Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Arbitrage Report (2013)
816- 221 -1000 MAIN 816 -221 -1018 FAX GILMOREBELL.COM Mr. Rod Franz, C.P.F.O. Director of Finance City of Salina, Kansas 300 West Ash Street, Room 206 P. O. Box 736 Salina, Kansas 67402 -0736 GILMOIZEBELL GILMORE & BELL PC 2405 GRAND BOULEVARD, SUITE 1100 KANSAS CITY, MISSOURI 64108 -2521 November 8, 2013 ST. LOUIS WICHITA OMAHA I LINCOLN Re: $23,695,000 General Obligation Internal Improvement Bonds, Series 2009 -A (the "Bonds ") issued by the City of Salina, Kansas (the "Issuer ") Dear Rod: Enclosed are the following documents related to our computation of arbitrage rebate and yield reduction payment liability in connection with the above - referenced bond issue: • Legal Opinion of Gilmore & Bell Regarding the Arbitrage Rebate Analysis; • Exhibit A - Explanation of Arbitrage Rebate Analysis; and • Exhibit B - Arbitrage Rebate Analysis as of October 1, 2013 (the "Computation Date ") As of the Computation Date, no rebate payment or yield reduction payment is required to be made for the Bonds. The amount accrued as of the Computation Date as a rebate liability attributable to the investment of the gross proceeds of the Bonds subject to arbitrage rebate was negative $392,633.82. There was no accrued yield reduction payment liability. Under the Internal Revenue Code, the next required installment computation date is the earlier of October 1, 2018 or the date the last Bond is paid. The next annual computation date will be October 1, 2014. In addition to arbitrage computations, the Issuer needs retain records relating to the expenditure of Bond proceeds for at least as long as any of the Bonds remain outstanding. In this regard requisitions from the Project Fund and related backup generally will be sufficient. For as long as the Bonds remain outstanding, the Issuer also needs to be mindful of its covenants to obtain review and an opinion of tax counsel prior to entering into most leases, management and service contracts involving property financed by the Bonds. Please contact Jennifer Moehlman at 816- 218 -7563 or at joehlman@gilmorebell.com if you have any questions. Very truly yours Ly Z K. Mische JLM:vp Enclosures cc: Gina M. Riekhof 816- 221 -1000 MAIN 816- 221 -1018 FAX GILMOREBELL.COM City of Salina, Kansas GILMOkEBELL GILMORE & BELL PC 2405 GRAND BOULEVARD, SUITE 1100 KANSAS CITY, MISSOURI 64108 -2521 November 8, 2013 ST. LOUIS WICHITA OMAHA I LINCOLN Re: $23,695,000 General Obligation Internal Improvement Bonds, Series 2009 -A (the "Bonds ") issued by the City of Salina, Kansas— Legal Opinion Regarding Arbitrage Rebate Analysis as of October 1, 2013 Ladies and Gentlemen: We have acted as counsel to the City of Salina, Kansas (the "Issuer ") in connection with the preparation of the Arbitrage Rebate Analysis dated October 1, 2013 (the "Arbitrage Analysis ") for the above - referenced Bonds. We have attached as Exhibit A our Explanation of Arbitrage Rebate Analysis and as Exhibit B our Arbitrage Rebate Analysis. Our opinion is based on the facts and assumptions stated in the Explanation of Arbitrage Rebate Analysis. Capitalized terms used in this opinion have the same meaning as described in the Explanation of Arbitrage Rebate Analysis. We have assumed that the financial records provided to us are accurate and correct. Unless otherwise noted in the Explanation of Arbitrage Rebate Analysis, we have also assumed that the proceeds of the Bonds and other funds were used and invested in accordance with the documents contained in the Transcript, including but not limited to the Federal Tax Certificate. Based upon the foregoing, we are of the opinion that, under existing law: 1. The accounting method, identification of funds and accounts subject to rebate or yield reduction payment restrictions and the overall methodology employed in the preparation of the Arbitrage Analysis are in accordance with Section 148 of the Internal Revenue Code of 1986, as amended (the "Code ") and United States Treasury Regulations and decisions. 2. As of the Computation Date, no rebate payment is required to be made for the Bonds. As of the Computation Date, no yield reduction payment is required to be made for the Bonds. Our opinion is based on statutes, regulations and decisions in effect as of this date, and is intended for and can be relied on only by the parties to whom it is addressed. We understand that the Issuer will use this opinion and the Arbitrage Analysis to determine whether any rebate liability or yield reduction payment is due and the amount and timing of that payment. In preparing the Arbitrage Analysis, we have exercised our best efforts to (1) correctly analyze the financial records provided to us and correctly incorporate those records into the Arbitrage Analysis, (2) correctly interpret applicable provisions of the of the Code, United States Treasury Regulations, rulings, and decisions, and (3) accurately compute the amount of rebate payment or yield reduction payment owed to the Internal Revenue Service (the "IRS "). This opinion represents our reasoned judgment based on the financial records provided to us and existing statutes, regulations, rulings and decisions and the stated assumptions in the Explanation of Arbitrage Rebate Analysis. The conclusions in this opinion are not binding on the IRS. We express no opinion as to the tax- exempt status of interest on the Bonds or as to compliance with the terms of the covenants and documents under which the Bonds were issued. Very truly yours, LKM.jlm GILMOI,EBELL Exhibit A Explanation of Arbitrage Rebate Analysis This Explanation of Arbitrage Rebate Analysis summarizes the methodology and primary assumptions used in the Arbitrage Rebate Analysis dated October 1, 2013 (the "Arbitrage Analysis ") for the $23,695,000 General Obligation Internal Improvement Bonds, Series 2009 -A (the "Bonds ") issued by the City of Salina, Kansas (the "Issuer "). This explanation accompanies our legal opinion dated November 8, 2013. General Matters The time period covered by the Arbitrage Analysis (the "Computation Period ") began July 30, 2009 and ended October 1, 2013. (The latter date is referred to as the "Computation Date. ") We determined that the funds included in the Arbitrage Analysis were "gross proceeds" subject to rebate and /or yield restriction payments under Section 148 of the Internal Revenue Code of 1986, as amended (the "Code ") and applicable United States Treasury Regulations and decisions. This determination was based on our review of the various documents included in the Transcript of Proceedings at the time the Bonds were issued (the "Transcript"). The Arbitrage Analysis was prepared using financial records (the "Investment Records ") provided by the Issuer. The relevant investment data contained in the Investment Records for each fund and account was entered in the Arbitrage Analysis. Multiple procedures were used to analyze and test the accuracy of the Investment Records as well as the accuracy and the overall reasonableness of the investment results for each fund or account that was included in the Arbitrage Analysis. Based on the procedures employed, the results reflected in the Arbitrage Analysis appear to accurately incorporate the information in the Investment Records. However, the Arbitrage Analysis is not intended to be a mathematical verification of the information contained in the Investment Records or an audit of the investment results actually obtained. The Computation Date is a rebate computation installment payment date. The computation of yield on the Bonds used in the Arbitrage Analysis is contained in the Transcript as an exhibit to the Federal Tax Certificate. All investments purchased or sold using gross proceeds of the Bonds were treated as purchased and sold on the dates and at the prices reflected in the Investment Records, and these prices were assumed to be at fair market value of the investment on the purchase or sale date. Unless otherwise noted, investments that were required to be valued on dates other than a date when they actually were purchased or sold, were valued either at par plus accrued interest or at present value as of that date. These values are shown in the Arbitrage Analysis. Accounting for Expenditures and Investments Except as described below, bond proceeds were allocated to expenditures on the dates reflected in the Investment Records for the improvement fund. Bond proceeds were assumed to have been spent in accordance with the various documents contained in the Transcript. In general these rules permit Bond proceeds to be spent only for costs that can or must be capitalized for financial accounting or federal income tax purposes. All expenditures were assumed to have been paid only to third parties directly or as a valid reimbursement of the Issuer for costs previously spent for those purposes. The Issuer generally invests all funds (including proceeds of the Bonds), in a