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Arbitrage Rebate Analysis as of 10.1.2015
Arbitrage Rebate Analysis Computed as of October 1, 2015 City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A Exhibit B Results as of October 1, 2015 Summary of Issue Par$ 23,695,000 Issue DateJuly 30, 2009 Bond Year DateOctober 1 Bond Yield Computation DateOctober 1, 2015 Summary of Rebate Computation Computation Results w Total Rebate Amount Less FV of Prior Payment Net Rebate Amount w w w ($ 425,263.81) 0.00 3.11667% October 1, 2013 No arbitrage rebate payment is due at this time. The net rebate amount as of October 1, 2015 is ($425,263.81). ($ 425,263.81) Prior Installment Date City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A ARBITRAGE REBATE ANALYSIS (425,263.81) (421,007.00) (2,644.37) (1,612.44) ($2,500,000)$0 Total Rebate Amount Credits & Adjustments Fund 783 - South Ninth Phase IV Fund 794 - Aquatics Facility Rebate Liability by Source 4/5/2016- 1 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A ARBITRAGE REBATE ANALYSIS Comments and Yield Comparison Comments w w w The next annual rebate computation will be 10/1/2016. We understand that the Debt Service Accounts qualified as a bona fide debt service fund for all bond years during this computation period. 0.19%0.19% 0.00% 2.00% 4.00% 6.00% 8.00% Fund 783 - South Ninth Phase IVFund 794 - Aquatics Facility Yield Comparison Bond Yield = 3.12% As of 10/1/2015 4/5/2016- 2 -Gilmore & Bell, P.C. City of Salina, KansasCity of Salina, Kansas General Obligation Internal Improvement BondsGeneral Obligation Internal Improvement Bonds Series 2009-ASeries 2009-A ACCOUNT NO. 1: Fund 783 - South Ninth Phase IVACCOUNT NO. 1: Fund 783 - South Ninth Phase IV Imputed Interest Calculation Total RelevantRelevantDays Cash and InvestmentInvestedInvestedImputed DateCash InCash OutBalancePurchaseReceiptEarningsBalanceInvestmentsRateBalance(Actual)Earnings 10/1/2013348,490.14 - 348,490.14 348,490.14 348,490.14 0.1990%- - - 10/31/201357.00 - 57.00 348,490.14 348,490.14 0.1990%348,490.14 30 57.00 11/30/201355.85 - 55.85 348,490.14 348,490.14 0.1950%348,490.14 30 55.85 12/31/201356.53 - 56.53 348,490.14 348,490.14 0.1910%348,490.14 31 56.53 12/31/2013348,490.14 - 348,490.14 - - 0.1910%- - - Totals348,490.14 348,659.52 348,490.14 348,490.14 169.38 169.38 Cash Out Less Cash In:169.38 Investment Receipts minus Purchases:- Cash and Investment Activity Cash TransactionsInvestments 4/5/2016- 3 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A ACCOUNT NO. 1: Fund 783 - South Ninth Phase IV Arbitrage Rebate ComputationInvestment Yield FuturePresent NetValueFutureValuePresent InvestmentFactor @Value toNumberFactor @Value to DateActivity3.116675%10/1/2015of Days0.194495%10/1/2013 10/1/2013(348,490.14) 1.0638057 (370,725.81) 720 1.0000000 (348,490.14) 10/31/201357.00 1.0611588 60.49 691 0.9998380 56.99 11/30/201355.85 1.0584275 59.11 661 0.9996815 55.83 12/31/201356.53 1.0557032 59.68 631 0.9995141 56.50 12/31/2013348,490.14 1.0557032 367,902.16 631 0.9995141 348,320.81 - 169.38 (2,644.37) 0.00 Summary of : Fund 783 - South Ninth Phase IV Arbitrage Rebate Amount:(2,644.37)$ Total Investment Earnings:169.38 Investment Yield:0.1945% Average Amount Invested:348,349$ Total Time Invested:0.25 years 4/5/2016- 4 -Gilmore & Bell, P.C. City of Salina, KansasCity of Salina, Kansas General Obligation Internal Improvement BondsGeneral Obligation Internal Improvement Bonds Series 2009-ASeries 2009-A ACCOUNT NO. 2: Fund 794 - Aquatics FacilityACCOUNT NO. 2: Fund 794 - Aquatics Facility Imputed Interest Calculation TotalRelevantRelevantDays Cash andInvestmentInvestedInvestedImputed DateCash InCash OutBalancePurchaseReceiptEarningsBalanceInvestmentsRateBalance(Actual)Earnings 10/1/201393,947.39 - 93,947.39 93,947.39 93,947.39 0.1990%- - - 10/10/2013888.75 - 888.75 93,058.64 93,058.64 0.1990%93,947.39 9 4.61 10/31/201315.26 - 15.26 93,058.64 93,058.64 0.1990%93,058.64 21 10.65 11/30/201314.91 - 14.91 93,058.64 93,058.64 0.1950%93,058.64 30 14.91 12/5/20133,836.60 - 3,836.60 89,222.04 89,222.04 0.1910%93,058.64 5 2.43 12/12/2013467.50 - 467.50 88,754.54 88,754.54 0.1910%89,222.04 7 3.27 12/19/20137,647.85 - 7,647.85 81,106.69 81,106.69 0.1910%88,754.54 7 3.25 12/31/201314.04 - 14.04 81,106.69 81,106.69 0.1910%81,106.69 12 5.09 1/9/20142,143.75 - 2,143.75 78,962.94 78,962.94 0.1910%81,106.69 9 3.82 1/31/201412.91 - 12.91 78,962.94 78,962.94 0.1910%78,962.94 22 9.09 2/13/20147,295.92 - 7,295.92 71,667.02 71,667.02 0.1720%78,962.94 13 4.84 2/20/20142,256.06 - 2,256.06 69,410.96 69,410.96 0.1720%71,667.02 7 2.36 2/27/20144,486.98 - 4,486.98 64,923.98 64,923.98 0.1720%69,410.96 7 2.29 2/28/20149.80 - 9.80 64,923.98 64,923.98 0.1720%64,923.98 1 0.31 3/6/201427,057.39 - 27,057.39 37,866.59 37,866.59 0.1840%64,923.98 6 1.96 3/13/2014408.81 - 408.81 37,457.78 37,457.78 0.1840%37,866.59 7 1.34 3/20/20141,705.73 - 1,705.73 35,752.05 35,752.05 0.1840%37,457.78 7 1.32 3/31/20146.60 - 6.60 35,752.05 35,752.05 0.1840%35,752.05 11 1.98 4/30/20145.52 - 5.52 35,752.05 35,752.05 0.1880%35,752.05 30 5.52 5/1/201417,502.95 - 17,502.95 18,249.10 18,249.10 0.1970%35,752.05 1 0.19 5/15/2014236.16 - 236.16 18,012.94 18,012.94 0.1970%18,249.10 14 1.38 5/29/20145,475.00 - 5,475.00 12,537.94 12,537.94 0.1970%18,012.94 14 1.36 5/31/20143.07 - 3.07 12,537.94 12,537.94 0.1970%12,537.94 2 0.14 6/12/20143,333.84 - 3,333.84 9,204.10 9,204.10 0.1750%12,537.94 12 0.72 6/30/20141.51 - 1.51 9,204.10 9,204.10 0.1750%9,204.10 18 0.79 7/31/20141.24 - 1.24 9,204.10 9,204.10 0.1590%9,204.10 31 1.24 8/31/20141.24 - 1.24 9,204.10 9,204.10 0.1590%9,204.10 31 1.24 9/30/20141.30 - 1.30 9,204.10 9,204.10 0.1725%9,204.10 30 1.30 10/2/20142,876.32 - 2,876.32 6,327.78 6,327.78 0.1760%9,204.10 2 0.09 Cash TransactionsInvestments Cash and Investment Activity 4/5/2016- 5 -Gilmore & Bell, P.C. City of Salina, KansasCity of Salina, Kansas General Obligation Internal Improvement BondsGeneral Obligation Internal Improvement Bonds Series 2009-ASeries 2009-A ACCOUNT NO. 2: Fund 794 - Aquatics FacilityACCOUNT NO. 2: Fund 794 - Aquatics Facility Imputed Interest Calculation TotalRelevantRelevantDays Cash andInvestmentInvestedInvestedImputed DateCash