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Arbitrage Rebate Analysis as of 10 1 2016
Arbitrage Rebate Analysis Computed as of October 1, 2016 City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A Exhibit B Results as of October 1, 2016 Summary of Issue Par $ 23,695,000 Issue Date July 30, 2009 Bond Year Date October 1 Bond Yield Computation Date October 1, 2016 Summary of Rebate Computation Computation Results w Total Rebate Amount Less FV of Prior Payment Net Rebate Amount w w w City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A ARBITRAGE REBATE ANALYSIS 3.11667% October 1, 2013 No arbitrage rebate payment is due at this time. The net rebate amount as of October 1, 2016 is ($440,723.17). ($ 440,723.17) Prior Installment Date ($ 440,723.17) 0.00 (440,723.17) (435,880.65) (2,727.43) (1,847.35) (267.74) ($2,500,000)$0 Total Rebate Amount Credits & Adjustments Fund 783 - South Ninth Phase IV Fund 794 - Aquatics Facility Escrow Fund Rebate Liability by Source 3/9/2017 - 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 10/1/2017. We understand that the Debt Service Accounts qualified as a bona fide debt service fund for all bond years during this computation period. 0.1945%0.1898%0.2313% 0.00% 2.00% 4.00% 6.00% 8.00% Fund 783 - South Ninth Phase IV Fund 794 - Aquatics Facility Escrow Fund Yield Comparison Bond Yield = 3.12% As of 10/1/2016 3/9/2017 - 2 -Gilmore & Bell, P.C. City of Salina, Kansas City of Salina, Kansas General Obligation Internal Improvement Bonds General Obligation Internal Improvement Bonds Series 2009-A Series 2009-A ACCOUNT NO. 1: Fund 783 - South Ninth Phase IV ACCOUNT NO. 1: Fund 783 - South Ninth Phase IV Imputed Interest Calculation Total Relevant Relevant Days Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual)Earnings 10/1/2013 348,490.14 - 348,490.14 348,490.14 348,490.14 0.1990%- - - 10/31/2013 57.00 - 57.00 348,490.14 348,490.14 0.1990%348,490.14 30 57.00 11/30/2013 55.85 - 55.85 348,490.14 348,490.14 0.1950%348,490.14 30 55.85 12/31/2013 56.53 - 56.53 348,490.14 348,490.14 0.1910%348,490.14 31 56.53 12/31/2013 348,490.14 - 348,490.14 - - 0.1910%- - - Totals 348,490.14 348,659.52 348,490.14 348,490.14 169.38 169.38 Cash Out Less Cash In:169.38 Investment Receipts minus Purchases:- Cash and Investment Activity Cash Transactions Investments 3/9/2017 - 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 Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675%10/1/2016 of Days 0.194495%10/1/2013 10/1/2013 (348,490.14) 1.0972194 (382,370.16) 1,080 1.0000000 (348,490.14) 10/31/2013 57.00 1.0944893 62.39 1,051 0.9998380 56.99 11/30/2013 55.85 1.0916723 60.97 1,021 0.9996815 55.83 12/31/2013 56.53 1.0888624 61.55 991 0.9995141 56.50 12/31/2013 348,490.14 1.0888624 379,457.82 991 0.9995141 348,320.81 - 169.38 (2,727.43) 0.00 Summary of : Fund 783 - South Ninth Phase IV Arbitrage Rebate Amount:(2,727.43)$ Total Investment Earnings:169.38 Investment Yield:0.1945% Average