variety of investments without regard to the sources from which the funds were derived (e.g. note proceeds, tax revenues, grants, etc.). Earnings from the investment of proceeds of the Bonds were calculated based on the unspent balance of Bond proceeds and the average monthly interest rate on Issuer's investments, as reported by the Issuer. We understand that Investment earnings on proceeds of the Bonds are initially deposited to the General Fund of the Issuer. Amounts in the General Fund were reasonably expected to be spent (using a "Bond proceeds spent first" method of accounting) within six months of the date of deposit. Since the Bonds are an issue of governmental purpose obligations, and because the General Fund contains tax or other revenues of the Issuer other than the proceeds of issues of tax exempt obligations, we have treated investment earnings on Bond proceeds as spent on the date they were earned in accordance with Treasury Regulation § 1.148- 6(d)(6). Bond Proceeds Allocated to Refunding Portion Bond proceeds were invested and allocation to the redemption of refunded obligations on the dates reflected in the Investment Records. Yield Reduction Payment – Restricted Investment The improvement fund was required to be invested at a yield not materially higher than the yield on the Bonds during the period July 30, 2012 – Computation Date. We determined that the yield on the investments in the Improvement Fund did not exceed the yield on the Bonds during this period. Exemption of Funds from Rebate – Bona Fide Debt Service Fund Amounts held in a "bona fide debt service fund" are not taken into account in computing arbitrage rebate if the gross earnings on such fund during a given bond year are less than $100,000. If the average annual debt service on the issue does not exceed $2,500,000, the $100,000 earnings test may be treated as satisfied. A "bona fide debt service fund" is a fund that— (1) is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year; and (2) is depleted at least once each bond year, except for a reasonable carryover amount not to exceed the greater of (A) the earnings on the fund for the preceding bond year, or (B) one - twelfth of the principal and interest payments on the bond issue for the preceding bond year. We understand that the principal and interest account qualified as a bona fide debt service fund for all bond years during the Computation Period. Exhibit B Arbitrage Rebate Analysis Computed as of October 1, 2013 City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A GILMOkEBELL G I L M O R E & BELL, PC City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Summary of Issue Par $ 23,695,000 Issue Date July 30, 2009 Bond Year Date October 1 Bond Yield 3.11667% Computation Date October 1, 2013 Summary of Rebate Computation Computation Results • Total Rebate Amount ($ 392,633.82) • No arbitrage rebate payment is due at this time. The net rebate amount as of October 1, 2013 is ($392,633.82). Results as of October 1, 2013 Rebate Liability by Source Fund 753 - North Ohio Fund 788 - Quail Meadows IV Fund 721 - Eagle Crest Fund 779 - West Diamond Drive Fund 789 - Red Fox Fund 723 - Fire Truck Fund 794 - Aquatics Facility Fund 792 - Energy Project Fund 783 - South Ninth Phase IV Credits & Adjustments Total Rebate Amount ($2,500,000) (3,303.13) (2,227.87) (28,873.60) (157,309.78) (4,394.85) (188,386.87) (8,137.71) (392,633.82) ($1,250,000) $0 111812013 -1- Gilmore & Bell, P. C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Comments and Yield Comparison Comments • We understand that the Debt Service Accounts qualified as a bona fide debt service fund for all bond years during this computation period. • The next annual rebate computation will be 10/1/2014. 8.00% 6.00% 4.00% 2.00% 0.00% Yield Comparison As of 10/1/2013 Fund 783 - Fund 792 - Fund 794 - Fund 723 - Fund 789 - Fund 779 - Fund 721 - Fund 788 - Fund 753 - South Ninth Energy Aquatics Fire Truck Red Fox West Eagle Crest Quail North Ohio Phase IV Project Facility Diamond Meadows IV Drive 111812013 -2- Gllm ore & Bell, P. C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A 1 1 18 12 0 1 3 - 3 - Gllm ore & Bell, P. C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A 111812013 -4- CdImore & Bell, P. C. Cash and Investment Activity Imputed Interest Calculation Total Relevant Relevant Days Cash Transactions Investments Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings 7/30/2009 6,514,500.00 538,909.61 5,975,590.39 5,975,590.39 5,975,590.39 1.1030% - 7/31/2009 180.57 180.57 5,975,590.39 5,975,590.39 1.1030% 5,975,590.39 1 180.57 8/6/2009 19,865.00 19,865.00 5,955,725.39 5,955,725.39 1.0476% 5,975,590.39 6 1,029.08 8/27/2009 158,587.95 158,587.95 5,797,137.44 5,797,137.44 1.0476% 5,955,725.39 21 3,589.79 8/31/2009 5,284.43 5,284.43 5,797,137.44 5,797,137.44 1.0476 % 5,797,137.44 4 665.56 9/10/2009 24,130.00 24,130.00 5,773,007.44 5,773,007.44 0.9655% 5,797,137.44 10 1,533.45 9/17/2009 3,564.24 3,564.24 5,769,443.20 5,769,443.20 0.9655% 5,773,007.44 7 1,068.94 9/24/2009 422,375.00 422,375.00 5,347,068.20 5,347,068.20 0.9655% 5,769,443.20 7 1,068.28 9/30/2009 60.00 60.00 5,347,008.20 5,347,008.20 0.9655 % 5,347,068.20 6 848.64 9/30/2009 4,519.31 4,519.31 5,347,008.20 5,347,008.20 0.9655% - 10/15/2009 427.00 427.00 5,346,581.20 5,346,581.20 1.0883% 5,347,008.20 15 2,391.45 10/22/2009 1,658.30 1,658.30 5,344,922.90 5,344,922.90 1.0883% 5,346,581.20 7 1,115.92 10/29/2009 406,430.91 406,430.91 4,938,491.99 4,938,491.99 1.0883 % 5,344,922.90 7 1,115.58 10/31/2009 4,917.45 4,917.45 4,938,491.99 4,938,491.99 1.0883% 4,938,491.99 2 294.50 11/30/2009 2,343.56 2,343.56 4,938,491.99 4,938,491.99 0.5774% 4,938,491.99 30 2,343.56 12/3/2009 568,818.44 568,818.44 4,369,673.55 4,369,673.55 0.3104% 4,938,491.99 3 126.00 12/17/2009 90.00 90.00 4,369,583.55 4,369,583.55 0.3104% 4,369,673.55 14 520.26 12/31/2009 75,715.92 75,715.92 4,293,867.63 4,293,867.63 0.3104% 4,369,583.55 14 520.25 12/31/2009 1,166.51 1,166.51 4,293,867.63 4,293,867.63 0.3104% - 1/28/2010 59,944.67 59,944.67 4,233,922.96 4,233,922.96 0.3455% 4,293,867.63 28 1,138.18 1/31/2010 1,258.43 1,258.43 4,233,922.96 4,233,922.96 0.3455% 4,233,922.96 3 120.25 2/4/2010 22,039.80 22,039.80 4,211,883.16 4,211,883.16 0.3052% 4,233,922.96 4 141.59 2/11/2010 296.20 296.20 4,211,586.96 4,211,586.96 0.3052% 4,211,883.16 7 246.49 2/25/2010 164,168.73 164,168.73 4,047,418.23 4,047,418.23 0.3052% 4,211,586.96 14 492.94 2/28/2010 982.53 982.53 4,047,418.23 4,047,418.23 0.3052% 4,047,418.23 3 101.51 3/18/2010 38.32 38.32 4,047,379.91 4,047,379.91 0.3065% 4,047,418.23 18 611.75 3/25/2010 215,874.58 215,874.58 3,831,505.33 3,831,505.33 0.3065% 4,047,379.91 7 237.90 3/31/2010 1,042.69 1,042.69 3,831,505.33 3,831,505.33 0.3065% 3,831,505.33 6 193.04 4/1/2010 1,000.00 1,000.00 3,830,505.33 3,830,505.33 0.3364% 3,831,505.33 1 35.31 4/8/2010 3,584.90 3,584.90 3,826,920.43 3,826,920.43 0.3364% 3,830,505.33 7 247.13 4/22/2010 330,868.89 330,868.89 3,496,051.54 3,496,051.54 0.3364% 3,826,920.43 14 493.80 4/30/2010 1,034.02 1,034.02 3,496,051.54 3,496,051.54 0.3364% 3,496,051.54 8 257.78 5/20/2010 6,000.00 6,000.00 3,490,051.54 3,490,051.54 0.3286% 3,496,051.54 20 629.48 5/27/2010 271,789.56 271,789.56 3,218,261.98 3,218,261.98 0.3286% 3,490,051.54 7 219.94 5/31/2010 965.31 965.31 3,218,261.98 3,218,261.98 0.3286% 3,218,261.98 4 115.89 6/10/2010 913.83 913.83 3,217,348.15 3,217,348.15 0.3039% 3,218,261.98 10 267.98 6/17/2010 1,551.60 1,551.60 3,215,796.55 3,215,796.55 0.3039% 3,217,348.15 7 187.53 6/24/2010 525,276.77 525,276.77 2,690,519.78 2,690,519.78 0.3039% 3,215,796.55 7 187.44 6/30/2010 777.37 777.37 2,690,519.78 2,690,519.78 0.3039% 2,690,519.78 6 134.42 111812013 -4- CdImore & Bell, P. C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Cash and Investment Activity Imputed Interest Calculation Total Cash and Investments Cash Transactions Investments Days Invested (Actual) Date Cash In Cash Out Balance Purchase Receipt Earnings Balance 7/15/2010 464.62 464.62 2,690,055.16 7/29/2010 381,307.18 381,307.18 2,308,747.98 2,308,747.98 7/31/2010 682.49 2 682.49 2,308,747.98 8/5/2010 3,297.15 3,297.15 5 2,305,450.83 8/12/2010 1,917.03 1,917.03 2,305,450.83 2,303,533.80 8/19/2010 1,741.50 1,741.50 0.2875% 2,301,792.30 8/26/2010 319,735.76 319,735.76 1,982,056.54 8/31/2010 549.97 126.90 549.97 1,982,056.54 9/9/2010 1,692.33 1,692.33 78.05 1,980,364.21 9/16/2010 10,458.68 10,458.68 9 1,969,905.53 9/30/2010 214,509.74 214,509.74 1,980,364.21 1,755,395.79 9/30/2010 478.31 478.31 1,755,395.79 10/7/2010 23,716.68 23,716.68 1,731,679.11 10/28/2010 287,863.91 287,863.91 1,731,679.11 1,443,815.20 10/31/2010 434.89 7 434.89 1,443,815.20 11/10/2010 1,347.13 1,347.13 21 1,442,468.07 11/18/2010 61,902.08 61,902.08 1,443,815.20 1,380,565.99 11/30/2010 304.87 304.87 1,380,565.99 12/2/2010 393,921.11 393,921.11 986,644.88 12/22/2010 11,777.09 11,777.09 1,380,565.99 974,867.79 12/31/2010 205.53 12 205.53 974,867.79 1/13/2011 1,100.75 