InCash OutBalancePurchaseReceiptEarningsBalanceInvestmentsRateBalance(Actual)Earnings Cash TransactionsInvestments Cash and Investment Activity 10/31/20140.97 - 0.97 6,327.78 6,327.78 0.1760%6,327.78 29 0.88 11/30/20140.92 - 0.92 6,327.78 6,327.78 0.1760%6,327.78 30 0.92 12/31/20140.97 - 0.97 6,327.78 6,327.78 0.1800%6,327.78 31 0.97 1/31/20150.97 - 0.97 6,327.78 6,327.78 0.1800%6,327.78 31 0.97 2/28/20150.87 - 0.87 6,327.78 6,327.78 0.1800%6,327.78 28 0.87 3/31/20150.97 - 0.97 6,327.78 6,327.78 0.1800%6,327.78 31 0.97 4/30/20150.87 - 0.87 6,327.78 6,327.78 0.1680%6,327.78 30 0.87 5/31/20151.02 - 1.02 6,327.78 6,327.78 0.1900%6,327.78 31 1.02 6/30/20150.99 - 0.99 6,327.78 6,327.78 0.1900%6,327.78 30 0.99 6/30/201514.00 - 14.00 6,313.78 6,313.78 0.1900%- - - 7/31/20151.01 - 1.01 6,313.78 6,313.78 0.1880%6,313.78 31 1.01 8/10/201517.00 - 17.00 6,296.78 6,296.78 0.1850%6,313.78 10 0.32 8/31/20150.99 - 0.99 6,296.78 6,296.78 0.1850%6,296.78 21 0.67 9/30/20150.96 - 0.96 6,296.78 6,296.78 0.1850%6,296.78 30 0.96 10/1/20150.03 - 0.03 6,296.78 6,296.78 0.1820%6,296.78 1 0.03 10/1/20156,296.78 6,296.78 - - 0.1820%- - - Totals93,947.39 94,046.33 93,947.39 93,947.39 98.94 98.94 Cash Out Less Cash In:98.94 Investment Receipts minus Purchases:- 4/5/2016- 6 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A ACCOUNT NO. 2: Fund 794 - Aquatics Facility Arbitrage Rebate ComputationInvestment Yield FuturePresent NetValueFutureValuePresent InvestmentFactor @Value toNumberFactor @Value to DateActivity3.116675%10/1/2015of Days0.187206%10/1/2013 10/1/2013(93,947.39) 1.0638057 (99,941.77) 720 1.0000000 (93,947.39) 10/10/2013888.75 1.0629836 944.73 711 0.9999532 888.71 10/31/201315.26 1.0611588 16.19 691 0.9998441 15.26 11/30/201314.91 1.0584275 15.78 661 0.9996934 14.91 12/5/20133,836.60 1.0579730 4,059.02 656 0.9996674 3,835.32 12/12/2013467.50 1.0573369 494.31 649 0.9996310 467.33 12/19/20137,647.85 1.0567013 8,081.49 642 0.9995947 7,644.75 12/31/201314.04 1.0557032 14.82 631 0.9995323 14.03 1/9/20142,143.75 1.0548873 2,261.41 622 0.9994908 2,142.66 1/31/201412.91 1.0529860 13.59 601 0.9993765 12.90 2/13/20147,295.92 1.0518107 7,673.93 588 0.9993141 7,290.92 2/20/20142,256.06 1.0511784 2,371.52 581 0.9992778 2,254.43 2/27/20144,486.98 1.0505464 4,713.78 574 0.9992414 4,483.58 2/28/20149.80 1.0502757 10.29 571 0.9992362 9.79 3/6/201427,057.39 1.0497345 28,403.08 565 0.9991947 27,035.60 3/13/2014408.81 1.0491034 428.88 558 0.9991583 408.47 3/20/20141,705.73 1.0484727 1,788.41 551 0.9991220 1,704.23 3/31/20146.60 1.0475724 6.91 541 0.9990648 6.59 4/30/20145.52 1.0448761 5.77 511 0.9989143 5.51 5/1/201417,502.95 1.0447863 18,286.84 510 0.9989091 17,483.86 5/15/2014236.16 1.0435305 246.44 496 0.9988364 235.89 5/29/20145,475.00 1.0422762 5,706.46 482 0.9987637 5,468.23 5/31/20143.07 1.0421867 3.20 481 0.9987533 3.07 6/12/20143,333.84 1.0411129 3,470.90 469 0.9986962 3,329.49 6/30/20141.51 1.0395042 1.57 451 0.9986028 1.51 7/31/20141.24 1.0368287 1.29 421 0.9984419 1.24 8/31/20141.24 1.0341600 1.28 391 0.9982862 1.24 9/30/20141.30 1.0314982 1.34 361 0.9981357 1.30 10/2/20142,876.32 