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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 2011-A Exhibit B 8/23/2016- 1 -Gilmore & Bell, P.C. Results as of October 1, 2015 Summary of Issue Par$ 6,565,000 Issue DateJuly 28, 2011 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 Internal Improvement Bonds Series 2011-A ARBITRAGE REBATE ANALYSIS 3.40000% No arbitrage rebate payment is due at this time. The net rebate amount as of October 1, 2015 is ($79,239.01). ($ 79,239.01) ($ 79,239.01) 0.00 (79,239.01) (6,830.88) (88.91) (956.79) (74.84) (71,287.59) ($125,000)$0 Total Rebate Amount Credits & Adjustments Riffel #2 SBD Grand Prairie SBD Bergkamp SBD Salina Airport Improvements Rebate Liability by Source Improvement Fund 98.2% Debt Service Account 0.5% U/W Discount 1.4% Allocation of Proceeds 8/23/2016- 2 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2011-A 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 this computation period. 0.30% 0.31% 0.31% 0.30% 0.00% 2.00% 4.00% 6.00% Riffel #2 SBDGrand Prairie SBDBergkamp SBDSalina Airport Improvements Yield Comparison Bond Yield = 3.40% As of 10/1/2015 8/23/2016- 3 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2011-A ACCOUNT NO. 1: Riffel #2 SBD Total RelevantDays Cash and InvestmentInvestedImputed DateCash InCash OutBalancePurchaseReceiptEarningsBalanceInvestmentsRate(Actual)Earnings 7/28/2011970,000.00 32,687.58 937,312.42 - 937,312.42 0.301%- - 7/28/201133,026.74 - 904,285.68 904,285.68 904,285.68 0.301%- - 7/29/2011904,285.68 - 904,285.68 - - 0.301%1.0 7.45 7/29/20117.45 - 7.45 - - 0.301%- - Totals970,000.00 970,007.45 904,285.68 904,285.68 7.45 7.45 Cash Out Less Cash In:7.45 Investment Receipts minus Purchases:- Cash and Investment Activity Cash TransactionsInvestments Imputed Interest Calculation 8/23/2016- 4 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2011-A ACCOUNT NO. 1: Riffel #2 SBD Arbitrage Rebate ComputationInvestment Yield FuturePresent NetValueFutureValuePresent InvestmentFactor @Value toNumberFactor @Value to DateActivity3.399996%10/1/2015of Days0.296819%7/28/2011 7/28/2011- 1.1511446 - 1,503 1.0000000 - 7/28/2011(904,285.68) 1.1511446 (1,040,963.60) 1,503 1.0000000 (904,285.68) 7/29/2011904,285.68 1.1510368 1,040,866.12 1,502 0.9999918 904,278.23 7/29/20117.45 1.1510368 8.58 1,502 0.9999918 7.45 7.45 (88.91) (0.00) Summary of : Riffel #2 SBD Arbitrage Rebate Amount:(88.91)$ Total Investment Earnings:7.45 Investment Yield:0.2968% Average Amount Invested:903,581$ Total Time Invested:0.00 years 8/23/2016- 5 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2011-A ACCOUNT NO. 2: Grand Prairie SBD TotalRelevantDays Cash andInvestmentInvestedImputed DateCash InCash OutBalancePurchaseReceiptEarningsBalanceInvestmentsRate(Actual)Earnings 7/28/20111,511,300.00 1,511,300.00 - 1,511,300.00 0.301%- - 7/28/201116,866.74 - 1,494,433.26 1,494,433.26 