Amount Invested:348,349$ Total Time Invested:0.25 years 3/9/2017 - 4 -Gilmore & Bell, P.C. City of Salina, Kansas City of Salina, Kansas General Obligation Internal Improvement Bonds General Obligation Internal Improvement Bonds Series 2009-A Series 2009-A ACCOUNT NO. 2: Fund 794 - Aquatics Facility ACCOUNT NO. 2: Fund 794 - Aquatics Facility Imputed Interest Calculation Total Relevant Relevant Days Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual)Earnings 10/1/2013 93,947.39 - 93,947.39 93,947.39 93,947.39 0.1990%- - - 10/10/2013 888.75 - 888.75 93,058.64 93,058.64 0.1990%93,947.39 9 4.61 10/31/2013 15.26 - 15.26 93,058.64 93,058.64 0.1990%93,058.64 21 10.65 11/30/2013 14.91 - 14.91 93,058.64 93,058.64 0.1950%93,058.64 30 14.91 12/5/2013 3,836.60 - 3,836.60 89,222.04 89,222.04 0.1910%93,058.64 5 2.43 12/12/2013 467.50 - 467.50 88,754.54 88,754.54 0.1910%89,222.04 7 3.27 12/19/2013 7,647.85 - 7,647.85 81,106.69 81,106.69 0.1910%88,754.54 7 3.25 12/31/2013 14.04 - 14.04 81,106.69 81,106.69 0.1910%81,106.69 12 5.09 1/9/2014 2,143.75 - 2,143.75 78,962.94 78,962.94 0.1910%81,106.69 9 3.82 1/31/2014 12.91 - 12.91 78,962.94 78,962.94 0.1910%78,962.94 22 9.09 2/13/2014 7,295.92 - 7,295.92 71,667.02 71,667.02 0.1720%78,962.94 13 4.84 2/20/2014 2,256.06 - 2,256.06 69,410.96 69,410.96 0.1720%71,667.02 7 2.36 2/27/2014 4,486.98 - 4,486.98 64,923.98 64,923.98 0.1720%69,410.96 7 2.29 2/28/2014 9.80 - 9.80 64,923.98 64,923.98 0.1720%64,923.98 1 0.31 3/6/2014 27,057.39 - 27,057.39 37,866.59 37,866.59 0.1840%64,923.98 6 1.96 3/13/2014 408.81 - 408.81 37,457.78 37,457.78 0.1840%37,866.59 7 1.34 3/20/2014 1,705.73 - 1,705.73 35,752.05 35,752.05 0.1840%37,457.78 7 1.32 3/31/2014 6.60 - 6.60 35,752.05 35,752.05 0.1840%35,752.05 11 1.98 4/30/2014 5.52 - 5.52 35,752.05 35,752.05 0.1880%35,752.05 30 5.52 5/1/2014 17,502.95 - 17,502.95 18,249.10 18,249.10 0.1970%35,752.05 1 0.19 5/15/2014 236.16 - 236.16 18,012.94 18,012.94 0.1970%18,249.10 14 1.38 5/29/2014 5,475.00 - 5,475.00 12,537.94 12,537.94 0.1970%18,012.94 14 1.36 5/31/2014 3.07 - 3.07 12,537.94 12,537.94 0.1970%12,537.94 2 0.14 6/12/2014 3,333.84 - 3,333.84 9,204.10 9,204.10 0.1750%12,537.94 12 0.72 6/30/2014 1.51 - 1.51 9,204.10 9,204.10 0.1750%9,204.10 18 0.79 7/31/2014 1.24 - 1.24 9,204.10 9,204.10 0.1590%9,204.10 31 1.24 8/31/2014 1.24 - 1.24 9,204.10 9,204.10 0.1590%9,204.10 31 1.24 9/30/2014 1.30 - 1.30 9,204.10 9,204.10 0.1725%9,204.10 30 1.30 10/2/2014 2,876.32 - 2,876.32 6,327.78 6,327.78 0.1760%9,204.10 2 0.09 Cash Transactions Investments Cash and Investment Activity 3/9/2017 - 5 -Gilmore & Bell, P.C. City of Salina, Kansas City of Salina, Kansas General Obligation Internal Improvement Bonds General Obligation Internal Improvement Bonds Series 2009-A Series 2009-A ACCOUNT NO. 2: Fund 794 - Aquatics Facility ACCOUNT NO. 2: Fund 794 - Aquatics Facility Imputed Interest Calculation Total Relevant Relevant Days Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual)Earnings