1,100.75 2 973,767.04 1/31/2011 187.50 0.2399% 187.50 973,767.04 2/28/2011 173.60 173.60 973,767.04 3/17/2011 158,897.00 158,897.00 814,870.04 3/31/2011 177.17 78.68 177.17 814,870.04 4/30/2011 211.63 18 211.63 814,870.04 5/5/2011 7,875.00 7,875.00 28 806,995.04 5/12/2011 100,195.94 100,195.94 973,767.04 706,799.10 5/26/2011 1,268.76 1,268.76 0.2313% 705,530.34 5/31/2011 200.62 814,870.04 200.62 705,530.34 6/30/2011 19,638.32 19,638.32 806,995.04 685,892.02 6/30/2011 178.58 5 178.58 685,892.02 7/7/2011 11,500.00 11,500.00 7 674,392.02 7/21/2011 832.50 832.50 706,799.10 673,559.52 7/31/2011 172.78 172.78 673,559.52 8/31/2011 128.47 685,892.02 128.47 673,559.52 9/30/2011 163.32 178.58 163.32 673,559.52 10/20/2011 52,361.88 52,361.88 - 621,197.64 Total Cash and Investments Relevant Investment Rate Relevant Invested Balance Days Invested (Actual) Imputed Earnings 2,690,055.16 0.3015% 2,690,519.78 15 333.31 2,308,747.98 0.3015% 2,690,055.16 14 311.04 2,308,747.98 0.3015% 2,308,747.98 2 38.14 2,305,450.83 0.2875% 2,308,747.98 5 90.92 2,303,533.80 0.2875% 2,305,450.83 7 127.10 2,301,792.30 0.2875% 2,303,533.80 7 127.00 1,982,056.54 0.2875% 2,301,792.30 7 126.90 1,982,056.54 0.2875% 1,982,056.54 5 78.05 1,980,364.21 0.2945% 1,982,056.54 9 143.93 1,969,905.53 0.2945% 1,980,364.21 7 111.85 1,755,395.79 0.2945% 1,969,905.53 14 222.53 1,755,395.79 0.2945% - 1,731,679.11 0.2996% 1,755,395.79 7 100.86 1,443,815.20 0.2996% 1,731,679.11 21 298.48 1,443,815.20 0.2996% 1,443,815.20 3 35.55 1,442,468.07 0.2616% 1,443,815.20 10 103.46 1,380,565.99 0.2616% 1,442,468.07 8 82.69 1,380,565.99 0.2616% 1,380,565.99 12 118.72 986,644.88 0.2399% 1,380,565.99 2 18.15 974,867.79 0.2399% 986,644.88 20 129.71 974,867.79 0.2399% 974,867.79 9 57.67 973,767.04 0.2266% 974,867.79 13 78.68 973,767.04 0.2266 % 973,767.04 18 108.82 973,767.04 0.2324% 973,767.04 28 173.60 814,870.04 0.2313% 973,767.04 17 104.89 814,870.04 0.2313% 814,870.04 14 72.28 814,870.04 0.3160% 814,870.04 30 211.63 806,995.04 0.3164% 814,870.04 5 35.31 706,799.10 0.3164% 806,995.04 7 48.96 705,530.34 0.3164% 706,799.10 14 85.77 705,530.34 0.3164% 705,530.34 5 30.58 685,892.02 0.3080% 705,530.34 30 178.58 685,892.02 0.3080% - - 674,392.02 0.3006% 685,892.02 7 39.54 673,559.52 0.3006% 674,392.02 14 77.76 673,559.52 0.3006% 673,559.52 10 55.48 673,559.52 0.2246 % 673,559.52 31 128.47 673,559.52 0.2950% 673,559.52 30 163.32 621,197.64 0.2450% 673,559.52 20 90.42 111812013 -5- CdImore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Cash and Investment Activity Imputed Interest Calculation Total Cash and Investments Cash Transactions Investments Date Cash In Cash Out Balance Purchase Receipt Earnings Balance 10/31/2011 136.29 11 136.29 621,197.64 11/30/2011 186.36 621,197.64 186.36 621,197.64 12/8/2011 267.76 267.76 0.3590% 620,929.88 12/31/2011 53.18 53.18 620,876.70 620,876.70 12/31/2011 105.16 105.16 23 620,771.54 12/31/2011 189.35 0.3590 % 189.35 620,771.54 1/12/2012 55,000.00 55,000.00 565,771.54 1/26/2012 2,140.00 2,140.00 - 563,631.54 1/31/2012 143.01 620,771.54 143.01 563,631.54 2/29/2012 133.00 133.00 563,631.54 3/31/2012 141.70 62.28 141.70 563,631.54 4/30/2012 150.56 150.56 563,631.54 5/31/2012 155.58 0.2970% 155.58 563,631.54 6/28/2012 67,600.00 67,600.00 496,031.54 6/30/2012 140.16 31 140.16 496,031.54 7/12/2012 229.50 229.50 495,802.04 7/31/2012 128.46 128.46 495,802.04 8/31/2012 118.75 155.58 118.75 495,802.04 9/30/2012 133.26 133.26 495,802.04 10/25/2012 55,000.00 55,000.00 496,031.54 440,802.04 10/30/2012 139.99 495,802.04 139.99 440,802.04 11/8/2012 164.00 164.00 49.74 440,638.04 11/15/2012 32,065.07 32,065.07 408,572.97 11/29/2012 53,052.05 53,052.05 0.2820% 355,520.92 11/30/2012 130.17 118.75 130.17 355,520.92 12/13/2012 370.00 370.00 30 355,150.92 12/31/2012 111.65 0.3500% 111.65 355,150.92 1/17/2013 5,312.78 5,312.78 349,838.14 1/31/2013 93.77 5 93.77 349,838.14 2/28/2013 75.95 440,802.04 75.95 349,838.14 3/31/2013 92.70 92.70 349,838.14 4/30/2013 62.97 31.44 62.97 349,838.14 5/31/2013 53.78 53.78 349,838.14 6/30/2013 42.56 0.3720% 42.56 349,838.14 7/18/2013 98.00 98.00 349,740.14 7/31/2013 40.11 13 40.11 349,740.14 8/22/2013 1,250.00 1,250.00 348,490.14 8/30/2013 42.22 42.22 348,490.14 9/30/2013 54.16 51.77 54.16 348,490.14 Total Cash and Investments Relevant Investment Rate Relevant Invested Balance Days Invested (Actual) Imputed Earnings 621,197.64 0.2450 % 621,197.64 11 45.87 621,197.64 0.3650% 621,197.64 30 186.36 620,929.88 0.3590% 621,197.64 8 48.88 620,876.70 0.3590% 620,929.88 23 140.47 620,771.54 0.3590 % - - 620,771.54 0.3590% - - 565,771.54 0.2870% 620,771.54 12 58.57 563,631.54 0.2870% 565,771.54 14 62.28 563,631.54 0.2870% 563,631.54 5 22.16 563,631.54 0.2970% 563,631.54 29 133.00 563,631.54 0.2960% 563,631.54 31 141.70 563,631.54 0.3250% 563,631.54 30 150.56 563,631.54 0.3250% 563,631.54 31 155.58 496,031.54 0.3050% 563,631.54 28 131.87 496,031.54 0.3050% 496,031.54 2 8.29 495,802.04 0.3050% 496,031.54 12 49.74 495,802.04 0.3050% 495,802.04 19 78.72 495,802.04 0.2820% 495,802.04 31 118.75 495,802.04 0.3270% 495,802.04 30 133.26 440,802.04 0.3500% 495,802.04 25 118.86 440,802.04 0.3500% 440,802.04 5 21.13 440,638.04 0.3720% 440,802.04 9 40.43 408,572.97 0.3720% 440,638.04 7 31.44 355,520.92 0.3720% 408,572.97 14 58.30 355,520.92 0.3720% 355,520.92 1 3.62 355,150.92 0.3580% 355,520.92 13 45.33 355,150.92 0.3580% 355,150.92 18 62.70 349,838.14 0.3130% 355,150.92 17 51.77 349,838.14 0.3130% 349,838.14 14 42.00 349,838.14 0.2830% 349,838.14 28 75.95 349,838.14 0.3120% 349,838.14 31 92.70 349,838.14 0.2190% 349,838.14 30 62.97 349,838.14 0.1810% 349,838.14 31 53.78 349,838.14 0.1480% 349,838.14 30 42.56 349,740.14 0.1350% 349,838.14 18 23.29 349,740.14 0.1350% 349,740.14 13 16.82 348,490.14 0.1470% 349,740.14 22 30.99 348,490.14 0.1470% 348,490.14 8 11.23 348,490.14 0.1830% 348,490.14 31 54.16 111812013 -6- Cdhnore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Cash and Investment Activity Imputed Interest Calculation Total Relevant Relevant Days Cash Transactions Investments Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings 10/1/2013 348,491.89 - 348,490.14 1.75 0.1830 % 348,490.14 1 1.75 Totals 6,514,500.00 6,545,920.17 5,975,590.39 5,975,590.39 31,420.17 31,420.17 Cash Out Less Cash In: 31,420.17 Investment Receipts minus Purchases: 111812013 -7- Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Date Net Investment Activity Arbitrage Rebate Computation Future Value Future Factor @ Value to Number 3.116675% 10/1/2013 of Days Investment Yield Present Value Present Factor @ Value to 0.481210% 7/30/2009 7/30/2009 (5,975,590.39) 1.1376286 (6,798,002.44) 1,501 1.0000000 (5,975,590.39) 7/31/2009 180.57 1.1376286 205.42 1,501 1.0000000 180.57 8/6/2009 19,865.00 1.1370424 22,587.35 1,495 0.9999199 19,863.41 8/27/2009 158,587.95 1.1349929 179,996.20 1,474 0.9996396 158,530.79 8/31/2009 5,284.43 1.1347005 5,996.25 1,471 0.9995996 5,282.31 9/10/2009 24,130.00 1.1337261 27,356.81 1,461 0.9994661 24,117.12 9/17/2009 3,564.24 1.1330445 4,038.44 1,454 0.9993727 3,562.00 9/24/2009 422,375.00 1.1323634 478,281.99 1,447 0.9992793 422,070.60 9/30/2009 60.00 1.1317799 67.91 1,441 0.9991993 59.95 9/30/2009 4,519.31 1.1317799 5,114.86 1,441 0.9991993 4,515.69 10/15/2009 427.00 1.1303224 482.65 1,426 0.9989992 426.57 10/22/2009 1,658.30 1.1296429 1,873.29 1,419 0.9989058 1,656.49 10/29/2009 406,430.91 1.1289638 458,845.78 1,412 0.9988125 405,948.26 10/31/2009 4,917.45 1.1288668 5,551.15 1,411 0.9987991 4,911.54 11/30/2009 2,343.56 1.1259612 2,638.76 1,381 0.9983992 2,339.81 12/3/2009 568,818.44 1.1256711 640,302.48 1,378 0.9983592 567,885.12 12/17/2009 90.00 1.1243181 101.19 1,364 0.9981726 89.84 12/31/2009 75,715.92 1.1230631 85,033.76 1,351 0.9979994 75,564.44 12/31/2009 1,166.51 1.1230631 1,310.06 1,351 0.9979994 1,164.18 1/28/2010 59,944.67 1.1203650 67,159.91 1,323 0.9976264 59,802.38 1/31/2010 1,258.43 1.1201725 1,409.66 1,321 0.9975997 1,255.41 2/4/2010 22,039.80 1.1197877 24,679.90 1,317 0.9975465 21,985.72 2/11/2010 296.20 1.1191145 331.48 1,310 0.9974532 295.45 2/25/2010 164,168.73 1.1177693 183,502.77 1,296 0.9972668 163,720.03 2/28/2010 982.53 1.1172893 1,097.77 1,291 0.9972269 979.81 3/18/2010 38.32 1.1155630 42.75 1,273 0.9969606 38.20 3/25/2010 215,874.58 1.1148923 240,676.91 1,266 0.9968675 215,198.34 3/31/2010 1,042.69 1.1144136 1,161.99 1,261 0.9968009 1,039.35 4/1/2010 1,000.00 1.1143178 1,114.32 1,260 0.9967876 996.79 4/8/2010 3,584.90 1.1136479 3,992.32 1,253 0.9966945 3,573.05 4/22/2010 330,868.89 1.1123094 368,028.56 1,239 0.9965082 329,713.55 4/30/2010 1,034.02 1.1115452 1,149.36 1,231 0.9964017 1,030.30 5/20/2010 6,000.00 1.1096370 6,657.82 1,211 0.9961357 5,976.81 5/27/2010 271,789.56 1.1089700 301,406.46 1,204 0.9960426 270,713.99 5/31/2010 965.31 1.1086842 1,070.22 1,201 0.9960027 961.45 6/10/2010 913.83 1.1077322 1,012.28 1,191 0.9958698 910.06 6/17/2010 1,551.60 1.1070662 1,717.72 1,184 0.9957767 1,545.05 6/24/2010 525,276.77 1.1064007 581,166.59 1,177 0.9956837 523,009.49 6/30/2010 777.37 1.1058306 859.64 1,171 0.9956039 773.95 111812013 -8- Cdlmore & Bell, AC. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Date Net Investment Activity Arbitrage Future Value Factor @ 3.116675% Rebate Computation Future Value to Number 10/1/2013 of Days Investment Yield Present Value Present Factor @ Value to 0.481210% 7/30/2009 7/15/2010 464.62 1.1044065 513.13 1,156 0.9954045 462.48 7/29/2010 381,307.18 1.1030791 420,611.97 1,142 0.9952185 379,483.96 7/31/2010 682.49 1.1029843 752.78 1,141 0.9952052 679.22 8/5/2010 3,297.15 1.1025106 3,635.14 1,136 0.9951388 3,281.12 8/12/2010 1,917.03 1.1018478 2,112.28 1,129 0.9950458 1,907.53 8/19/2010 1,741.50 1.1011854 1,917.71 1,122 0.9949528 1,732.71 8/26/2010 319,735.76 1.1005235 351,876.70 1,115 0.9948598 318,092.26 8/31/2010 549.97 1.1001453 605.05 1,111 0.9948067 547.11 9/9/2010 1,692.33 1.0992951 1,860.37 1,102 0.9946872 1,683.34 9/16/2010 10,458.68 1.0986342 11,490.26 1,095 0.9945942 10,402.14 9/30/2010 214,509.74 1.0973137 235,384.48 1,081 0.9944083 213,310.27 9/30/2010 478.31 1.0973137 524.86 1,081 0.9944083 475.64 10/7/2010 23,716.68 1.0966540 26,008.99 1,074 0.9943154 23,581.86 10/28/2010 287,863.91 1.0946774 315,118.12 1,053 0.9940367 286,147.28 10/31/2010 434.89 1.0944893 475.98 1,051 0.9940101 432.29 11/10/2010 1,347.13 1.0935495 1,473.15 1,041 0.9938774 1,338.88 11/18/2010 61,902.08 1.0927982 67,646.48 1,033 0.9937713 61,516.51 11/30/2010 304.87 1.0916723 332.82 1,021 0.9936121 302.92 12/2/2010 393,921.11 1.0914847 429,958.87 1,019 0.9935855 391,394.32 12/22/2010 11,777.09 1.0896110 12,832.45 999 0.9933203 11,698.42 12/31/2010 205.53 1.0888624 223.79 991 0.9932142 204.14 1/13/2011 1,100.75 1.0876471 1,197.23 978 0.9930418 1,093.09 1/31/2011 187.50 1.0860598 203.64 961 0.9928164 186.15 2/28/2011 173.60 1.0832644 188.05 931 0.9924454 172.29 3/17/2011 158,897.00 1.0816836 171,876.28 914 0.9921937 157,656.60 3/31/2011 177.17 1.0804762 191.43 901 0.9920215 175.76 4/30/2011 211.63 1.0776952 228.07 871 0.9916242 209.86 5/5/2011 7,875.00 1.0772324 8,483.21 866 0.9915580 7,808.52 5/12/2011 100,195.94 1.0765848 107,869.43 859 0.9914654 99,340.80 5/26/2011 1,268.76 1.0752908 1,364.29 845 0.9912801 1,257.70 5/31/2011 200.62 1.0749214 215.65 841 0.9912271 198.86 6/30/2011 19,638.32 1.0721546 21,055.32 811 0.9908302 19,458.24 6/30/2011 178.58 1.0721546 191.47 811 0.9908302 176.94 7/7/2011 11,500.00 1.0715101 12,322.37 804 0.9907376 11,393.48 7/21/2011 832.50 1.0702222 890.96 790 0.9905524 824.63 7/31/2011 172.78 1.0693950 184.77 781 0.9904334 171.13 8/31/2011 128.47 1.0666425 137.03 751 0.9900368 127.19 9/30/2011 163.32 1.0638971 173.76 721 0.9896403 161.63 10/20/2011 52,361.88 1.0620708 55,612.02 701 0.9893761 51,805.59 111812013 -9- Cd1mom & Bell, AC. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Date Net Investment Activity Arbitrage Future Value Factor @ 3.116675% Rebate Computation Future Value to Number 10/1/2013 of Days Investment Yield Present Value Present Factor @ Value to 0.481210% 7/30/2009 10/31/2011 136.29 1.0611588 144.63 691 0.9892440 134.82 11/30/2011 186.36 1.0584275 197.25 661 0.9888479 184.28 12/8/2011 267.76 1.0577003 283.21 653 0.9887423 264.75 12/31/2011 53.18 1.0557032 56.14 631 0.9884519 52.57 12/31/2011 105.16 1.0557032 111.02 631 0.9884519 103.95 12/31/2011 189.35 1.0557032 199.90 631 0.9884519 187.16 1/12/2012 55,000.00 1.0546155 58,003.85 619 0.9882936 54,356.15 1/26/2012 2,140.00 1.0533479 2,254.16 605 0.9881089 2,114.55 1/31/2012 143.01 1.0529860 150.59 601 0.9880561 141.30 2/29/2012 133.00 1.0502757 139.69 571 0.9876736 131.36 3/31/2012 141.70 1.0475724 148.44 541 0.9872649 139.90 4/30/2012 150.56 1.0448761 157.32 511 0.9868696 148.58 5/31/2012 155.58 1.0421867 162.14 481 0.9864744 153.48 6/28/2012 67,600.00 1.0396829 70,282.56 453 0.9861057 66,660.75 6/30/2012 140.16 1.0395042 145.70 451 0.9860794 138.21 7/12/2012 229.50 1.0384332 238.32 439 0.9859214 226.27 7/31/2012 128.46 1.0368287 133.19 421 0.9856845 126.62 8/31/2012 118.75 1.0341600 122.81 391 0.9852898 117.00 9/30/2012 133.26 1.0314982 137.46 361 0.9848952 131.25 10/25/2012 55,000.00 1.0292853 56,610.69 336 0.9845666 54,151.16 10/30/2012 139.99 1.0288432 144.03 331 0.9845008 137.82 11/8/2012 164.00 1.0281364 168.61 323 0.9843957 161.44 11/15/2012 32,065.07 1.0275183 32,947.45 316 0.9843037 31,561.77 11/29/2012 53,052.05 1.0262833 54,446.43 302 0.9841197 52,209.57 11/30/2012 130.17 1.0261951 133.58 301 0.9841066 128.10 12/13/2012 370.00 1.0250497 379.27 288 0.9839358 364.06 12/31/2012 111.65 1.0235538 114.28 271 0.9837125 109.83 1/17/2013 5,312.78 1.0220601 5,429.98 254 0.9834893 5,225.06 1/31/2013 93.77 1.0209193 95.73 241 0.9833186 92.21 2/28/2013 75.95 1.0182916 77.34 211 0.9829511 74.66 3/31/2013 92.70 1.0156706 94.15 181 0.9825312 91.08 4/30/2013 62.97 1.0130564 63.79 151 0.9821378 61.85 5/31/2013 53.78 1.0104489 54.34 121 0.9817445 52.80 6/30/2013 42.56 1.0078481 42.89 91 0.9813513 41.77 7/18/2013 98.00 1.0062909 98.62 73 0.9811155 96.15 7/31/2013 40.11 1.0052541 40.32 61 0.9809583 39.35 8/22/2013 1,250.00 1.0033560 1,254.19 39 0.9806703 1,225.84 8/30/2013 42.22 1.0026667 42.33 31 0.9805655 41.40 9/30/2013 54.16 1.0000859 54.16 1 0.9801729 53.09 111812013 -10- Cd1mom & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A 31,420.17 (188,386.87) (0.00) Summary of: Fund 783 - South Ninth Phase IV Arbitrage Rebate Amount: $ (188,386.87) Total Investment Earnings: Investment Yield: Average Amount Invested: Total Time Invested: 31,420.17 0.4812% $ 1,566,014 4.17 years 111812013 - 11- Gilmour & BeB P. C. Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2013 of Days 0.481210% 7/30/2009 10/1/2013 348,491.89 1.0000000 348,491.89 - 0.9801598 341,577.73 31,420.17 (188,386.87) (0.00) Summary of: Fund 783 - South Ninth Phase IV Arbitrage Rebate Amount: $ (188,386.87) Total Investment Earnings: Investment Yield: Average Amount Invested: Total Time Invested: 31,420.17 0.4812% $ 1,566,014 4.17 years 111812013 - 11- Gilmour & BeB P. C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Cash and Investment Activity Imputed Interest Calculation Total Relevant Relevant Days Cash Transactions Investments Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings 7/30/2009 1,366,187.00 1,019,738.00 346,449.00 346,449.00 346,449.00 1.1030% - - 7/31/2009 10.47 10.47 346,449.00 346,449.00 1.1030% 346,449.00 1 10.47 8/31/2009 308.26 308.26 346,449.00 346,449.00 1.0476% 346,449.00 31 308.26 9/10/2009 61,124.00 61,124.00 285,325.00 285,325.00 0.9655% 346,449.00 10 91.64 9/30/2009 242.59 242.59 285,325.00 285,325.00 0.9655% 285,325.00 20 150.95 10/8/2009 156,747.00 156,747.00 128,578.00 128,578.00 1.0883% 285,325.00 8 68.06 10/31/2009 156.24 156.24 128,578.00 128,578.00 1.0883% 128,578.00 23 88.18 11/30/2009 61.02 61.02 128,578.00 128,578.00 0.5774% 128,578.00 30 61.02 12/31/2009 33.90 33.90 128,578.00 128,578.00 0.3104% 128,578.00 31 33.90 1/31/2010 37.73 37.73 128,578.00 128,578.00 0.3455% 128,578.00 31 37.73 2/28/2010 30.10 30.10 128,578.00 128,578.00 0.3052% 128,578.00 28 30.10 3/31/2010 33.47 33.47 128,578.00 128,578.00 0.3065% 128,578.00 31 33.47 4/30/2010 35.55 35.55 128,578.00 128,578.00 0.3364 % 128,578.00 30 35.55 5/31/2010 35.88 35.88 128,578.00 128,578.00 0.3286% 128,578.00 31 35.88 6/30/2010 32.12 32.12 128,578.00 128,578.00 0.3039% 128,578.00 30 32.12 7/16/2010 128,578.00 128,578.00 - - 0.3015% 128,578.00 16 16.99 7/31/2010 16.99 - 16.99 0.3015% - - Totals 1,366,187.00 1,367,221.32 346,449.00 346,449.00 1,034.32 1,034.32 Cash Out Less Cash In: 1,034.32 Investment Receipts minus Purchases: - 111812013 -12- Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Date Net Investment Activity Arbitrage Rebate Computation Future Value Future Factor @ Value to Number 3.116675% 10/1/2013 of Days Investment Yield Present Value Present Factor @ Value to 0.648008% 7/30/2009 7/30/2009 (346,449.00) 1.1376286 (394,130.29) 1,501 1.0000000 (346,449.00) 7/31/2009 10.47 1.1376286 11.91 1,501 1.0000000 10.47 8/31/2009 308.26 1.1347005 349.78 1,471 0.9994610 308.09 9/10/2009 61,124.00 1.1337261 69,297.87 1,461 0.9992814 61,080.08 9/30/2009 242.59 1.1317799 274.56 1,441 0.9989223 242.33 10/8/2009 156,747.00 1.1310023 177,281.22 1,433 0.9987787 156,555.57 10/31/2009 156.24 1.1288668 176.37 1,411 0.9983 83 9 155.99 11/30/2009 61.02 1.1259612 68.71 1,381 0.9978458 60.89 12/31/2009 33.90 1.1230631 38.07 1,351 0.9973080 33.81 1/31/2010 37.73 1.1201725 42.26 1,321 0.9967704 37.61 2/28/2010 30.10 1.1172893 33.63 1,291 0.9962690 29.99 3/31/2010 33.47 1.1144136 37.30 1,261 0.9956962 33.33 4/30/2010 35.55 1.1115452 39.52 1,231 0.9951596 35.38 5/31/2010 35.88 1.1086842 39.78 1,201 0.9946232 35.69 6/30/2010 32.12 1.1058306 35.52 1,171 0.9940871 31.93 7/16/2010 128,578.00 1.1043117 141,990.18 1,155 0.9938013 127,780.98 7/31/2010 16.99 1.1029843 18.74 1,141 0.9935513 16.88 1,034.32 (4,394.85) (0.00) Summary of: Fund 792 - Energy Project Arbitrage Rebate Amount: $ (4,394.85) Total Investment Earnings: 1,034.32 Investment Yield: 0.6480% Average Amount Invested: $ 159,615 Total Time Invested: 1.00 years 111812013 -13- Cd1mom & Bell, AC. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A 111812013 -14- Gilmore & Bell, P. C. Cash and Investment Activity Imputed Interest Calculation Total Relevant Relevant Days Cash Transactions Investments Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings 7/30/2009 11,519,022.57 1,046,728.28 10,472,294.29 10,472,294.29 10,472,294.29 1.1030% 7/30/2009 12,110.97 12,110.97 10,460,183.32 10,460,183.32 1.1030% - 7/31/2009 316.09 316.09 10,460,183.32 10,460,183.32 1.1030% 10,460,183.32 1 316.09 8/13/2009 499,945.17 499,945.17 9,960,238.15 9,960,238.15 1.0476% 10,460,183.32 13 3,902.99 8/20/2009 5,915.00 5,915.00 9,954,323.15 9,954,323.15 1.0476% 9,960,238.15 7 2,001.16 8/31/2009 9,046.97 9,046.97 9,954,323.15 9,954,323.15 1.0476% 9,954,323.15 11 3,142.82 9/17/2009 1,003,459.64 1,003,459.64 8,950,863.51 8,950,863.51 0.9655% 9,954,323.15 17 4,476.26 9/30/2009 7,554.22 7,554.22 8,950,863.51 8,950,863.51 0.9655% 8,950,863.51 13 3,077.96 10/8/2009 28,640.56 28,640.56 8,922,222.95 8,922,222.95 1.0883% 8,950,863.51 8 2,135.08 10/15/2009 1,164,365.08 1,164,365.08 7,757,857.87 7,757,857.87 1.0883% 8,922,222.95 7 1,862.22 10/22/2009 3,000.00 3,000.00 7,754,857.87 7,754,857.87 1.0883% 7,757,857.87 7 1,619.20 10/30/2009 7,466.29 7,466.29 7,754,857.87 7,754,857.87 1.0883% 7,754,857.87 8 1,849.79 11/12/2009 1,877,980.13 1,877,980.13 5,876,877.74 5,876,877.74 0.5774% 7,754,857.87 13 1,594.70 11/30/2009 3,268.03 3,268.03 5,876,877.74 5,876,877.74 0.5774% 5,876,877.74 18 1,673.33 12/3/2009 2,000.00 2,000.00 5,874,877.74 5,874,877.74 0.3104% 5,876,877.74 3 149.94 12/10/2009 763,051.01 763,051.01 5,111,826.73 5,111,826.73 0.3104% 5,874,877.74 7 349.74 12/31/2009 1,412.61 1,412.61 5,111,826.73 5,111,826.73 0.3104% 5,111,826.73 21 912.93 1/14/2010 438,860.73 438,860.73 4,672,966.00 4,672,966.00 0.3455% 5,111,826.73 14 677.50 1/31/2010 1,429.55 1,429.55 4,672,966.00 4,672,966.00 0.3455% 4,672,966.00 17 752.05 2/11/2010 622,529.61 622,529.61 4,050,436.39 4,050,436.39 0.3052% 4,672,966.00 11 429.74 2/25/2010 16,500.00 16,500.00 4,033,936.39 4,033,936.39 0.3052% 4,050,436.39 14 474.08 2/28/2010 1,004.99 1,004.99 4,033,936.39 4,033,936.39 0.3052% 4,033,936.39 3 101.17 3/11/2010 5,000.00 5,000.00 4,028,936.39 4,028,936.39 0.3065% 4,033,936.39 11 372.60 3/18/2010 395,596.69 395,596.69 3,633,339.70 3,633,339.70 0.3065% 4,028,936.39 7 236.82 3/31/2010 1,006.04 1,006.04 3,633,339.70 3,633,339.70 0.3065% 3,633,339.70 13 396.62 4/8/2010 645,409.03 645,409.03 2,987,930.67 2,987,930.67 0.3364% 3,633,339.70 8 267.90 4/30/2010 873.76 873.76 2,987,930.67 2,987,930.67 0.3364% 2,987,930.67 22 605.86 5/13/2010 701,544.97 701,544.97 2,286,385.70 2,286,385.70 0.3286% 2,987,930.67 13 349.69 5/31/2010 720.20 720.20 2,286,385.70 2,286,385.70 0.3286% 2,286,385.70 18 370.51 6/10/2010 46,666.00 46,666.00 2,239,719.70 2,239,719.70 0.3039% 2,286,385.70 10 190.38 6/17/2010 908,771.25 908,771.25 1,330,948.45 1,330,948.45 0.3039% 2,239,719.70 7 130.55 6/30/2010 465.00 465.00 1,330,948.45 1,330,948.45 0.3039% 1,330,948.45 13 144.07 7/1/2010 3,512.50 3,512.50 1,327,435.95 1,327,435.95 0.3015% 1,330,948.45 1 10.99 7/8/2010 18,700.00 18,700.00 1,308,735.95 1,308,735.95 0.3015% 1,327,435.95 7 76.74 7/15/2010 800.05 800.05 1,307,935.90 1,307,935.90 0.3015% 1,308,735.95 7 75.66 7/31/2010 336.22 336.22 1,307,935.90 1,307,935.90 0.3015% 1,307,935.90 16 172.83 8/5/2010 865,740.15 865,740.15 442,195.75 442,195.75 0.2875 %0 1,307,935.90 5 51.51 8/12/2010 1,279.69 1,279.69 440,916.06 440,916.06 0.2875% 442,195.75 7 24.38 8/19/2010 22.11 22.11 440,893.95 440,893.95 0.2875% 440,916.06 7 24.31 8/31/2010 141.87 141.87 440,893.95 440,893.95 0.2875% 440,893.95 12 41.67 111812013 -14- Gilmore & Bell, P. C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A 111812013 -15- Gilmore & Bell, P.C. Cash and Investment Activity I Imputed Interest Calculation Total Relevant Relevant Days Cash Transactions Investments Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings 9/23/2010 665.72 665.72 440,228.23 440,228.23 0.2945% 440,893.95 23 81.82 9/30/2010 770.00 770.00 439,458.23 439,458.23 0.2945% 440,228.23 7 24.86 9/30/2010 106.68 106.68 439,458.23 439,458.23 0.2945% - - 10/7/2010 298.50 298.50 439,159.73 439,159.73 0.2996% 439,458.23 7 25.25 10/14/2010 3,700.39 3,700.39 435,459.34 435,459.34 0.2996% 439,159.73 7 25.23 10/21/2010 124.72 124.72 435,334.62 435,334.62 0.2996 % 435,459.34 7 25.02 10/28/2010 1,183.75 1,183.75 434,150.87 434,150.87 0.2996 % 435,334.62 7 25.01 10/31/2010 111.20 111.20 434,150.87 434,150.87 0.2996% 434,150.87 3 10.69 11/4/2010 87,564.00 87,564.00 346,586.87 346,586.87 0.2616% 434,150.87 4 12.44 11/4/2010 4,063.12 4,063.12 342,523.75 342,523.75 0.2616% - - 11/10/2010 146,719.03 146,719.03 195,804.72 195,804.72 0.2616% 342,523.75 6 14.73 11/18/2010 207.60 207.60 195,597.12 195,597.12 0.2616% 195,804.72 8 11.23 11/30/2010 55.22 55.22 195,597.12 195,597.12 0.2616% 195,597.12 12 16.82 12/16/2010 12.77 12.77 195,584.35 195,584.35 0.2399% 195,597.12 16 20.57 12/31/2010 39.85 39.85 195,584.35 195,584.35 0.2399% 195,584.35 15 19.28 1/31/2011 37.64 37.64 195,584.35 195,584.35 0.2266% 195,584.35 31 37.64 2/28/2011 34.87 34.87 195,584.35 195,584.35 0.2324% 195,584.35 28 34.87 3/31/2011 38.42 38.42 195,584.35 195,584.35 0.2313 % 195,584.35 31 38.42 4/30/2011 50.80 50.80 195,584.35 195,584.35 0.3160% 195,584.35 30 50.80 5/31/2011 52.55 52.55 195,584.35 195,584.35 0.3164% 195,584.35 31 52.55 6/9/2011 2,256.67 2,256.67 193,327.68 193,327.68 0.3080% 195,584.35 9 14.85 6/16/2011 2,329.20 2,329.20 190,998.48 190,998.48 0.3080% 193,327.68 7 11.42 6/23/2011 2,868.19 2,868.19 188,130.29 188,130.29 0.3080 % 190,998.48 7 11.28 6/30/2011 48.66 48.66 188,130.29 188,130.29 0.3080% 188,130.29 7 11.11 7/28/2011 1,100.00 1,100.00 187,030.29 187,030.29 0.3006% 188,130.29 28 43.39 7/31/2011 48.01 48.01 187,030.29 187,030.29 0.3006% 187,030.29 3 4.62 8/4/2011 4,402.81 4,402.81 182,627.48 182,627.48 0.2246% 187,030.29 4 4.60 8/31/2011 34.94 34.94 182,627.48 182,627.48 0.2246% 182,627.48 27 30.34 9/1/2011 3,667.52 3,667.52 178,959.96 178,959.96 0.2950% 182,627.48 1 1.48 9/30/2011 43.43 43.43 178,959.96 178,959.96 0.2950% 178,959.96 29 41.95 10/20/2011 578.36 578.36 178,381.60 178,381.60 0.2450% 178,959.96 20 24.02 10/31/2011 37.19 37.19 178,381.60 178,381.60 0.2450% 178,381.60 11 13.17 11/30/2011 53.51 53.51 178,381.60 178,381.60 0.3650% 178,381.60 30 53.51 12/31/2011 54.39 54.39 178,381.60 178,381.60 0.3590% 178,381.60 31 54.39 1/31/2012 43.48 43.48 178,381.60 178,381.60 0.2870% 178,381.60 31 43.48 2/29/2012 42.09 42.09 178,381.60 178,381.60 0.2970 % 178,381.60 29 42.09 3/8/2012 30,450.00 30,450.00 147,931.60 147,931.60 0.2960% 178,381.60 8 11.57 3/31/2012 39.16 39.16 147,931.60 147,931.60 0.2960% 147,931.60 23 27.59 4/30/2012 39.52 39.52 147,931.60 147,931.60 0.3250% 147,931.60 30 39.52 5/10/2012 1,160.00 1,160.00 146,771.60 146,771.60 0.3250% 147,931.60 10 13.17 111812013 -15- Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Cash and Investment Activity I Imputed Interest Calculation Totals 11,519,022.57 11,555,517.07 10,472,294.29 10,472,294.29 36,494.50 36,494.50 Cash Out Less Cash In: 36,494.50 111812013 -16- Gilmore & Bell, P.C. Total Relevant Relevant Days Cash Transactions Investments Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings 5/24/2012 97.54 97.54 146,674.06 146,674.06 0.3250% 146,771.60 14 18.30 5/31/2012 9,762.11 9,762.11 136,911.95 136,911.95 0.3250% 146,674.06 7 9.14 5/31/2012 40.61 40.61 136,911.95 136,911.95 0.3250% - - 6/7/2012 112.50 112.50 136,799.45 136,799.45 0.3050% 136,911.95 7 8.01 6/14/2012 1,052.00 1,052.00 135,747.45 135,747.45 0.3050% 136,799.45 7 8.00 6/21/2012 6,083.28 6,083.28 129,664.17 129,664.17 0.3050 % 135,747.45 7 7.94 6/30/2012 33.70 33.70 129,664.17 129,664.17 0.3050 % 129,664.17 9 9.75 7/12/2012 4,040.50 4,040.50 125,623.67 125,623.67 0.3050% 129,664.17 12 13.00 7/19/2012 6,400.00 6,400.00 119,223.67 119,223.67 0.3050% 125,623.67 7 7.35 7/31/2012 32.31 32.31 119,223.67 119,223.67 0.3050% 119,223.67 12 11.96 8/2/2012 1,434.02 1,434.02 117,789.65 117,789.65 0.2820% 119,223.67 2 1.84 8/9/2012 1,725.25 1,725.25 116,064.40 116,064.40 0.2820% 117,789.65 7 6.37 8/31/2012 27.94 27.94 116,064.40 116,064.40 0.2820% 116,064.40 22 19.73 9/30/2012 31.19 31.19 116,064.40 116,064.40 0.3270% 116,064.40 30 31.19 10/18/2012 600.00 600.00 115,464.40 115,464.40 0.3500% 116,064.40 18 20.03 10/25/2012 1,004.00 1,004.00 114,460.40 114,460.40 0.3500% 115,464.40 7 7.75 10/31/2012 34.37 34.37 114,460.40 114,460.40 0.3500% 114,460.40 6 6.59 11/8/2012 210.00 210.00 114,250.40 114,250.40 0.3720% 114,460.40 8 9.33 11/15/2012 633.83 633.83 113,616.57 113,616.57 0.3720% 114,250.40 7 8.15 11/30/2012 34.85 34.85 113,616.57 113,616.57 0.3720% 113,616.57 15 17.37 12/31/2012 34.55 34.55 113,616.57 113,616.57 0.3580% 113,616.57 31 34.55 1/31/2013 30.20 30.20 113,616.57 