1,494,433.26 0.301%- - 7/29/20111,439,857.09 - 1,439,857.09 54,576.17 54,576.17 0.301%1.0 12.31 7/31/201113.21 - 13.21 54,576.17 54,576.17 0.301%2.0 0.90 8/11/201137,992.50 - 37,992.50 16,583.67 16,583.67 0.289%11.0 4.94 8/31/20117.57 - 7.57 16,583.67 16,583.67 0.289%20.0 2.63 9/1/2011950.00 - 950.00 15,633.67 15,633.67 0.295%1.0 0.13 9/30/20113.79 - 3.79 15,633.67 15,633.67 0.295%29.0 3.66 10/31/20113.92 - 3.92 15,633.67 15,633.67 0.245%31.0 3.92 11/30/20113.15 - 3.15 15,633.67 15,633.67 0.365%30.0 3.15 12/31/20114.85 - 4.85 15,633.67 15,633.67 0.359%31.0 4.85 1/31/20124.77 - 4.77 15,633.67 15,633.67 0.287%31.0 4.77 2/29/20123.56 - 3.56 15,633.67 15,633.67 0.297%29.0 3.56 3/31/20123.94 - 3.94 15,633.67 15,633.67 0.296%31.0 3.94 4/30/20123.80 - 3.80 15,633.67 15,633.67 0.325%30.0 3.80 5/31/20124.32 - 4.32 15,633.67 15,633.67 0.325%31.0 4.32 6/30/20124.18 - 4.18 15,633.67 15,633.67 0.305%30.0 4.18 7/31/20124.05 - 4.05 15,633.67 15,633.67 0.305%31.0 4.05 8/31/20124.05 - 4.05 15,633.67 15,633.67 0.282%31.0 4.05 9/30/20123.62 - 3.62 15,633.67 15,633.67 0.327%30.0 3.62 10/31/20124.34 - 4.34 15,633.67 15,633.67 0.350%31.0 4.34 11/30/20124.50 - 4.50 15,633.67 15,633.67 0.372%30.0 4.50 12/31/201215,633.67 - 15,633.67 - - 0.358%31.0 4.94 12/31/20124.94 - 4.94 - - 0.358%- - Totals1,511,300.00 1,511,386.56 1,494,433.26 1,494,433.26 86.56 86.56 Cash Out Less Cash In:86.56 Investment Receipts minus Purchases:- Cash TransactionsInvestments Cash and Investment Activity Imputed Interest Calculation 8/23/2016- 6 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2011-A ACCOUNT NO. 2: Grand Prairie SBD Arbitrage Rebate ComputationInvestment Yield FuturePresent NetValueFutureValuePresent InvestmentFactor @Value toNumberFactor @Value to DateActivity3.399996%10/1/2015of Days0.312268%7/28/2011 7/28/2011- 1.1511446 - 1,503 1.0000000 - 7/28/2011(1,494,433.26) 1.1511446 (1,720,308.82) 1,503 1.0000000 (1,494,433.26) 7/29/20111,439,857.09 1.1510368 1,657,328.54 1,502 0.9999913 1,439,844.61 7/31/201113.21 1.1509290 15.20 1,501 0.9999740 13.21 8/11/201137,992.50 1.1497440 43,681.65 1,490 0.9998873 37,988.22 8/31/20117.57 1.1477000 8.69 1,471 0.9997140 7.57 9/1/2011950.00 1.1475925 1,090.21 1,470 0.9997140 949.73 9/30/20113.79 1.1444801 4.34 1,441 0.9994628 3.79 10/31/20113.92 1.1412691 4.47 1,411 0.9991943 3.92 11/30/20113.15 1.1380672 3.58 1,381 0.9989431 3.15 12/31/20114.85 1.1348743 5.50 1,351 0.9986748 4.84 1/31/20124.77 1.1316903 5.40 1,321 0.9984151 4.76 2/29/20123.56 1.1285153 4.02 1,291 0.9981729 3.55 3/31/20123.94 1.1253491 4.43 1,261 0.9978960 3.93 4/30/20123.80 1.1221919 4.26 1,231 0.9976453 3.79 5/31/20124.32 1.1190435 4.83 1,201 0.9973772 4.31 6/30/20124.18 1.1159039 4.66 1,171 0.9971266 4.17 7/31/20124.05 1.1127732 4.51 1,141 0.9968587 4.04 8/31/20124.05 1.1096512 4.49 1,111 0.9965995 4.04 9/30/20123.62 1.1065380 4.01 1,081 0.9963491 3.61 10/31/20124.34 