Excrow Agreement 2017 ESCROW AGREEMENT
THIS AGREEMENT is made this 22nd day of August, 2017, by and between
Douglas L. Oliphant R. Renee Oliphant, (Referred to in this Agreement as "the Property Owner")
and the City of Salina. Kansas (Referred to in the Agreement as "the Escrow Agent").
RECITALS
A. Property owner is the owner of real estate legally described as:
Lot Five, Block Three, Magnolia Hills Estate in the City of Salina. Saline
County, Kansas
(referred to in this Agreement as "the Real Estate")
B. Special Assessments have been levied against the Real Estate and bonds
have been issued by the City of Salina, Kansas, in payment of the costs of the public
improvements for which the special assessments were levied.
C. Pursuant to Salina Ordinance Number 88-9252, the Property Owner wishes
to deposit with the Escrow Agent funds which, when held in an interest-bearing account, will
generate sufficient interest such that the share of annual payments of bond principal and interest
attributable to the Real Estate can be made.
D. The Escrow Agent is willing to receive such payment from the Property
Owner and to hold such funds, subject to the terms and conditions of this agreement.
SO NOW, THEREFORE, the parties agree as follows:
1. Payment. The Property Owner deposits with the Escrow Agent the sum of
One thousand nine hundred twenty-three and 90 /100 Dollars (S1.923.90), the receipt of which is
hereby acknowledged by the Escrow Agent.
2. Investment. The sum deposited by the Property Owner with the Escrow
Agent shall be deposited by the Escrow Agent in an escrow account under the City's Special
Assessment Escrow Fund and invested as permitted by law.
3. Annual withdrawal. In January of each year, the Escrow Agent shall transfer
from the escrow account an amount necessary to pay the annual bond principal and interest
payments attributable to the Real Estate and the S10.00 annual administration fee. The amount
necessary to pay bond principal and interest will be transferred to the City's Bond and Interest
Fund and the administrative fee shall be transferred to the City's General Fund.
4. Termination. This Escrow agreement shall terminate on the date coinciding
with the payment from the escrow account of the final annual installment of bond principal and
interest attributable to the Real Estate.
5. Binding effect. This Escrow Agreement shall be binding upon and insure to
the benefit of the heirs, executors, administrators, devisees, legatees, successors and assigns of
the parties.
EXECUTED this 22nd day of August, 2017.
��c J tre
Doug ai Oliphant
"Pro rty Owner"
At 0/x/0
Rene Oliphant
"Property Owner"
CITY OF SALINtA, KANSAS
Cindy (a et
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY. ss:
The above and foregoing instrument acknowledged before me this 22"d day of August,
2017, by Douglas L. Oliphant. the Property Owner.
airlALLISON STRAIT
Notary Public- State of Kansas
My Appt. Expires I b"Z 'otary Public S717°
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing, instrument acknowledged before me this 22"d day of August,
2017, by Renee Oliphant. the Property Owner.
ALLISON STRAIT ( ����
rta Notary esPublic-State of Kansas Notary Public
My Appt Expires 10 25 Z(}
STATE OF KANSAS, SALINE COUNTY. ss:
The above and foregoing instrument acknowledged before me this 22' day of August,
2017, by Cindy Beneke, Interim Finance Director of the City of Salina. Kansas, on behalf of the City of
Salina_. Kansas.
�� '
ALLISON STRAITkl otair Public
Notary Public- State of Kansas
My Appt. Expires 10' 5"20
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract# . 30593
Job Number 2005-1556 Total Future Assessments Due: $1,913.90
Other Description: Lot 5, Block 3 Magnolia Amount of Prepayment Required: $1,923.90
Hills Estate
Savings on Prepayment ($10.00)
Date of Payment or Sale 08/22/17 W/E: ' 8/17/2017' '
Discount Rate Used: 0.01600% From: http://www.tederalreserve.govireleases/h1!