Cash Transactions Investments Cash and Investment Activity 10/31/2014 0.97 - 0.97 6,327.78 6,327.78 0.1760%6,327.78 29 0.88 11/30/2014 0.92 - 0.92 6,327.78 6,327.78 0.1760%6,327.78 30 0.92 12/31/2014 0.97 - 0.97 6,327.78 6,327.78 0.1800%6,327.78 31 0.97 1/31/2015 0.97 - 0.97 6,327.78 6,327.78 0.1800%6,327.78 31 0.97 2/28/2015 0.87 - 0.87 6,327.78 6,327.78 0.1800%6,327.78 28 0.87 3/31/2015 0.97 - 0.97 6,327.78 6,327.78 0.1800%6,327.78 31 0.97 4/30/2015 0.87 - 0.87 6,327.78 6,327.78 0.1680%6,327.78 30 0.87 5/31/2015 1.02 - 1.02 6,327.78 6,327.78 0.1900%6,327.78 31 1.02 6/30/2015 0.99 - 0.99 6,327.78 6,327.78 0.1900%6,327.78 30 0.99 6/30/2015 14.00 - 14.00 6,313.78 6,313.78 0.1900%- - - 7/31/2015 1.01 - 1.01 6,313.78 6,313.78 0.1880%6,313.78 31 1.01 8/10/2015 17.00 - 17.00 6,296.78 6,296.78 0.1850%6,313.78 10 0.32 8/31/2015 0.99 - 0.99 6,296.78 6,296.78 0.1850%6,296.78 21 0.67 9/30/2015 0.96 - 0.96 6,296.78 6,296.78 0.1850%6,296.78 30 0.96 10/30/2015 0.17 - 0.17 6,296.78 6,296.78 0.0337%6,296.78 30 0.17 11/30/2015 2.43 - 2.43 6,296.78 6,296.78 0.4544%6,296.78 31 2.43 12/31/2015 1.00 - 1.00 6,296.78 6,296.78 0.1875%6,296.78 31 1.00 1/31/2016 0.51 - 0.51 6,296.78 6,296.78 0.0953%6,296.78 31 0.51 2/29/2016 1.16 - 1.16 6,296.78 6,296.78 0.2327%6,296.78 29 1.16 3/31/2016 1.19 - 1.19 6,296.78 6,296.78 0.2217%6,296.78 31 1.19 4/30/2016 1.12 - 1.12 6,296.78 6,296.78 0.2171%6,296.78 30 1.12 5/31/2016 2.24 - 2.24 6,296.78 6,296.78 0.4185%6,296.78 31 2.24 6/30/2016 0.89 - 0.89 6,296.78 6,296.78 0.1717%6,296.78 30 0.89 7/31/2016 0.80 - 0.80 6,296.78 6,296.78 0.1492%6,296.78 31 0.80 8/31/2016 0.74 - 0.74 6,296.78 6,296.78 0.1377%6,296.78 31 0.74 9/30/2016 1.11 - 1.11 6,296.78 6,296.78 0.2150%6,296.78 30 1.11 10/1/2016 6,296.78 - 6,296.78 - - 0.1413%6,296.78 1 0.02 Totals 93,947.39 94,059.66 93,947.39 93,947.39 112.27 112.29 3/9/2017 - 6 -Gilmore & Bell, P.C. City of Salina, Kansas City of Salina, Kansas General Obligation Internal Improvement Bonds General Obligation Internal Improvement Bonds Series 2009-A Series 2009-A ACCOUNT NO. 2: Fund 794 - Aquatics Facility ACCOUNT NO. 2: Fund 794 - Aquatics Facility Imputed Interest Calculation Total Relevant Relevant Days Cash and Investment Invested Invested Imputed Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments Rate Balance (Actual)Earnings Cash Transactions Investments Cash and Investment Activity Cash Out Less Cash In:112.27 Investment Receipts minus Purchases:- 3/9/2017 - 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 Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675%10/1/2016 of Days 0.189813%10/1/2013 10/1/2013 (93,947.39) 1.0972194 (103,080.90) 1,080 1.0000000 (93,947.39) 10/10/2013 888.75 1.0963714 974.40 1,071 0.9999526 888.71 10/31/2013 15.26 1.0944893 16.70 1,051 0.9998419 15.26 11/30/2013 14.91 1.0916723 16.28 1,021 0.9996891 14.91 12/5/2013 3,836.60 1.0912035 4,186.51 1,016 0.9996628 3,835.31 12/12/2013 467.50 1.0905475 509.83 1,009 