1.1034335 4.79 1,051 0.9960814 4.32 11/30/20124.50 1.1003378 4.95 1,021 0.9958310 4.48 12/31/201215,633.67 1.0972507 17,154.06 991 0.9955635 15,564.31 12/31/20124.94 1.0972507 5.42 991 0.9955635 4.92 86.56 (956.79) (0.00) 8/23/2016- 7 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2011-A ACCOUNT NO. 2: Grand Prairie SBD Arbitrage Rebate ComputationInvestment Yield FuturePresent NetValueFutureValuePresent InvestmentFactor @Value toNumberFactor @Value to DateActivity3.399996%10/1/2015of Days0.312268%7/28/2011 Summary of : Grand Prairie SBD Arbitrage Rebate Amount:(956.79)$ Total Investment Earnings:86.56 Investment Yield:0.3123% Average Amount Invested:19,452$ Total Time Invested:1.43 years 8/23/2016- 8 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2011-A ACCOUNT NO. 3: Bergkamp SBD TotalRelevantDays Cash andInvestmentInvestedImputed DateCash InCash OutBalancePurchaseReceiptEarningsBalanceInvestmentsRate(Actual)Earnings 7/28/2011150,000.00 465.45 149,534.55 - 149,534.55 0.301%- - 7/28/201134,212.01 115,322.54 - 115,322.54 0.301%- - 7/28/201154,380.30 60,942.24 - 60,942.24 0.301%- - 7/28/2011373.00 60,569.24 - 60,569.24 0.301%- - 7/28/201112,106.86 48,462.38 - 48,462.38 0.301%- - 7/28/201115.00 48,447.38 - 48,447.38 0.301%- - 7/28/2011114.00 48,333.38 - 48,333.38 0.301%- - 7/28/201139,734.95 8,598.43 - 8,598.43 0.301%- - 7/28/201145.00 8,553.43 - 8,553.43 0.301%- - 7/28/20117,021.71 - 1,531.72 1,531.72 1,531.72 0.301%- - 7/31/20110.04 - 0.04 1,531.72 1,531.72 0.301%3.0 0.04 8/31/20110.39 - 0.39 1,531.72 1,531.72 0.289%31.0 0.39 9/30/20110.36 - 0.36 1,531.72 1,531.72 0.295%30.0 0.36 10/31/20110.38 - 0.38 1,531.72 1,531.72 0.245%31.0 0.38 11/30/20110.31 - 0.31 1,531.72 1,531.72 0.365%30.0 0.31 12/31/20110.47 - 0.47 1,531.72 1,531.72 0.359%31.0 0.47 1/31/20120.47 - 0.47 1,531.72 1,531.72 0.287%31.0 0.47 2/29/20120.35 - 0.35 1,531.72 1,531.72 0.297%29.0 0.35 3/31/20120.39 - 0.39 1,531.72 1,531.72 0.296%31.0 0.39 4/30/20120.37 - 0.37 1,531.72 1,531.72 0.325%30.0 0.37 5/31/20120.42 - 0.42 1,531.72 1,531.72 0.325%31.0 0.42 6/30/20120.41 - 0.41 1,531.72 1,531.72 0.305%30.0 0.41 7/31/20120.40 - 0.40 1,531.72 1,531.72 0.305%31.0 0.40 8/31/20120.40 - 0.40 1,531.72 1,531.72 0.282%31.0 0.40 9/30/20120.36 - 0.36 1,531.72 1,531.72 0.327%30.0 0.36 10/31/20120.43 - 0.43 1,531.72 1,531.72 0.350%31.0 0.43 11/30/20120.44 - 0.44 1,531.72 1,531.72 0.372%30.0 0.44 12/31/20121,531.72 - 1,531.72 - - 0.358%31.0 0.48 12/31/20120.48 - 0.48 - - 0.358%- - Totals150,000.00 150,006.87 1,531.72 1,531.72 6.87 6.87 Cash TransactionsInvestments Cash and Investment Activity Imputed Interest Calculation 8/23/2016- 9 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2011-A ACCOUNT NO. 3: Bergkamp SBD TotalRelevantDays Cash andInvestmentInvestedImputed DateCash InCash OutBalancePurchaseReceiptEarningsBalanceInvestmentsRate(Actual)Earnings Cash TransactionsInvestments