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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 Refunding Bonds Series 2010-B Exhibit B 8/23/2016- 1 -Gilmore & Bell, P.C. Results as of October 1, 2015 Summary of Issue Par$ 7,860,000 Issue DateOctober 29, 2010 Bond Year DateOctober 1 Bond Yield Computation DateOctober 1, 2015 Summary of Rebate Computation Computation Results Total Rebate Amount Less FV of Prior Payment Net Rebate Amount City of Salina, Kansas General Obligation Refunding Bonds Series 2010-B ARBITRAGE REBATE ANALYSIS 1.90255% No arbitrage rebate payment is due at this time. The net rebate amount as of October 1, 2015 is ($45,280.54). ($ 45,280.54) ($ 45,280.54) 0.00 (45,280.54) (3,280.20) - (42,000.34) - ($75,000)$0 Total Rebate Amount Credits & Adjustments Redemption Fund for Loans Escrow Fund Costs of Issuance Account Rebate Liability by Source Redemption Fund for Loans 71.2% Escrow Fund 27.4% Costs of Issuance Account 0.6% Debt Service Account 0.1% U/W Discount 0.7% Allocation of Proceeds 8/23/2016- 2 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Refunding Bonds Series 2010-B ARBITRAGE REBATE ANALYSIS Comments and Yield Comparison Comments We understand that the Debt Service Accounts qualified as a bona fide debt service fund for all bond years during the computation period. 0.00% 0.23% 0.00% 0.00% 2.00% 4.00% Redemption Fund for Loans Escrow FundCosts of Issuance Account Yield Comparison Bond Yield = 1.90% As of 10/1/2015 8/23/2016- 3 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Refunding Bonds Series 2010-B ACCOUNT NO. 1: Redemption Fund for Loans Total Cash and DateCash InCash OutBalancePurchaseReceiptEarningsBalanceInvestments 10/29/20105,721,636.47 5,721,636.47 - 5,721,636.47 10/29/20103,613,338.18 2,108,298.29 - 2,108,298.29 10/29/20102,108,298.29 - - - Totals5,721,636.47 5,721,636.47 - - - Cash Out Less Cash In:- Cash and Investment Activity Cash TransactionsInvestments 8/23/2016- 4 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Refunding Bonds Series 2010-B ACCOUNT NO. 1: Redemption Fund for Loans Arbitrage Rebate ComputationInvestment Yield FuturePresent NetValueFutureValuePresent InvestmentFactor @Value toNumberFactor @Value to DateActivity1.902553%10/1/2015of Days0.000000%10/29/2010 10/29/2010- 1.0976870 - 1,772 1.0000000 - 10/29/2010- 1.0976870 - 1,772 1.0000000 - 10/29/2010- 1.0976870 - 1,772 1.0000000 - - - - Summary of : Redemption Fund for Loans Arbitrage Rebate Amount:-$ Total Investment Earnings:- Investment Yield:0.0000% Average Amount Invested:-$ Total Time Invested:0.00 years 8/23/2016- 5 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Refunding Bonds Series 2010-B ACCOUNT NO. 2: Escrow Fund Total Cash and DateCash InCash OutBalancePurchaseReceiptEarningsBalanceInvestments 10/29/20102,206,515.46 2,158,065.46 48,450.00 48,450.00 2,206,515.46 10/29/2010338,008.46 1,820,057.00 1,868,507.00 2,206,515.46 10/29/2010331,510.46 6,498.00 1,875,005.00 2,206,515.46 10/29/20105.46 331,505.00 2,206,510.00 2,206,515.46 3/28/201148,485.33 48,450.00 29.87 2,158,060.00 2,206,545.33 3/28/201148,492.06 6.73 2,158,060.00 2,206,552.06 3/28/201148,931.62 439.56 2,158,060.00 2,206,991.62 4/1/20117,036.25 41,895.37 2,158,060.00 2,199,955.37 4/1/201141,890.00 5.37 2,158,060.00 2,158,065.37 4/28/20112,500.00 (2,494.63) 2,158,060.00 2,155,565.37 4/29/20112,500.00 5.37 2,158,060.00 2,158,065.37 9/28/20111,823,393.32 1,820,057.00 3,330.95 338,003.00 2,161,396.32 9/28/20111,823,401.44 8.12 338,003.00 2,161,404.44 9/28/20111,823,931.85 530.41 338,003.00 2,161,934.85 9/30/20111,816,890.00 7,041.85 338,003.00 345,044.85 9/30/20117,036.25 5.60 338,003.00 338,008.60 3/28/20126,511.72 6,498.00 8.12 331,505.00 338,016.72 3/28/20127,042.13 530.41 331,505.00 338,547.13 3/30/20127,036.25 5.88 331,505.00 331,510.88 9/28/2012332,041.29 331,505.00 530.41 - 332,041.29 9/28/2012332,036.25 5.04 - 5.04 10/4/20125.04 - - - Totals2,209,015.46 2,214,430.04 2,206,510.00 2,206,510.00 5,414.58 Cash TransactionsInvestments Cash and Investment Activity 8/23/2016- 6 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Refunding Bonds Series 2010-B ACCOUNT NO. 2: Escrow Fund Total Cash and DateCash InCash OutBalancePurchaseReceiptEarningsBalanceInvestments