0.9996259 467.33 12/19/2013 7,647.85 1.0898919 8,335.33 1,002 0.9995890 7,644.71 12/31/2013 14.04 1.0888624 15.29 991 0.9995258 14.03 1/9/2014 2,143.75 1.0880209 2,332.44 982 0.9994837 2,142.64 1/31/2014 12.91 1.0860598 14.02 961 0.9993678 12.90 2/13/2014 7,295.92 1.0848476 7,914.96 948 0.9993046 7,290.85 2/20/2014 2,256.06 1.0841954 2,446.01 941 0.9992677 2,254.41 2/27/2014 4,486.98 1.0835436 4,861.84 934 0.9992309 4,483.53 2/28/2014 9.80 1.0832644 10.62 931 0.9992256 9.79 3/6/2014 27,057.39 1.0827062 29,295.20 925 0.9991835 27,035.30 3/13/2014 408.81 1.0820553 442.36 918 0.9991466 408.46 3/20/2014 1,705.73 1.0814048 1,844.58 911 0.9991098 1,704.21 3/31/2014 6.60 1.0804762 7.13 901 0.9990518 6.59 4/30/2014 5.52 1.0776952 5.95 871 0.9988992 5.51 5/1/2014 17,502.95 1.0776026 18,861.23 870 0.9988939 17,483.59 5/15/2014 236.16 1.0763074 254.18 856 0.9988202 235.88 5/29/2014 5,475.00 1.0750137 5,885.70 842 0.9987465 5,468.14 5/31/2014 3.07 1.0749214 3.30 841 0.9987360 3.07 6/12/2014 3,333.84 1.0738138 3,579.92 829 0.9986781 3,329.43 6/30/2014 1.51 1.0721546 1.62 811 0.9985833 1.51 7/31/2014 1.24 1.0693950 1.33 781 0.9984202 1.24 8/31/2014 1.24 1.0666425 1.32 751 0.9982624 1.24 9/30/2014 1.30 1.0638971 1.38 721 0.9981098 1.30 10/2/2014 2,876.32 1.0637144 3,059.58 719 0.9980993 2,870.85 3/9/2017 - 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 Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675%10/1/2016 of Days 0.189813%10/1/2013 10/31/2014 0.97 1.0611588 1.03 691 0.9979468 0.97 11/30/2014 0.92 1.0584275 0.97 661 0.9977943 0.92 12/31/2014 0.97 1.0557032 1.02 631 0.9976313 0.97 1/31/2015 0.97 1.0529860 1.02 601 0.9974736 0.97 2/28/2015 0.87 1.0502757 0.91 571 0.9973316 0.87 3/31/2015 0.97 1.0475724 1.02 541 0.9971582 0.97 4/30/2015 0.87 1.0448761 0.91 511 0.9970058 0.87 5/31/2015 1.02 1.0421867 1.06 481 0.9968429 1.02 6/30/2015 0.99 1.0395042 1.03 451 0.9966906 0.99 6/30/2015 14.00 1.0395042 14.55 451 0.9966906 13.95 7/31/2015 1.01 1.0368287 1.05 421 0.9965278 1.01 8/10/2015 17.00 1.0359384 17.61 411 0.9964805 16.94 8/31/2015 0.99 1.0341600 1.02 391 0.9963702 0.99 9/30/2015 0.96 1.0314982 0.99 361 0.9962180 0.96 10/30/2015 0.17 1.0288432 0.17 331 0.9960605 0.17 11/30/2015 2.43 1.0261951 2.49 301 0.9959030 2.42 12/31/2015 1.00 1.0235538 1.02 271 0.9957403 1.00 1/31/2016 0.51 1.0209193 0.52 241 0.9955829 0.51 2/29/2016 1.16 1.0182916 1.18 211 0.9954360 1.15 3/31/2016 1.19 1.0156706 1.21 181 0.9952681 1.18 4/30/2016 1.12 1.0130564 1.13 151 0.9951160 1.11 5/31/2016 2.24 1.0104489 2.26 121 0.9949535 2.23 6/30/2016 0.89 1.0078481 0.90 91 0.9948014 0.89 7/31/2016 0.80 1.0052541 0.80 61 0.9946389 0.80 8/31/2016 0.74 1.0026667 0.74 31 0.9944817 0.74 9/30/2016 1.11 1.0000859 1.11 1 0.9943297 1.10 10/1/2016 6,296.78 1.0000000 6,296.78 - 0.9943245 6,261.04 112.27 (1,847.35) (0.00) 3/9/2017 - 9 -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 Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675%10/1/2016 of Days 