Cash and Investment Activity Imputed Interest Calculation Cash Out Less Cash In:6.87 Investment Receipts minus Purchases:- 8/23/2016- 10 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2011-A ACCOUNT NO. 3: Bergkamp SBD Arbitrage Rebate ComputationInvestment Yield FuturePresent NetValueFutureValuePresent InvestmentFactor @Value toNumberFactor @Value to DateActivity3.399996%10/1/2015of Days0.314924%7/28/2011 7/28/2011- 1.1511446 - 1,503 1.0000000 - 7/28/2011- 1.1511446 - 1,503 1.0000000 - 7/28/2011- 1.1511446 - 1,503 1.0000000 - 7/28/2011- 1.1511446 - 1,503 1.0000000 - 7/28/2011- 1.1511446 - 1,503 1.0000000 - 7/28/2011- 1.1511446 - 1,503 1.0000000 - 7/28/2011- 1.1511446 - 1,503 1.0000000 - 7/28/2011- 1.1511446 - 1,503 1.0000000 - 7/28/2011- 1.1511446 - 1,503 1.0000000 - 7/28/2011(1,531.72) 1.1511446 (1,763.23) 1,503 1.0000000 (1,531.72) 7/31/20110.04 1.1509290 0.05 1,501 0.9999738 0.04 8/31/20110.39 1.1477000 0.45 1,471 0.9997116 0.39 9/30/20110.36 1.1444801 0.41 1,441 0.9994582 0.36 10/31/20110.38 1.1412691 0.43 1,411 0.9991874 0.38 11/30/20110.31 1.1380672 0.35 1,381 0.9989342 0.31 12/31/20110.47 1.1348743 0.53 1,351 0.9986635 0.47 1/31/20120.47 1.1316903 0.53 1,321 0.9984017 0.47 2/29/20120.35 1.1285153 0.39 1,291 0.9981573 0.35 3/31/20120.39 1.1253491 0.44 1,261 0.9978782 0.39 4/30/20120.37 1.1221919 0.42 1,231 0.9976253 0.37 5/31/20120.42 1.1190435 0.47 1,201 0.9973550 0.42 6/30/20120.41 1.1159039 0.46 1,171 0.9971022 0.41 7/31/20120.40 1.1127732 0.45 1,141 0.9968320 0.40 8/31/20120.40 1.1096512 0.44 1,111 0.9965707 0.40 9/30/20120.36 1.1065380 0.40 1,081 0.9963181 0.36 10/31/20120.43 1.1034335 0.47 1,051 0.9960482 0.43 11/30/20120.44 1.1003378 0.48 1,021 0.9957957 0.44 12/31/20121,531.72 1.0972507 1,680.68 991 0.9955259 1,524.87 12/31/20120.48 1.0972507 0.53 991 0.9955259 0.48 6.87 (74.84) 0.00 8/23/2016- 11 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2011-A ACCOUNT NO. 3: Bergkamp SBD Arbitrage Rebate ComputationInvestment Yield FuturePresent NetValueFutureValuePresent InvestmentFactor @Value toNumberFactor @Value to DateActivity3.399996%10/1/2015of Days0.314924%7/28/2011 Summary of : Bergkamp SBD Arbitrage Rebate Amount:(74.84)$ Total Investment Earnings:6.87 Investment Yield:0.3149% Average Amount Invested:1,531$ Total Time Invested:1.43 years 8/23/2016- 12 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2011-A ACCOUNT NO. 4: Salina Airport Improvements TotalRelevantDays Cash andInvestmentInvestedImputed DateCash InCash OutBalancePurchaseReceiptEarningsBalanceInvestmentsRate(Actual)Earnings 7/28/20113,933,700.00 405.00 3,933,295.00 - 3,933,295.00 0.301%- - 7/28/20111,254.20 3,932,040.80 - 3,932,040.80 0.301%- - 7/28/201114,592.50 3,917,448.30 - 3,917,448.30 0.301%- - 7/28/20117,747.50 3,909,700.80 - 3,909,700.80 0.301%- - 7/28/2011530,375.36 - 3,379,325.44 3,379,325.44 3,379,325.44 0.301%- - 7/31/201183.50 - 83.50 