIPT
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract# 27277
Job Number 94-892 Total Future Assessments Due: $922.47
Other Description: Lot 1, Blk 3 Laurie Amount of Prepayment Required: : .44
Addition Savings on Prepayment: ($44.97)
Date of Payment or Sale 07/16/03 W/E: 7/4/2003
Discount Rate Used: 0.13% From: http://www.f:deralreserve.gov/releases/h15
Date First Prepaid
Assessment is Due 12/20/2003
Principal Total Due
First prepaid assesment Scheduled and Escrow From
due Scheduled Principal Interest Interest Adm. Fee Escrow
7/16/2003 (This is the Date Paid) 0
12/20/2003 $428.26 $43.90 ':-72.16 $23.61 $495.77
12/20/2004 $428 • $22.05 $450.31 $22.52 $472.83
12/20/2005 '.1.00 $0.00 ' $0.00 $0.00 $0.00
12/20/2006 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2007 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2008 $0.00 $0.00 $0.00 ' $0.00 $0.00
12/20/2009 i $0.00., $0.00 $0.00 $0.00 $0.00
12/20/2010' $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2011 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2012 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2013 1,0.00 $0.00 $0.00 $0.00 $0.00
12/20/2014 1.0.00 $0.00 $0.00 $0.00 $0.00
12/20/2015 10.00 $0.00 $0.00 $0.00 $0.00
12/20/2016 9.00 $0.00 $0.00 $0.00 $0.00
12/20/2017 >'.00 $0.00 $0.00 $0.00 $0.00
Totals $856.52 $65.95 $922.47 $46.12 $968.59
X
"�
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract# 27277
Job Number 93-873 Total Future Assessments Due: $611.53
Other Description: Lot 1, Blk 3 Laurie Amount of Prepayment Required: $641.75
Addition Savings on Prepayment: ($30.22)
Date of Payment or Sale 07/16/03' W/E: 7/4/2003
Discount Rate Used: 0.13% From: http://www.federalreserve... /releases/h15
Date First Prepaid
Assessment is Due 12/20/2003
Pri cipal Total Due
First prepaid assesment Scheduled :nd Escrow From
due Scheduled Principal Interest I erest Adm. Fee Escrow
7/16/2003 (This is the Date Paid) 0
12/20/2003 $580.20 $31.33 $611.53 $30.58 $642.11
12/20/2004 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2005 $0.00 $0.01 $0.00 $0.00 $0.00
12/20/2006 $0.00 $1.00 $0.00 $0.00 $0.00
12/20/2007 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2008 '.•.i0 $0.00 $0.00 $0.00 $0.00
12/20/2009 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2010 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2011 . $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2012 $0.00 $0.00 $0:00 $0.00 $0.00
12/20/2013 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2014 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2015 $0.00 $0.00 $0.00 • $0.00 $0.00
12/20/2016 $0.00 $0.00 $0.00 ' $0.00 $0.00
12/2.0 I $0.00 $0.00 $0.00 $0.00 $0.00
Totals $580.20 $31.33 $611.53 $30.58 $642.11
SA5050 Special Assessments - Tract Assessments 7/16/03
8 : 58 : 58
Job: 1993-873 Streets & Utilities-Laurie/Tasker
Tract# Lot Block Subdivision
27277 1 003 690 LAURIE
LGL:
Year Principal Interest Payments Assessment
1994 580 . 20 406 . 10 . 00 986 . 30
1995 580 . 20 266 . 69 . 00 846 . 89
1996 580 . 20 237 . 11 . 00 817 . 31
1997 580 . 20 209 . 91 . 00 790 . 11
1998 580 . 20 181 . 84 . 00 762 . 04
1999 580 . 20 152 . 88 . 00 733 . 08
2000 580 . 20 123 . 29 . 00 703 . 49
2001 580 . 20 93 . 12 . 00 673 . 32
2002 58.0.._20 62-.-3-7_ ._QO 642 . 57
2003 580 . 20 31 . 33 . 00 611 . 53
7/11103
a a 10277 _ qc___,_
_0 Q A 744 /03
jig
KO % 1(/- 1 00 0
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SA5050 Special Assessments - Tract Assessments 7/16/03
8 : 59 : 04
Job: 1994-892 Street and utility improvements
Tract# Lot Block Subdivision
27277 1 003 690 LAURIE
LGL:
Year Principal Interest Payments Assessment
1995 428 . 26 274 . 34 . 00 702 . 60
1996 428 . 26 196 . 57 . 00 624 . 83
1997 428 . 26 173 . 67 . 00 601 . 93
1998 428 . 26 150 . 58 . 00 578 . 84
1999 428 . 26 127 . 81 . 00 556 . 07
2000 428 . 26 107 .47 . 00 535 . 73
2001 428 . 26 86 . 71 . 00 514 . 97
2002 428 . 26 __ --65-.-52 -- X00 493 . 78
2003 428 . 26 43 . 90 . 00 472 . 16
2004 428 . 26 22 . 06 . 00 450 . 31