0.189813%10/1/2013 Summary of : Fund 794 - Aquatics Facility Arbitrage Rebate Amount:(1,847.35)$ Total Investment Earnings:112.27 Investment Yield:0.1898% Average Amount Invested:19,716$ Total Time Invested:3.00 years 3/9/2017 - 10 -Gilmore & Bell, P.C. City of Salina, Kansas City of Salina, Kansas General Obligation Internal Improvement Bonds General Obligation Internal Improvement Bonds Series 2009-A Series 2009-A ACCOUNT NO. 3: Escrow Fund ACCOUNT NO. 3: Escrow Fund Total Cash and Date Cash In Cash Out Balance Purchase Receipt Earnings Balance Investments 7/26/2016 284,699.38 0.59 284,698.79 284,698.79 284,699.38 9/29/2016 284,814.59 284,698.79 115.21 - 284,814.59 10/1/2016 284,814.59 - - - Totals 284,699.38 284,814.59 284,698.79 284,698.79 115.21 Cash Out Less Cash In:115.21 Investment Receipts minus Purchases:- Replacement Proceeds Deposits to Escrow % -$ 2016B 0.00% 284,699.38$ Issuer Contribution 100.00% 284,699.38$ 100.00% Series Refunded 10/1/2016 Escrow Requirement % Allocation of Replacement Proceeds 2006 189,162.50 40.27% 2007 66,375.00 14.13% 2008 29,375.00 6.25% 2009 87,941.25 18.72% 2010 33,550.63 7.14% 2011 63,295.00 13.48% Sums:469,699.38 100.00% Cash and Investment Activity Cash Transactions Investments 10/1/2016 Replacement Proceeds Balance 114,657.27 40,231.95 17,805.10 53,303.92 20,336.08 38,365.07 284,699.38 3/9/2017 - 11 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A ACCOUNT NO. 3: Escrow Fund Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675%10/1/2016 of Days 0.231329%10/1/2013 7/26/2016 (284,698.79) 1.0055996 (286,292.98) 65 0.993502781 (282,849.04) 9/29/2016 284,814.00 1.0001718 284,862.94 2 0.9931009 282,849.04 10/1/2016 - 1.0000000 - - 0.993088144 - 115.21 (1,430.04) 0.00 3/9/2017 - 12 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A ACCOUNT NO. 3: Escrow Fund Arbitrage Rebate Computation Investment Yield Future Present Net Value Future Value Present Investment Factor @ Value to Number Factor @ Value to Date Activity 3.116675%10/1/2016 of Days 0.231329%10/1/2013 Summary of : Escrow Fund Arbitrage Rebate Amount:(1,430.04)$ Percentage of Replacement Proceeds in Escrow allocable to the Bonds:18.72% Net Arbitrage Rebate Amount:(267.74)$ Total Investment Earnings:115.21 Investment Yield:0.2313% Average Amount Invested:275,835$ Total Time Invested:0.18 years 3/9/2017 - 13 -Gilmore & Bell, P.C. City of Salina, Kansas General Obligation Internal Improvement Bonds Series 2009-A COMPUTATION CREDITS AND ADJUSTMENTS Arbitrage Rebate Computation Future Value Future Factor @ Value to Number Date Description Amount 3.116675%10/1/2016 of Days 10/1/2013 Prior Rebate Amount (392,633.82) 1.0972194 (430,805.46) 1,080 10/1/2014 Computation Credit (1,620.00) 1.0638057 (1,723.37) 720 10/1/2015 Computation Credit (1,650.00) 1.0314096 (1,701.83) 360 10/1/2016 Computation Credit (1,650.00) 1.0000000 (1,650.00) - (397,553.82) Total Adjustments:(435,880.65)$ 3/9/2017 - 14 -Gilmore & Bell, P.C.