3,379,325.44 3,379,325.44 0.301%3.0 83.50 8/4/20119,266.06 - 9,266.06 3,370,059.38 3,370,059.38 0.289%4.0 111.33 8/31/2011831.78 - 831.78 3,370,059.38 3,370,059.38 0.289%27.0 720.45 9/1/2011244,491.05 - 244,491.05 3,125,568.33 3,125,568.33 0.295%1.0 26.68 9/15/201122,396.09 - 22,396.09 3,103,172.24 3,103,172.24 0.295%14.0 353.66 9/30/2011756.55 - 756.55 3,103,172.24 3,103,172.24 0.295%15.0 376.21 10/6/2011225,815.51 - 225,815.51 2,877,356.73 2,877,356.73 0.245%6.0 150.48 10/27/201118,751.02 - 18,751.02 2,858,605.71 2,858,605.71 0.245%21.0 405.59 10/31/2011632.82 - 632.82 2,858,605.71 2,858,605.71 0.245%4.0 76.75 11/10/2011554,453.63 - 554,453.63 2,304,152.08 2,304,152.08 0.365%10.0 191.88 11/30/2011652.71 - 652.71 2,304,152.08 2,304,152.08 0.365%20.0 460.83 12/1/20117,723.26 - 7,723.26 2,296,428.82 2,296,428.82 0.359%1.0 23.04 12/8/2011421,460.74 - 421,460.74 1,874,968.08 1,874,968.08 0.359%7.0 158.11 12/29/20117,258.24 - 7,258.24 1,867,709.84 1,867,709.84 0.359%21.0 387.27 12/31/2011605.16 - 605.16 1,867,709.84 1,867,709.84 0.359%2.0 36.74 1/12/2012172,291.93 - 172,291.93 1,695,417.91 1,695,417.91 0.287%12.0 220.44 1/31/2012473.73 - 473.73 1,695,417.91 1,695,417.91 0.287%19.0 253.29 2/2/20125,847.73 - 5,847.73 1,689,570.18 1,689,570.18 0.297%2.0 26.66 2/9/2012593,785.88 - 593,785.88 1,095,784.30 1,095,784.30 0.297%7.0 96.24 2/23/201210,526.15 - 10,526.15 1,085,258.15 1,085,258.15 0.297%14.0 124.83 2/29/2012300.71 - 300.71 1,085,258.15 1,085,258.15 0.297%6.0 52.98 3/8/201263,573.04 - 63,573.04 1,021,685.11 1,021,685.11 0.296%8.0 70.65 3/22/20125,494.10 - 5,494.10 1,016,191.01 1,016,191.01 0.296%14.0 116.00 3/31/2012260.82 - 260.82 1,016,191.01 1,016,191.01 0.296%9.0 74.17 4/12/2012334,686.47 - 334,686.47 681,504.54 681,504.54 0.325%12.0 98.89 4/30/2012208.12 - 208.12 681,504.54 681,504.54 0.325%18.0 109.23 5/10/201222,418.19 - 22,418.19 659,086.35 659,086.35 0.325%10.0 60.68 Cash and Investment Activity Cash TransactionsInvestments Imputed Interest Calculation 8/23/2016- 13 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2011-A ACCOUNT NO. 4: Salina Airport Improvements TotalRelevantDays Cash andInvestmentInvestedImputed DateCash InCash OutBalancePurchaseReceiptEarningsBalanceInvestmentsRate(Actual)Earnings Cash and Investment Activity Cash TransactionsInvestments Imputed Interest Calculation 5/31/2012183.92 - 183.92 659,086.35 659,086.35 0.325%21.0 123.24 6/14/20122,964.58 - 2,964.58 656,121.77 656,121.77 0.305%14.0 82.16 6/30/2012169.88 - 169.88 656,121.77 656,121.77 0.305%16.0 87.72 7/12/2012164,913.08 - 164,913.08 491,208.69 491,208.69 0.305%12.0 65.79 7/31/2012143.78 - 143.78 491,208.69 491,208.69 0.305%19.0 77.99 8/2/2012622.63 - 622.63 490,586.06 490,586.06 0.282%2.0 8.21 8/13/201269,213.83 - 69,213.83 559,799.89 559,799.89 0.282%11.0 41.69 8/13/201275,495.55 - 75,495.55 635,295.44 635,295.44 0.282%- - 8/13/201211,115.00 - 11,115.00 