113,616.57 0.3130% 113,616.57 31 30.20 2/28/2013 24.67 24.67 113,616.57 113,616.57 0.2830 % 113,616.57 28 24.67 3/21/2013 5,352.86 5,352.86 108,263.71 108,263.71 0.3120% 113,616.57 21 20.39 3/31/2013 29.64 29.64 108,263.71 108,263.71 0.3120% 108,263.71 10 9.25 4/25/2013 1,945.00 1,945.00 106,318.71 106,318.71 0.2190% 108,263.71 25 16.24 4/30/2013 19.43 19.43 106,318.71 106,318.71 0.2190% 106,318.71 5 3.19 5/30/2013 4,036.32 4,036.32 102,282.39 102,282.39 0.1810% 106,318.71 30 15.82 5/31/2013 16.33 16.33 102,282.39 102,282.39 0.1810% 102,282.39 1 0.51 6/30/2013 12.44 12.44 102,282.39 102,282.39 0.1480% 102,282.39 30 12.44 7/11/2013 1,555.00 1,555.00 100,727.39 100,727.39 0.1350% 102,282.39 11 4.16 7/31/2013 11.61 11.61 100,727.39 100,727.39 0.1350% 100,727.39 20 7.45 8/29/2013 6,780.00 6,780.00 93,947.39 93,947.39 0.1470% 100,727.39 29 11.76 8/30/2013 12.14 12.14 93,947.39 93,947.39 0.1470 %0 93,947.39 1 0.38 9/30/2013 14.60 14.60 93,947.39 93,947.39 0.1830% 93,947.39 31 14.60 10/1/2013 93,947.86 93,947.39 0.47 - - 0.1830% 93,947.39 1 0.47 Totals 11,519,022.57 11,555,517.07 10,472,294.29 10,472,294.29 36,494.50 36,494.50 Cash Out Less Cash In: 36,494.50 111812013 -16- Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Cash and Investment Activity I Imputed Interest Calculation Total Relevant Relevant Cash Transactions Investments Cash and Investment Invested Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance Investment Receipts minus Purchases: Days Invested Imputed (Actual) Earnings 111812013 -17- Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2013 of Days 0.638628% 7/30/2009 7/30/2009 (10,472,294.29) 1.1376286 (11,913,581.34) 1,501 1.0000000 (10,472,294.29) 7/30/2009 12,110.97 1.1376286 13,777.79 1,501 1.0000000 12,110.97 7/31/2009 316.09 1.1376286 359.59 1,501 1.0000000 316.09 8/13/2009 499,945.17 1.1363588 568,117.10 1,488 0.9997698 499,830.07 8/20/2009 5,915.00 1.1356757 6,717.52 1,481 0.9996458 5,912.91 8/31/2009 9,046.97 1.1347005 10,265.60 1,471 0.9994688 9,042.16 9/17/2009 1,003,459.64 1.1330445 1,136,964.47 1,454 0.9991679 1,002,624.67 9/30/2009 7,554.22 1.1317799 8,549.71 1,441 0.9989379 7,546.20 10/8/2009 28,640.56 1.1310023 32,392.54 1,433 0.9987964 28,606.09 10/15/2009 1,164,365.08 1.1303224 1,316,107.94 1,426 0.9986725 1,162,819.42 10/22/2009 3,000.00 1.1296429 3,388.93 1,419 0.9985487 2,995.65 10/30/2009 7,466.29 1.1288668 8,428.45 1,411 0.9984072 7,454.40 11/12/2009 1,877,980.13 1.1277037 2,117,805.11 1,399 0.9981951 1,874,590.51 11/30/2009 3,268.03 1.1259612 3,679.68 1,381 0.9978769 3,261.09 12/3/2009 2,000.00 1.1256711 2,251.34 1,378 0.9978239 1,995.65 12/10/2009 763,051.01 1.1249944 858,428.10 1,371 0.9977002 761,296.12 12/31/2009 1,412.61 1.1230631 1,586.45 1,351 0.9973468 1,408.86 1/14/2010 438,860.73 1.1217133 492,275.90 1,337 0.9970995 437,587.83 1/31/2010 1,429.55 1.1201725 1,601.34 1,321 0.9968170 1,425.00 2/11/2010 622,529.61 1.1191145 696,681.90 1,310 0.9966228 620,427.23 2/25/2010 16,500.00 1.1177693 18,443.19 1,296 0.9963757 16,440.20 2/28/2010 1,004.99 1.1172893 1,122.86 1,291 0.9963228 1,001.29 3/11/2010 5,000.00 1.1162340 5,581.17 1,280 0.9960934 4,980.47 3/18/2010 395,596.69 1.1155630 441,313.02 1,273 0.9959699 394,002.41 3/31/2010 1,006.04 1.1144136 1,121.14 1,261 0.9957583 1,001.77 4/8/2010 645,409.03 1.1136479 718,758.43 1,253 0.9956172 642,580.34 4/30/2010 873.76 1.1115452 971.22 1,231 0.9952293 869.59 5/13/2010 701,544.97 1.1103045 778,928.55 1,218 0.9950002 698,037.40 5/31/2010 720.20 1.1086842 798.47 1,201 0.9947007 716.38 6/10/2010 46,666.00 1.1077322 51,693.43 1,191 0.9945245 46,410.48 6/17/2010 908,771.25 1.1070662 1,006,069.98 1,184 0.9944012 903,683.24 6/30/2010 465.00 1.1058306 514.21 1,171 0.9941723 462.29 7/1/2010 31512.50 1.1057356 3,883.90 1,170 0.9941547 3,491.97 7/8/2010 18,700.00 1.1050709 20,664.82 1,163 0.9940314 18,588.39 7/15/2010 800.05 1.1044065 883.58 1,156 0.9939082 795.18 7/31/2010 336.22 1.1029843 370.85 1,141 0.9936442 334.08 8/5/2010 865,740.15 1.1025106 954,487.72 1,136 0.9935562 860,161.49 8/12/2010 1,279.69 1.1018478 1,410.02 1,129 0.9934330 1,271.29 8/19/2010 22.11 1.1011854 24.35 1,122 0.9933099 21.96 8/31/2010 141.87 1.1001453 156.08 1,111 0.9931164 140.89 111812013 -18- Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Date Net Investment Activity Arbitrage Rebate Computation Future Value Future Factor @ Value to Number 3.116675% 10/1/2013 of Days Investment Yield Present Value Present Factor @ Value to 0.638628% 7/30/2009 9/23/2010 665.72 1.0979738 730.94 1,088 0.9927119 660.87 9/30/2010 770.00 1.0973137 844.93 1,081 0.9925888 764.29 9/30/2010 106.68 1.0973137 117.06 1,081 0.9925888 105.89 10/7/2010 298.50 1.0966540 327.35 1,074 0.9924658 296.25 10/14/2010 3,700.39 1.0959948 4,055.61 1,067 0.9923427 3,672.06 10/21/2010 124.72 1.0953359 136.61 1,060 0.9922197 123.75 10/28/2010 1,183.75 1.0946774 1,295.82 1,053 0.9920967 1,174.39 10/31/2010 111.20 1.0944893 121.71 1,051 0.9920616 110.32 11/4/2010 87,564.00 1.0941133 95,804.94 1,047 0.9919913 86,862.72 11/4/2010 4,063.12 1.0941133 4,445.51 1,047 0.9919913 4,030.58 11/10/2010 146,719.03 1.0935495 160,444.52 1,041 0.9918859 145,528.53 11/18/2010 207.60 1.0927982 226.86 1,033 0.9917453 205.89 11/30/2010 55.22 1.0916723 60.28 1,021 0.9915346 54.75 12/16/2010 12.77 1.0901728 13.92 1,005 0.9912536 12.66 12/31/2010 39.85 1.0888624 43.39 991 0.9910079 39.49 1/31/2011 37.64 1.0860598 40.88 961 0.9904814 37.28 2/28/2011 34.87 1.0832644 37.77 931 0.9899904 34.52 3/31/2011 38.42 1.0804762 41.51 901 0.9894294 38.01 4/30/2011 50.80 1.0776952 54.75 871 0.9889038 50.24 5/31/2011 52.55 1.0749214 56.49 841 0.9883785 51.94 6/9/2011 2,256.67 1.0740906 2,423.87 832 0.9882210 2,230.09 6/16/2011 2,329.20 1.0734449 2,500.27 825 0.9880985 2,301.48 6/23/2011 2,868.19 1.0727996 3,076.99 818 0.9879760 2,833.70 6/30/2011 48.66 1.0721546 52.17 811 0.9878535 48.07 7/28/2011 1,100.00 1.0695788 1,176.54 783 0.9873637 1,086.10 7/31/2011 48.01 1.0693950 51.34 781 0.9873288 47.40 8/4/2011 41402.81 1.0690276 4,706.73 777 0.9872588 4,346.71 8/31/2011 34.94 1.0666425 37.27 751 0.9868043 34.48 9/1/2011 31667.52 1.0665509 3,911.60 750 0.9867868 3,619.06 9/30/2011 43.43 1.0638971 46.21 721 0.9862801 42.83 10/20/2011 578.36 1.0620708 614.26 701 0.9859308 570.22 10/31/2011 37.19 1.0611588 39.46 691 0.9857562 36.66 11/30/2011 53.51 1.0584275 56.64 661 0.9852326 52.72 12/31/2011 54.39 1.0557032 57.42 631 0.9847092 53.56 1/31/2012 43.48 1.0529860 45.78 601 0.9841861 42.79 2/29/2012 42.09 1.0502757 44.21 571 0.9836807 41.40 3/8/2012 30,450.00 1.0495541 31,958.92 563 0.9835240 29,948.30 3/31/2012 39.16 1.0475724 41.02 541 0.9831408 38.50 4/30/2012 39.52 1.0448761 41.29 511 0.9826186 38.83 5/10/2012 1,160.00 1.0439789 1,211.02 501 0.9824445 1,139.64 111812013 -19- Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A 36,494.50 (157,309.78) (0.00) 111812013 -20- Gilmore & Bell, AC. Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2013 of Days 0.638628% 7/30/2009 5/24/2012 97.54 1.0427240 101.71 487 0.9822010 95.80 5/31/2012 9,762.11 1.0421867 10,173.94 481 0.9820966 9,587.33 5/31/2012 40.61 1.0421867 42.32 481 0.9820966 39.88 6/7/2012 112.50 1.0415602 117.18 474 0.9819748 110.47 6/14/2012 1,052.00 1.0409340 1,095.06 467 0.9818531 1,032.91 6/21/2012 6,083.28 1.0403083 6,328.49 460 0.9817314 5,972.15 6/30/2012 33.70 1.0395042 35.03 451 0.9815749 33.08 7/12/2012 4,040.50 1.0384332 4,195.79 439 0.9813663 3,965.21 7/19/2012 6,400.00 1.0378089 6,641.98 432 0.9812446 6,279.97 7/31/2012 32.31 1.0368287 33.50 421 0.9810535 31.70 8/2/2012 1,434.02 1.0366506 1,486.58 419 0.9810187 1,406.80 8/9/2012 1,725.25 1.0360274 1,787.41 412 0.9808971 1,692.29 8/31/2012 27.94 1.0341600 28.89 391 0.9805323 27.40 9/30/2012 31.19 1.0314982 32.17 361 0.9800115 30.57 10/18/2012 600.00 1.0299044 617.94 343 0.9796991 587.82 10/25/2012 1,004.00 1.0292853 1,033.40 336 0.9795776 983.50 10/31/2012 34.37 1.0288432 35.36 331 0.9794909 33.67 11/8/2012 210.00 1.0281364 215.91 323 0.9793521 205.66 11/15/2012 633.83 1.0275183 651.27 316 0.9792307 620.67 11/30/2012 34.85 1.0261951 35.76 301 0.9789706 34.12 12/31/2012 34.55 1.0235538 35.36 271 0.9784506 33.81 1/31/2013 30.20 1.0209193 30.83 241 0.9779308 29.53 2/28/2013 24.67 1.0182916 25.12 211 0.9774460 24.11 3/21/2013 5,352.86 1.0164562 5,440.95 190 0.9770479 5,230.00 3/31/2013 29.64 1.0156706 30.10 181 0.9768921 28.96 4/25/2013 1,945.00 1.0134916 1,971.24 156 0.9764597 1,899.21 4/30/2013 19.43 1.0130564 19.68 151 0.9763732 18.97 5/30/2013 4,036.32 1.0104489 4,078.50 121 0.9758546 3,938.86 5/31/2013 16.33 1.0104489 16.50 121 0.9758546 15.94 6/30/2013 12.44 1.0078481 12.54 91 0.9753362 12.13 7/11/2013 1,555.00 1.0068962 1,565.72 80 0.9751462 1,516.35 7/31/2013 11.61 1.0052541 11.67 61 0.9748181 11.32 8/29/2013 6,780.00 1.0027528 6,798.66 32 0.9743175 6,605.87 8/30/2013 12.14 1.0026667 12.17 31 0.9743003 11.83 9/30/2013 14.60 1.0000859 14.60 1 0.9737827 14.22 10/1/2013 93,947.86 1.0000000 93,947.86 - 0.9737655 91,483.18 36,494.50 (157,309.78) (0.00) 111812013 -20- Gilmore & Bell, AC. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Summary of: Fund 794 - Aquatics Facility Arbitrage Rebate Amount: $ (157,309.78) Total Investment Earnings: 36,494.50 Investment Yield: 0.6386% Average Amount Invested: $ 1,370,571 Total Time Invested: 4.17 years 111812013 -21- Gilmore & Bell, AC. Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2013 of Days 0.638628% 7/30/2009 Summary of: Fund 794 - Aquatics Facility Arbitrage Rebate Amount: $ (157,309.78) Total Investment Earnings: 36,494.50 Investment Yield: 0.6386% Average Amount Invested: $ 1,370,571 Total Time Invested: 4.17 years 111812013 -21- Gilmore & Bell, AC. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Cash and Investment Activity Imputed Interest Calculation Total Relevant Relevant Days Cash Transactions Investments Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings 7/30/2009 882,500.00 882,500.00 882,500.00 882,500.00 1.1030% - - 7/31/2009 26.67 26.67 882,500.00 882,500.00 1.1030% 882,500.00 1 26.67 8/31/2009 785.22 785.22 882,500.00 882,500.00 1.0476% 882,500.00 31 785.22 9/30/2009 700.31 700.31 882,500.00 882,500.00 0.9655% 882,500.00 30 700.31 10/31/2009 815.71 815.71 882,500.00 882,500.00 1.0883% 882,500.00 31 815.71 11/30/2009 418.79 418.79 882,500.00 882,500.00 0.5774% 882,500.00 30 418.79 12/31/2009 232.66 232.66 882,500.00 882,500.00 0.3104% 882,500.00 31 232.66 1/31/2010 258.99 258.99 882,500.00 882,500.00 0.3455% 882,500.00 31 258.99 2/28/2010 206.58 206.58 882,500.00 882,500.00 0.3052% 882,500.00 28 206.58 3/31/2010 229.72 229.72 882,500.00 882,500.00 0.3065% 882,500.00 31 229.72 4/30/2010 244.01 244.01 882,500.00 882,500.00 0.3364% 882,500.00 30 244.01 5/31/2010 246.29 246.29 882,500.00 882,500.00 0.3286% 882,500.00 31 246.29 6/30/2010 220.45 220.45 882,500.00 882,500.00 0.3039% 882,500.00 30 220.45 7/31/2010 225.94 225.94 882,500.00 882,500.00 0.3015% 882,500.00 31 225.94 8/19/2010 538,641.00 538,641.00 343,859.00 343,859.00 0.2875% 882,500.00 19 132.06 8/31/2010 164.56 164.56 343,859.00 343,859.00 0.2875% 343,859.00 12 32.50 9/30/2010 83.24 83.24 343,859.00 343,859.00 0.2945% 343,859.00 30 83.24 10/18/2010 321,526.00 321,526.00 22,333.00 22,333.00 0.2996% 343,859.00 18 50.80 10/31/2010 53.18 53.18 22,333.00 22,333.00 0.2996% 22,333.00 13 2.38 11/30/2010 4.80 4.80 22,333.00 22,333.00 0.2616% 22,333.00 30 4.80 12/31/2010 4.55 4.55 22,333.00 22,333.00 0.2399% 22,333.00 31 4.55 1/31/2011 4.30 4.30 22,333.00 22,333.00 0.2266% 22,333.00 31 4.30 2/28/2011 3.98 - 3.98 22,333.00 22,333.00 0.2324% 22,333.00 28 3.98 3/28/2011 22,333.00 3.96 22,333.00 3.96 - 3.96 0.2313% 22,333.00 28 3.96 3/31/2011 - 3.96 - 3.96 0.2313% - - Totals 882,500.00 887,429.95 882,500.00 882,500.00 4,933.91 4,933.91 Cash Out Less Cash In: 4,929.95 Investment Receipts minus Purchases: - 111812013 -22- CdImore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A 4,933.91 (28,873.60) (0.00) Summary of: Fund 723 - Fire Truck Arbitrage Rebate Amount: $ (28,873.60) Total Investment Earnings: 4,933.91 Investment Yield: 0.4966% Average Amount Invested: $ 596,116 Total Time Invested: 1.67 years 111812013 -23- Cdlmore & Bell, AC. Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2013 of Days 0.496606% 7/30/2009 7/30/2009 (882,500.00) 1.1376286 (1,003,957.23) 1,501 1.0000000 (882,500.00) 7/31/2009 26.67 1.1376286 30.34 1,501 1.0000000 26.67 8/31/2009 785.22 1.1347005 890.99 1,471 0.9995868 784.90 9/30/2009 700.31 1.1317799 792.60 1,441 0.9991737 699.73 10/31/2009 815.71 1.1288668 920.83 1,411 0.9987608 814.70 11/30/2009 418.79 1.1259612 471.54 1,381 0.9983481 418.10 12/31/2009 232.66 1.1230631 261.29 1,351 0.9979355 232.18 1/31/2010 258.99 1.1201725 290.11 1,321 0.9975231 258.35 2/28/2010 206.58 1.1172893 230.81 1,291 0.9971384 205.99 3/31/2010 229.72 1.1144136 256.00 1,261 0.9966989 228.96 4/30/2010 244.01 1.1115452 271.23 1,231 0.9962870 243.10 5/31/2010 246.29 1.1086842 273.06 1,201 0.9958753 245.27 6/30/2010 220.45 1.1058306 243.78 1,171 0.9954637 219.45 7/31/2010 225.94 1.1029843 249.21 1,141 0.9950524 224.82 8/19/2010 538,641.00 1.1011854 593,143.63 1,122 0.9947919 535,835.72 8/31/2010 164.56 1.1001453 181.04 1,111 0.9946412 163.68 9/30/2010 83.24 1.0973137 91.34 1,081 0.9942302 82.76 10/18/2010 321,526.00 1.0956182 352,269.74 1,063 0.9939836 319,591.58 10/31/2010 53.18 1.0944893 58.20 1,051 0.9938193 52.85 11/30/2010 4.80 1.0916723 5.24 1,021 0.9934086 4.77 12/31/2010 4.55 1.0888624 4.95 991 0.9929981 4.52 1/31/2011 4.30 1.0860598 4.67 961 0.9925878 4.27 2/28/2011 3.98 1.0832644 4.31 931 0.9922049 3.95 3/28/2011 22,336.96 1.0806619 24,138.70 903 0.9917949 22,153.68 3/31/2011 - 1.0804762 - 901 0.9917676 - 4,933.91 (28,873.60) (0.00) Summary of: Fund 723 - Fire Truck Arbitrage Rebate Amount: $ (28,873.60) Total Investment Earnings: 4,933.91 Investment Yield: 0.4966% Average Amount Invested: $ 596,116 Total Time Invested: 1.67 years 111812013 -23- Cdlmore & Bell, AC. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Cash and Investment Activity Imputed Interest Calculation Cash Out Less Cash In: 313.82 Investment Receipts minus Purchases: 111812013 -24- CdImore & Bell, P.C. Total Relevant Relevant Days Cash Transactions Investments Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings 7/30/2009 639,259.48 593,964.54 45,294.94 45,294.94 45,294.94 1.1030% - - 7/31/2009 1.37 1.37 45,294.94 45,294.94 1.1030% 45,294.94 1 1.37 8/31/2009 40.30 40.30 45,294.94 45,294.94 1.0476% 45,294.94 31 40.30 9/30/2009 35.94 35.94 45,294.94 45,294.94 0.9655% 45,294.94 30 35.94 10/31/2009 41.87 41.87 45,294.94 45,294.94 1.0883% 45,294.94 31 41.87 11/30/2009 21.49 21.49 45,294.94 45,294.94 0.5774% 45,294.94 30 21.49 12/31/2009 11.94 11.94 45,294.94 45,294.94 0.3104% 45,294.94 31 11.94 1/31/2010 13.29 13.29 45,294.94 45,294.94 0.3455% 45,294.94 31 13.29 2/11/2010 60.00 60.00 45,234.94 45,234.94 0.3052% 45,294.94 11 4.17 2/28/2010 10.60 10.60 45,234.94 45,234.94 0.3052% 45,234.94 17 6.43 3/31/2010 11.77 11.77 45,234.94 45,234.94 0.3065% 45,234.94 31 11.77 4/30/2010 12.51 12.51 45,234.94 45,234.94 0.3364% 45,234.94 30 12.51 5/31/2010 12.62 12.62 45,234.94 45,234.94 0.3286% 45,234.94 31 12.62 6/30/2010 11.30 11.30 45,234.94 45,234.94 0.3039% 45,234.94 30 11.30 7/31/2010 11.58 - 11.58 45,234.94 45,234.94 0.3015% 45,234.94 31 11.58 8/31/2010 11.04 - 11.04 45,234.94 45,234.94 0.2875% 45,234.94 31 11.04 9/30/2010 10.95 - 10.95 45,234.94 45,234.94 0.2945% 45,234.94 30 10.95 10/31/2010 11.51 - 11.51 45,234.94 45,234.94 0.2996% 45,234.94 31 11.51 11/30/2010 9.72 - 9.72 45,234.94 45,234.94 0.2616% 45,234.94 30 9.72 12/31/2010 9.22 - 9.22 45,234.94 45,234.94 0.2399% 45,234.94 31 9.22 1/31/2011 8.71 - 8.71 45,234.94 45,234.94 0.2266% 45,234.94 31 8.71 2/28/2011 8.06 - 8.06 45,234.94 45,234.94 0.2324% 45,234.94 28 8.06 3/28/2011 45,234.94 - 45,234.94 - - 0.2313% 45,234.94 28 8.03 3/31/2011 8.03 - 8.03 0.2313% - - Totals 639,259.48 639,573.30 45,294.94 45,294.94 313.82 313.82 Cash Out Less Cash In: 313.82 Investment Receipts minus Purchases: 111812013 -24- CdImore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A 313.82 (2,227.87) 0.00 Summary of: Fund 789 - Red Fox Arbitrage Rebate Amount: $ (2,227.87) Total Investment Earnings: 313.82 Investment Yield: 0.4182% Average Amount Invested: $ 45,019 Total Time Invested: 1.67 years 111812013 -25- Cdlmore & Bell, P.C. Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2013 of Days 0.418247% 7/30/2009 7/30/2009 (45,294.94) 1.1376286 (51,528.82) 1,501 1.0000000 (45,294.94) 7/31/2009 1.37 1.1376286 1.56 1,501 1.0000000 1.37 8/31/2009 40.30 1.1347005 45.73 1,471 0.9996519 40.29 9/30/2009 35.94 1.1317799 40.68 1,441 0.9993039 35.91 10/31/2009 41.87 1.1288668 47.27 1,411 0.9989560 41.83 11/30/2009 21.49 1.1259612 24.20 1,381 0.9986083 21.46 12/31/2009 11.94 1.1230631 13.41 1,351 0.9982606 11.92 1/31/2010 13.29 1.1201725 14.89 1,321 0.9979131 13.26 2/11/2010 60.00 1.1191145 67.15 1,310 0.9977857 59.87 2/28/2010 10.60 1.1172893 11.84 1,291 0.9975889 10.57 3/31/2010 11.77 1.1144136 13.12 1,261 0.9972185 11.74 4/30/2010 12.51 1.1115452 13.91 1,231 0.9968713 12.47 5/31/2010 12.62 1.1086842 13.99 1,201 0.9965243 12.58 6/30/2010 11.30 1.1058306 12.50 1,171 0.9961774 11.26 7/31/2010 11.58 1.1029843 12.77 1,141 0.9958306 11.53 8/31/2010 11.04 1.1001453 12.15 1,111 0.9954840 10.99 9/30/2010 10.95 1.0973137 12.02 1,081 0.9951374 10.90 10/31/2010 11.51 1.0944893 12.60 1,051 0.9947910 11.45 11/30/2010 9.72 1.0916723 10.61 1,021 0.9944447 9.67 12/31/2010 9.22 1.0888624 10.04 991 0.9940985 9.17 1/31/2011 8.71 1.0860598 9.46 961 0.9937524 8.66 2/28/2011 8.06 1.0832644 8.73 931 0.9934296 8.01 3/28/2011 45,234.94 1.0806619 48,883.68 903 0.9930837 44,922.08 3/31/2011 8.03 1.0804762 8.68 901 0.9930607 7.97 313.82 (2,227.87) 0.00 Summary of: Fund 789 - Red Fox Arbitrage Rebate Amount: $ (2,227.87) Total Investment Earnings: 313.82 Investment Yield: 0.4182% Average Amount Invested: $ 45,019 Total Time Invested: 1.67 years 111812013 -25- Cdlmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Cash and Investment Activity Total Cash Transactions Investments Cash and Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments 7/30/2009 690,166.53 690,166.53 - - - Totals 690,166.53 690,166.53 Cash Out Less Cash In: Investment Receipts minus Purchases: 111812013 -26- Gilmore & Bell, P. C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2013 of Days 0.000000% 7/30/2009 7/30/2009 - 1.1376286 - 1,501 1.0000000 - Summary of : Fund 779 - West Diamond Drive Arbitrage Rebate Amount: $ - Total Investment Earnings: - Investment Yield: 0.0000% Average Amount Invested: $ - Total Time Invested: 0.00 years 111812013 -27- Gllm ore & Bell, P. C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Cash and Investment Activity Total Cash Transactions Investments Cash and Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments 7/30/2009 550,469.93 550,469.93 - - - Totals 550,469.93 550,469.93 Cash Out Less Cash In: Investment Receipts minus Purchases: 111812013 -28- Gilmore & Bell, P. C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2013 of Days 0.000000% 7/30/2009 7/30/2009 - 1.1376286 - 1,501 1.0000000 - Summary of : Fund 721 - Eagle Crest Arbitrage Rebate Amount: $ - Total Investment Earnings: - Investment Yield: 0.0000% Average Amount Invested: $ - Total Time Invested: 0.00 years 111812013 -29- Gllm ore & Bell, P. C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Cash and Investment Activity Imputed Interest Calculation Cash Out Less Cash In: 465.14 Investment Receipts minus Purchases: 111812013 -30- Gilmore & Bell, P.C. Total Relevant Relevant Days Cash Transactions Investments Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual) Earnings 7/30/2009 930,458.02 836,343.75 94,114.27 94,114.27 94,114.27 1.1030% 7/30/2009 27,021.10 27,021.10 67,093.17 67,093.17 1.1030% - - 7/31/2009 2.03 2.03 67,093.17 67,093.17 1.1030% 67,093.17 1 2.03 8/31/2009 59.70 59.70 67,093.17 67,093.17 1.0476% 67,093.17 31 59.70 9/30/2009 53.24 53.24 67,093.17 67,093.17 0.9655% 67,093.17 30 53.24 10/31/2009 62.02 62.02 67,093.17 67,093.17 1.0883% 67,093.17 31 62.02 11/30/2009 31.84 31.84 67,093.17 67,093.17 0.5774% 67,093.17 30 31.84 12/31/2009 17.69 17.69 67,093.17 67,093.17 0.3104% 67,093.17 31 17.69 1/31/2010 19.69 19.69 67,093.17 67,093.17 0.3455 % 67,093.17 31 19.69 2/28/2010 15.71 15.71 67,093.17 67,093.17 0.3052% 67,093.17 28 15.71 3/31/2010 17.46 17.46 67,093.17 67,093.17 0.3065% 67,093.17 31 17.46 4/30/2010 18.55 18.55 67,093.17 67,093.17 0.3364% 67,093.17 30 18.55 5/31/2010 18.72 18.72 67,093.17 67,093.17 0.3286% 67,093.17 31 18.72 6/30/2010 16.76 16.76 67,093.17 67,093.17 0.3039% 67,093.17 30 16.76 7/31/2010 17.18 17.18 67,093.17 67,093.17 0.3015% 67,093.17 31 17.18 8/31/2010 16.38 16.38 67,093.17 67,093.17 0.2875% 67,093.17 31 16.38 9/30/2010 16.24 16.24 67,093.17 67,093.17 0.2945% 67,093.17 30 16.24 10/31/2010 17.07 17.07 67,093.17 67,093.17 0.2996% 67,093.17 31 17.07 11/30/2010 14.42 14.42 67,093.17 67,093.17 0.2616% 67,093.17 30 14.42 12/31/2010 13.67 13.67 67,093.17 67,093.17 0.2399% 67,093.17 31 13.67 1/31/2011 12.91 12.91 67,093.17 67,093.17 0.2266 % 67,093.17 31 12.91 2/28/2011 11.96 11.96 67,093.17 67,093.17 0.2324% 67,093.17 28 11.96 3/28/2011 67,093.17 67,093.17 - - 0.2313% 67,093.17 28 11.90 3/31/2011 11.90 11.90 0.2313% - - Totals 930,458.02 930,923.16 94,114.27 94,114.27 465.14 465.14 Cash Out Less Cash In: 465.14 Investment Receipts minus Purchases: 111812013 -30- Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A 465.14 (3,303.13) (0.00) Summary of: Fund 788 - Quail Meadows IV Arbitrage Rebate Amount: $ (3,303.13) Total Investment Earnings: 465.14 Investment Yield: 0.4181% Average Amount Invested: $ 66,745 Total Time Invested: 1.67 years 111812013 -31- CdImore & Bell, P.C. Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2013 of Days 0.418136% 7/30/2009 7/30/2009 (94,114.27) 1.1376286 (107,067.08) 1,501 1.0000000 (94,114.27) 7/30/2009 27,021.10 1.1376286 30,739.98 1,501 1.0000000 27,021.10 7/31/2009 2.03 1.1376286 2.31 1,501 1.0000000 2.03 8/31/2009 59.70 1.1347005 67.74 1,471 0.9996520 59.68 9/30/2009 53.24 1.1317799 60.26 1,441 0.9993041 53.20 10/31/2009 62.02 1.1288668 70.01 1,411 0.9989563 61.96 11/30/2009 31.84 1.1259612 35.85 1,381 0.9986086 31.80 12/31/2009 17.69 1.1230631 19.87 1,351 0.9982611 17.66 1/31/2010 19.69 1.1201725 22.06 1,321 0.9979137 19.65 2/28/2010 15.71 1.1172893 17.55 1,291 0.9975895 15.67 3/31/2010 17.46 1.1144136 19.46 1,261 0.9972192 17.41 4/30/2010 18.55 1.1115452 20.62 1,231 0.9968722 18.49 5/31/2010 18.72 1.1086842 20.75 1,201 0.9965252 18.65 6/30/2010 16.76 1.1058306 18.53 1,171 0.9961784 16.70 7/31/2010 17.18 1.1029843 18.95 1,141 0.9958317 17.11 8/31/2010 16.38 1.1001453 18.02 1,111 0.9954851 16.31 9/30/2010 16.24 1.0973137 17.82 1,081 0.9951387 16.16 10/31/2010 17.07 1.0944893 18.68 1,051 0.9947924 16.98 11/30/2010 14.42 1.0916723 15.74 1,021 0.9944461 14.34 12/31/2010 13.67 1.0888624 14.88 991 0.9941001 13.59 1/31/2011 12.91 1.0860598 14.02 961 0.9937541 12.83 2/28/2011 11.96 1.0832644 12.96 931 0.9934313 11.88 3/28/2011 67,093.17 1.0806619 72,505.03 903 0.9930856 66,629.26 3/31/2011 11.90 1.0804762 12.86 901 0.9930625 11.82 465.14 (3,303.13) (0.00) Summary of: Fund 788 - Quail Meadows IV Arbitrage Rebate Amount: $ (3,303.13) Total Investment Earnings: 465.14 Investment Yield: 0.4181% Average Amount Invested: $ 66,745 Total Time Invested: 1.67 years 111812013 -31- CdImore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Cash and Investment Activity Total Cash Transactions Investments Cash and Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments 7/30/2009 1,971,797.07 1,971,797.07 - - - Totals 1,971,797.07 1,971,797.07 Cash Out Less Cash In: Investment Receipts minus Purchases: 111812013 -32- Gilmore & Bell, P. C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675% 10/1/2013 of Days 0.000000% 7/30/2009 7/30/2009 - 1.1376286 - 1,501 1.0000000 - Summary of : Fund 753 - North Ohio Arbitrage Rebate Amount: $ - Total Investment Earnings: - Investment Yield: 0.0000% Average Amount Invested: $ - Total Time Invested: 0.00 years 111812013 -33- Gllm ore & Bell, P. C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A • 1 11; Total Adjustments: $ (8,137.71) 111812013 -34- Gllm ore & Bell, P. C. Arbitrage Rebate Computation Future Value Future Factor @ Value to Number Date Description Amount 3.116675% 10/1/2013 of Days 10/1/2009 Computation Credit (1,490.00) 1.1316827 (1,686.21) 1,440 10/1/2010 Computation Credit (1,500.00) 1.0972194 (1,645.83) 1,080 10/1/2011 Computation Credit (1,520.00) 1.0638057 (1,616.98) 720 10/1/2012 Computation Credit (1,550.00) 1.0314096 (1,598.68) 360 10/1/2013 Computation Credit (1,590.00) 1.0000000 (1,590.00) - • 1 11; Total Adjustments: $ (8,137.71) 111812013 -34- Gllm ore & Bell, P. C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Month Month Beg. Month End. Overall Yld Jun -09 6/l/2009 6/30/2009 1.211% Jul -09 7/1/2009 7/31/2009 1.103% Aug -09 8/1/2009 8/31/2009 1.048% Sep -09 9/1/2009 9/30/2009 0.965% Oct -09 10/1/2009 10/31/2009 1.088% Nov -09 11/1/2009 11/30/2009 0.577% Dec -09 12/1/2009 12/31/2009 0.310% Jan -10 1/1/2010 1/31/2010 0.346% Feb -10 2/1/2010 2/28/2010 0.305% Mar -10 3/1/2010 3/31/2010 0.306% Apr -10 4/1/2010 4/30/2010 0.336% May -10 5/1/2010 5/31/2010 0.329% Jun -10 6/1/2010 6/30/2010 0.304% Jul -10 7/1/2010 7/31/2010 0.301% Aug -10 8/1/2010 8/31/2010 0.287% Sep -10 9/1/2010 9/30/2010 0.295% Oct -10 10/1/2010 10/31/2010 0.300% Nov -10 11/1/2010 11/30/2010 0.262% Dec -10 12/1/2010 12/31/2010 0.240% Jan -11 1/1/2011 1/31/2011 0.227% Feb -11 2/1/2011 2/28/2011 0.232% Mar -11 3/1/2011 3/31/2011 0.231% Apr -11 4/1/2011 4/30/2011 0.316% May -11 5/1/2011 5/31/2011 0.316% Jun -11 6/1/2011 6/30/2011 0.308% 111812013 -35- Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Month Month Beg. Month End. Overall Yld Jul -11 7/1/2011 7/31/2011 0.301% Aug -11 8/1/2011 8/31/2011 0.225% Sep -11 9/1/2011 9/30/2011 0.295% Oct -11 10/1/2011 10/31/2011 0.245% Nov -11 11/1/2011 11/30/2011 0.365% Dec -11 12/1/2011 12/31/2011 0.359% Jan -12 1/1/2012 1/31/2012 0.287% Feb -12 2/1/2012 2/29/2012 0.297% Mar -12 3/1/2012 3/31/2012 0.296% Apr -12 4/1/2012 4/30/2012 0.325% May -12 5/1/2012 5/31/2012 0.325% Jun -12 6/1/2012 6/30/2012 0.305% Jul -12 7/1/2012 7/31/2012 0.305% Aug -12 8/1/2012 8/31/2012 0.282% Sep -12 9/1/2012 9/30/2012 0.327% Oct -12 10/1/2012 10/31/2012 0.350% Nov -12 11/1/2012 11/30/2012 0.372% Dec -12 12/1/2012 12/31/2012 0.358% Jan -13 1/1/2013 1/31/2013 0.313% Feb -13 2/1/2013 2/28/2013 0.283% Mar -13 3/1/2013 3/31/2013 0.312% Apr -13 4/1/2013 4/30/2013 0.219% May -13 5/1/2013 5/31/2013 0.181% Jun -13 6/1/2013 6/30/2013 0.148% Jul -13 7/1/2013 7/31/2013 0.135% 111812013 -36- Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009 -A Month Month Beg. Month End. Aug -13 8/1/2013 8/31/2013 Sep -13 9/1/2013 9/30/2013 Oct -13 10/1/2013 10/31/2013 Overall Yld 0.147% 0.183% 0.183% 111812013 -37- Gilmore & Bell, P.C.