1.0313210 2,966.41 359 0.9981254 2,870.93 4/5/2016- 7 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A ACCOUNT NO. 2: Fund 794 - Aquatics Facility Arbitrage Rebate ComputationInvestment Yield FuturePresent NetValueFutureValuePresent InvestmentFactor @Value toNumberFactor @Value to DateActivity3.116675%10/1/2015of Days0.187206%10/1/2013 10/31/20140.97 1.0288432 1.00 331 0.9979749 0.97 11/30/20140.92 1.0261951 0.94 301 0.9978245 0.92 12/31/20140.97 1.0235538 0.99 271 0.9976637 0.97 1/31/20150.97 1.0209193 0.99 241 0.9975082 0.97 2/28/20150.87 1.0182916 0.89 211 0.9973682 0.87 3/31/20150.97 1.0156706 0.99 181 0.9971972 0.97 4/30/20150.87 1.0130564 0.88 151 0.9970469 0.87 5/31/20151.02 1.0104489 1.03 121 0.9968862 1.02 6/30/20150.99 1.0078481 1.00 91 0.9967360 0.99 6/30/201514.00 1.0078481 14.11 91 0.9967360 13.95 7/31/20151.01 1.0052541 1.02 61 0.9965754 1.01 8/10/201517.00 1.0043909 17.07 51 0.9965287 16.94 8/31/20150.99 1.0026667 0.99 31 0.9964200 0.99 9/30/20150.96 1.0000859 0.96 1 0.9962698 0.96 10/1/20150.03 1.0000000 0.03 - 0.9962646 0.03 10/1/20156,296.78 1.0000000 6,296.78 - 0.9962646 6,273.26 98.94 (1,612.44) (0.00) 4/5/2016- 8 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A ACCOUNT NO. 2: Fund 794 - Aquatics Facility Arbitrage Rebate ComputationInvestment Yield FuturePresent NetValueFutureValuePresent InvestmentFactor @Value toNumberFactor @Value to DateActivity3.116675%10/1/2015of Days0.187206%10/1/2013 Summary of : Fund 794 - Aquatics Facility Arbitrage Rebate Amount:(1,612.44)$ Total Investment Earnings:98.94 Investment Yield:0.1872% Average Amount Invested:26,425$ Total Time Invested:2.00 years 4/5/2016- 9 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A COMPUTATION CREDITS AND ADJUSTMENTS Arbitrage Rebate Computation Future ValueFuture Factor @Value toNumber DateDescriptionAmount3.116675%10/1/2015of Days 10/1/2013Prior Rebate Amount(392,633.82) 1.0638057 (417,686.11) 720 10/1/2014Computation Credit(1,620.00) 1.0314096 (1,670.88) 360 10/1/2015Computation Credit(1,650.00) 1.0000000 (1,650.00) - (395,903.82) Total Adjustments:(421,007.00)$ 4/5/2016- 10 -Gilmore & Bell, P.C. MonthMonth Beg.Month End.Overall Yld Sep-139/1/20139/30/20130.183% Oct-1310/1/201310/31/20130.199% Nov-1311/1/201311/30/20130.195% Dec-1312/1/201312/31/20130.191% Jan-141/1/20141/31/20140.191% Feb-142/1/20142/28/20140.172% Mar-143/1/20143/31/20140.184% Apr-144/1/20144/30/20140.188% May-145/1/20145/31/20140.197% Jun-146/1/20146/30/20140.175% Jul-147/1/20147/31/20140.159% Aug-148/1/20148/31/20140.159% Sep-149/1/20149/30/20140.173% Oct-1410/1/201410/31/20140.176% Nov-1411/1/201411/30/20140.176% Dec-1412/1/201412/31/20140.180% Jan-151/1/20151/31/20150.180% Feb-152/1/20152/28/20150.180% Mar-153/1/20153/31/20150.180% Apr-154/1/20154/30/20150.168% May-155/1/20155/31/20150.190% Jun-156/1/20156/30/20150.190% Jul-157/1/20157/31/20150.188% Aug-158/1/20158/31/20150.185% Sep-159/1/20159/30/20150.185% Oct-1510/1/201510/31/20150.182% Weighted Average Yields as Provided by Issuer City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A 4/5/2016- 11 -Gilmore & Bell, P.C.