646,410.44 646,410.44 0.282%- - 8/31/201269,213.83 - 69,213.83 577,196.61 577,196.61 0.282%18.0 89.90 8/31/201275,495.55 - 75,495.55 501,701.06 501,701.06 0.282%- - 8/31/201211,115.00 - 11,115.00 490,586.06 490,586.06 0.282%- - 8/31/2012139.80 - 139.80 490,586.06 490,586.06 0.282%- - 9/13/20121,016.25 - 1,016.25 489,569.81 489,569.81 0.327%13.0 49.27 9/27/20121,236.00 - 1,236.00 488,333.81 488,333.81 0.327%14.0 61.40 9/30/2012123.79 - 123.79 488,333.81 488,333.81 0.327%3.0 13.12 10/31/2012135.62 - 135.62 488,333.81 488,333.81 0.350%31.0 135.62 11/1/20122,262.25 - 2,262.25 486,071.56 486,071.56 0.372%1.0 4.68 11/29/20121,048.75 - 1,048.75 485,022.81 485,022.81 0.372%28.0 138.71 11/30/2012148.33 - 148.33 485,022.81 485,022.81 0.372%1.0 4.94 12/20/2012371,433.68 - 371,433.68 113,589.13 113,589.13 0.358%20.0 98.86 12/31/2012111.12 - 111.12 113,589.13 113,589.13 0.358%11.0 12.26 1/10/2013737.25 - 737.25 112,851.88 112,851.88 0.313%10.0 11.14 1/17/20131,643.75 - 1,643.75 111,208.13 111,208.13 0.313%7.0 6.77 1/31/201331.26 - 31.26 111,208.13 111,208.13 0.313%14.0 13.35 2/28/201326.70 - 26.70 111,208.13 111,208.13 0.283%28.0 26.70 3/31/201326.73 - 26.73 111,208.13 111,208.13 0.312%31.0 26.73 4/30/201328.52 - 28.52 111,208.13 111,208.13 0.219%30.0 28.52 5/31/201320.68 - 20.68 111,208.13 111,208.13 0.181%31.0 20.68 6/30/201316.54 - 16.54 111,208.13 111,208.13 0.148%30.0 16.54 7/31/201313.98 - 13.98 111,208.13 111,208.13 0.135%31.0 13.98 8/31/201312.75 - 12.75 111,208.13 111,208.13 0.147%31.0 12.75 8/23/2016- 14 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2011-A ACCOUNT NO. 4: Salina Airport Improvements TotalRelevantDays Cash andInvestmentInvestedImputed DateCash InCash OutBalancePurchaseReceiptEarningsBalanceInvestmentsRate(Actual)Earnings Cash and Investment Activity Cash TransactionsInvestments Imputed Interest Calculation 9/30/201313.44 - 13.44 111,208.13 111,208.13 0.183%30.0 13.44 10/31/201317.28 - 17.28 111,208.13 111,208.13 0.183%31.0 17.28 11/30/201316.73 - 16.73 111,208.13 111,208.13 0.195%30.0 16.73 12/31/2013111,208.13 - 111,208.13 - - 0.191%31.0 18.42 12/31/201318.42 - 18.42 - - 0.191%- - Totals4,089,524.38 4,095,729.55 3,535,149.82 3,535,149.82 6,205.17 6,205.17 Cash Out Less Cash In:6,205.17 Investment Receipts minus Purchases:- 8/23/2016- 15 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2011-A ACCOUNT NO. 4: Salina Airport Improvements Arbitrage Rebate ComputationInvestment Yield FuturePresent NetValueFutureValuePresent InvestmentFactor @Value toNumberFactor @Value to DateActivity3.399996%10/1/2015of Days0.302461%7/28/2011 7/28/2011- 1.1511446 - 1,503 1.0000000 - 7/28/2011- 1.1511446 - 1,503 1.0000000 - 7/28/2011- 1.1511446 - 1,503 1.0000000 - 7/28/2011- 1.1511446 - 1,503 1.0000000 - 7/28/2011(3,379,325.44) 1.1511446 (3,890,092.32) 1,503 1.0000000 (3,379,325.44) 7/31/201183.50 1.1509290 96.10 1,501 0.9999748 83.50 