Cash TransactionsInvestments Cash and Investment Activity Cash Out Less Cash In:5,414.58 Investment Receipts minus Purchases:- 8/23/2016- 7 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Refunding Bonds Series 2010-B ACCOUNT NO. 2: Escrow Fund Arbitrage Rebate ComputationInvestment Yield FuturePresent NetValueFutureValuePresent InvestmentFactor @Value toNumberFactor @Value to DateActivity1.902553%10/1/2015of Days0.232587%10/29/2010 10/29/2010(48,450.00) 1.0976870 (53,182.94) 1,772 1.0000000 (48,450.00) 10/29/2010(1,820,057.00) 1.0976870 (1,997,852.93) 1,772 1.0000000 (1,820,057.00) 10/29/2010(6,498.00) 1.0976870 (7,132.77) 1,772 1.0000000 (6,498.00) 10/29/2010(331,505.00) 1.0976870 (363,888.73) 1,772 1.0000000 (331,505.00) 3/28/201148,479.87 1.0891178 52,800.29 1,623 0.9990384 48,433.25 3/28/20116.73 1.0891178 7.33 1,623 0.9990384 6.72 3/28/2011439.56 1.0891178 478.73 1,623 0.9990384 439.14 4/1/2011- 1.0889460 - 1,620 0.9990190 - 4/1/2011- 1.0889460 - 1,620 0.9990190 - 4/28/2011- 1.0874006 - 1,593 0.9988449 - 4/29/2011- 1.0873434 - 1,592 0.9988384 - 9/28/20111,823,387.95 1.0788549 1,967,171.05 1,443 0.9978779 1,819,518.55 9/28/20118.12 1.0788549 8.76 1,443 0.9978779 8.10 9/28/2011530.41 1.0788549 572.24 1,443 0.9978779 529.28 9/30/2011- 1.0787414 - 1,441 0.9978650 - 9/30/2011- 1.0787414 - 1,441 0.9978650 - 3/28/20126,506.12 1.0686887 6,953.02 1,263 0.9967188 6,484.77 3/28/2012530.41 1.0686887 566.84 1,263 0.9967188 528.67 3/30/2012- 1.0685763 - 1,261 0.9967059 - 9/28/2012332,035.41 1.0586183 351,498.78 1,083 0.9955610 330,561.51 9/28/2012- 1.0586183 - 1,083 0.9955610 - 10/4/2012- 1.0582843 - 1,077 0.9955224 - 5,414.58 (42,000.34) (0.00) 8/23/2016- 8 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Refunding Bonds Series 2010-B ACCOUNT NO. 2: Escrow Fund Arbitrage Rebate ComputationInvestment Yield FuturePresent NetValueFutureValuePresent InvestmentFactor @Value toNumberFactor @Value to DateActivity1.902553%10/1/2015of Days0.232587%10/29/2010 Summary of : Escrow Fund Arbitrage Rebate Amount:(42,000.34)$ Total Investment Earnings:5,414.58 Investment Yield:0.2326% Average Amount Invested:1,205,862$ Total Time Invested:1.93 years 8/23/2016- 9 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Refunding Bonds Series 2010-B ACCOUNT NO. 3: Costs of Issuance Account Total Cash and DateCash InCash OutBalancePurchaseReceiptEarningsBalanceInvestments 10/29/201044,891.97 44,891.97 - 44,891.97 10/29/20103,000.00 41,891.97 - 41,891.97 10/29/2010100.00 41,791.97 - 41,791.97 10/29/201021,000.00 20,791.97 - 20,791.97 11/3/20103,580.00 17,211.97 - 17,211.97 12/21/2010399.00 16,812.97 - 16,812.97 12/21/20106,700.00 10,112.97 - 10,112.97 12/24/2010195.00 9,917.97 - 9,917.97 4/29/20112,500.00 7,417.97 - 7,417.97 5/16/20117,417.97 - - - Totals44,891.97 44,891.97 - - - Cash Out Less Cash In:- Cash TransactionsInvestments Cash and Investment Activity 8/23/2016- 10 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Refunding Bonds Series 2010-B ACCOUNT NO. 3: Costs of Issuance Account Arbitrage Rebate ComputationInvestment Yield FuturePresent NetValueFutureValuePresent InvestmentFactor @Value toNumberFactor @Value to DateActivity1.902553%10/1/2015of Days0.000000%10/29/2010 10/29/2010- 1.0976870 - 1,772 1.0000000 - 10/29/2010- 1.0976870 - 1,772 1.0000000 - 10/29/2010- 1.0976870 - 1,772 1.0000000 - 10/29/2010- 1.0976870 - 1,772 1.0000000 - 11/3/2010- 1.0974561 - 1,768 1.0000000 - 12/21/2010- 1.0946888 - 1,720 1.0000000 - 12/21/2010- 1.0946888 - 1,720 1.0000000 - 12/24/2010- 1.0945161 - 1,717 1.0000000 - 4/29/2011- 1.0873434 - 1,592 1.0000000 - 5/16/2011- 1.0863715 - 1,575 1.0000000 - - - - Summary of : Costs of Issuance Account Arbitrage Rebate Amount:-$ Total Investment Earnings:- Investment Yield:0.0000% Average Amount Invested:-$ Total Time Invested:0.55 years 8/23/2016- 11 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Refunding Bonds Series 2010-B COMPUTATION CREDITS AND ADJUSTMENTS Arbitrage Rebate Computation Future ValueFuture Factor @Value toNumber DateDescriptionAmount1.902553%10/1/2015of Days 10/1/2011Computation Credit(1,520.00) 1.0786847 (1,639.60) 1,440 10/1/2012Computation Credit(1,550.00) 1.0584513 (1,640.60) 1,080 (3,070.00) Total Adjustments:(3,280.20)$