8/4/20119,266.06 1.1504980 10,660.58 1,497 0.9999496 9,265.59 8/31/2011831.78 1.1477000 954.63 1,471 0.9997230 831.55 9/1/2011244,491.05 1.1475925 280,576.11 1,470 0.9997230 244,423.32 9/15/201122,396.09 1.1460889 25,667.91 1,456 0.9996055 22,387.25 9/30/2011756.55 1.1444801 865.86 1,441 0.9994796 756.16 10/6/2011225,815.51 1.1438372 258,296.17 1,435 0.9994293 225,686.63 10/27/201118,751.02 1.1415898 21,405.97 1,414 0.9992531 18,737.01 10/31/2011632.82 1.1412691 722.22 1,411 0.9992195 632.33 11/10/2011554,453.63 1.1402008 632,188.49 1,401 0.9991440 553,979.04 11/30/2011652.71 1.1380672 742.83 1,381 0.9989763 652.04 12/1/20117,723.26 1.1379607 8,788.77 1,380 0.9989679 7,715.29 12/8/2011421,460.74 1.1372149 479,291.43 1,373 0.9989092 421,001.01 12/29/20117,258.24 1.1349806 8,237.96 1,352 0.9987331 7,249.04 12/31/2011605.16 1.1348743 686.78 1,351 0.9987163 604.38 1/12/2012172,291.93 1.1335996 195,310.07 1,339 0.9986241 172,054.88 1/31/2012473.73 1.1316903 536.12 1,321 0.9984648 473.00 2/2/20125,847.73 1.1314784 6,616.58 1,319 0.9984565 5,838.70 2/9/2012593,785.88 1.1307369 671,415.59 1,312 0.9983978 592,834.50 2/23/201210,526.15 1.1292553 11,886.71 1,298 0.9982804 10,508.05 2/29/2012300.71 1.1285153 339.36 1,291 0.9982302 300.18 3/8/201263,573.04 1.1276701 71,689.42 1,283 0.9981547 63,455.73 3/22/20125,494.10 1.1261926 6,187.41 1,269 0.9980374 5,483.32 3/31/2012260.82 1.1253491 293.51 1,261 0.9979620 260.29 4/12/2012334,686.47 1.1240852 376,216.10 1,249 0.9978699 333,973.54 4/30/2012208.12 1.1221919 233.55 1,231 0.9977191 207.65 5/10/201222,418.19 1.1211415 25,133.96 1,221 0.9976353 22,365.18 8/23/2016- 16 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2011-A ACCOUNT NO. 4: Salina Airport Improvements Arbitrage Rebate ComputationInvestment Yield FuturePresent NetValueFutureValuePresent InvestmentFactor @Value toNumberFactor @Value to DateActivity3.399996%10/1/2015of Days0.302461%7/28/2011 5/31/2012183.92 1.1190435 205.81 1,201 0.9974594 183.45 6/14/20122,964.58 1.1175773 3,313.15 1,187 0.9973506 2,956.73 6/30/2012169.88 1.1159039 189.57 1,171 0.9972166 169.41 7/12/2012164,913.08 1.1146506 183,820.46 1,159 0.9971162 164,437.50 7/31/2012143.78 1.1127732 159.99 1,141 0.9969571 143.34 8/2/2012622.63 1.1125648 692.72 1,139 0.9969488 620.73 8/13/2012(69,213.83) 1.1114193 (76,925.58) 1,128 0.9968567 (68,996.27) 8/13/2012(75,495.55) 1.1114193 (83,907.21) 1,128 0.9968567 (75,258.24) 8/13/2012(11,115.00) 1.1114193 (12,353.43) 1,128 0.9968567 (11,080.06) 8/31/201269,213.83 1.1096512 76,803.21 1,111 0.9967061 68,985.84 8/31/201275,495.55 1.1096512 83,773.73 1,111 0.9967061 75,246.87 8/31/201211,115.00 1.1096512 12,333.77 1,111 0.9967061 11,078.39 8/31/2012139.80 1.1096512 155.13 1,111 0.9967061 139.34 9/13/20121,016.25 1.1083011 1,126.31 1,098 0.9966057 1,012.80 9/27/20121,236.00 1.1068490 1,368.07 1,084 0.9964885 1,231.66 9/30/2012123.79 1.1065380 136.98 1,081 0.9964634 123.35 10/31/2012135.62 1.1034335 149.65 1,051 0.9962041 135.11 11/1/20122,262.25 1.1033302 2,496.01 1,050 0.9962041 2,253.66 11/29/20121,048.75 1.1004408 1,154.09 1,022 0.9959700 1,044.52 11/30/2012148.33 1.1003378 163.21 1,021 0.9959616 147.73 12/20/2012371,433.68 1.0982788 407,937.73 1,001 0.9957944 369,871.58 12/31/2012111.12 1.0972507 121.93 991 0.9957025 110.64 1/10/2013737.25 1.0962236 808.19 981 0.9956272 734.03 1/17/20131,643.75 1.0955052 1,800.74 974 0.9955687 1,636.47 1/31/201331.26 1.0941723 34.20 961 0.9954517 31.12 2/28/201326.70 1.0911025 29.13 931 0.9952261 26.57 3/31/201326.73 1.0880413 29.08 901 0.9949504 26.60 4/30/201328.52 1.0849888 30.94 871 0.9947082 28.37 5/31/201320.68 1.0819447 22.37 841 0.9944494 20.57 6/30/201316.54 1.0789093 17.85 811 0.9942073 16.44 7/31/201313.98 1.0758823 15.04 781 0.9939486 13.90 8/31/201312.75 1.0728638 13.68 751 0.9936983 12.67 8/23/2016- 17 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2011-A ACCOUNT NO. 4: Salina Airport Improvements Arbitrage Rebate ComputationInvestment Yield FuturePresent NetValueFutureValuePresent InvestmentFactor @Value toNumberFactor @Value to DateActivity3.399996%10/1/2015of Days0.302461%7/28/2011 9/30/201313.44 1.0698538 14.38 721 0.9934564 13.35 10/31/201317.28 1.0668523 18.44 691 0.9931978 17.16 11/30/201316.73 1.0638592 17.80 661 0.9929561 16.61 12/31/2013111,208.13 1.0608744 117,977.86 631 0.9926977 110,396.05 12/31/201318.42 1.0608744 19.54 631 0.9926977 18.29 6,205.17 (71,287.59) (0.00) Summary of : Salina Airport Improvements Arbitrage Rebate Amount:(71,287.59)$ Total Investment Earnings:6,205.17 Investment Yield:0.3025% Average Amount Invested:846,005$ Total Time Invested:2.43 years 8/23/2016- 18 -Gilmore & Bell, P.C. MonthYield July-110.301% August-110.289% September-110.295% October-110.245% November-110.365% December-110.359% January-120.287% February-120.297% March-120.296% April-120.325% May-120.325% June-120.305% July-120.305% August-120.282% September-120.327% October-120.350% November-120.372% December-120.358% January-130.313% February-130.283% March-130.312% April-130.219% May-130.181% June-130.148% July-130.135% August-130.147% September-130.183% October-130.183% November-130.195% December-130.191% City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2011-A Weighted Average Yields as Provided by Issuer 8/23/2016- 19 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2011-A COMPUTATION CREDITS AND ADJUSTMENTS Arbitrage Rebate Computation Future ValueFuture Factor @Value toNumber DateDescriptionAmount3.399996%10/1/2015of Days 10/1/2011Computation Credit(1,520.00) 1.1443729 (1,739.45) 1,440 10/1/2012Computation Credit(1,550.00) 1.1064344 (1,714.97) 1,080 10/1/2013Computation Credit(1,590.00) 1.0697537 (1,700.91) 720 10/1/2014Computation Credit(1,620.00) 1.0342890 (1,675.55) 360 (6,280.00) Total Adjustments:(6,830.88)$