Date First Prepaid
Assessment is Due 12/20/2017
•
Total Due
First prepaid assesment Scheduled Principal and Escrow From
due Scheduled Principal Interest Interest Adm. Fee Escrow
8/22/2017 (This is the Date Paid) 0
12/20/2017 $1,538.03 $375.87 -$1,913.90 $10.00 $1,923.90
12/20/2018 - $0.00 $0.00 . $0.00 $0.00 $0.00
12/20/2019_ ' • $0.00 $0.00 . ' $0.00 $0.00 $0.00
12/20/2020 - $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2021 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2022 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2023 $0.00 $0.00 ' $0.00 $0.00 $0.00
12/20/2024 • $0.00 $0.00 ' $0.00 $0.00 $0.00
T
12/20/2025 $0.00 $0.00 $0.90 $0.00 $0.00
12/20/2026 • $0.00 $0.00 $0A0 $0.00 $0.00
12/20/2027 - $0.00 $0.00 , . $0.00 $0.00 $0.00
12/20/2028 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2029 - '$0.00 $0.00 . $0.00 $0.00 $0.00
12/20/2030 $0.00 $0.00 . • $0.00 $0.00 $0.00
12/20/2031 $0.00 $0.00 $0.00 $0.00 $0.00 •
Totals $1,538.03 $375.87 $1,913.90 $10.00 $1,923.90
SA5052 Special Assessments - Tract Assessments 8/22/17
10 : 53 : 10
Job: 2005-1556 MAGNOLIA HILLS ESTATES, PHASE I
(Amortized)
Tract# Lot Block Subdivision
30593 5 3 852 MAGNOLIA HILLS ESTATES
LGL: Magnolia Hills Estates, S29, T14 , R2 , BLOCK 3 , Lot 5, 11241 SQUARE FEE
Year Principal Interest Payments Assessment
2007 993 . 23 920 . 67 . 00 1, 913 . 90
2008 1, 037 . 63 876 . 27 . 00 1, 913 . 90
2009 1, 084 . 01 829 . 89 . 00 1, 913 . 90
2010 1, 132 . 47 781 . 43 . 00 1, 913 . 90
2011 1, 183 . 09 730 . 81 . 00 1, 913 . 90
2012 1, 235. 97 677 . 93 . 00 1, 913 . 90
2013 1, 291 . 22 622 . 68 . 00 1, 913 . 90
2014 1, 348 . 93 564 . 97 . 00 1, 913 . 90
2015 1, 409 . 23 504 . 67 . 00 1, 913 . 90
2016 1, 472 . 22 441 . 68 . 00 1, 913 . 90
2017 1, 538 . 03 375 . 87 . 00 1, 913 . 90
2018 1, 606 . 77 307 . 13 . 00 1, 913 . 90
2019 1, 678 . 60 235 . 30 . 00 1, 913 . 90
2020 1, 753 . 63 160 . 27 . 00 1, 913 . 90
2021 1 , 832 . 01 81 . 89 . 00 1, 913 . 90
The Fed - H.15 - Selected Interest Rates (Daily) - August 18, 2017 Page 1 of 3
Selected Interest Rates (Daily) - H.15
1-1.15 Selected Interest Rates RSS DDP
The release is posted daily Monday through Friday at 4:15pm. The release is not posted on
holidays or in the event that the Board is closed.
Release date: August 18, 2017
Selected Interest Rates
Yields_in. percent per annum
Instruments 2017 2017 2017 2017 2017
Aug Aug Aug Aug Aug
11 14 15 16 17
Federal funds(effective) t 2 3 1.16 1.16 1.16 1.16 1.16
Commercial Paper 3 4 5 6
Nonfinancial
:1-month 1.11 1.09 1.10 1.10 1.10
.2-month 1-15 1.14 1.15 1.13 1.14
3-month 1.19 1.20 - 1.19 1.16 1.18,
Financial
:1-month 1.18 1.15 1.07 1.19 1.15
:2-month n.a- 1.19 1.12 1.23 1.19
-3-month 1.26 1,24 1.17 1.27 1.23-
Bank prime loan 2 3 7 4.25 4.25 4.25 4.25 4.25
Discount window primary credit 2 8 1.75 1.75 1.75 . 1.75 1.75
U.S.government securities
Treasury bills(secondary market)3 4
4-week 0.98 0.93 0.96 0.95 0.94
3-month 1.01 1.01 1.02 1.00 0.98
6-month 1.12 1.11 1.14 • 1.11 1.09
1-year 1.18 1.19 1.20 1.21 1.21
Treasury constant maturities
'Nominal 9
1-month 0.99 0.95 0.97 0.97 0.95!
'3-month 1.03 1.02 1.04 1.02 1.00
6-month 1.14 1.13 1.16 1.13 1.11
1-year 1.21 1.23 1.23 1.24 1.24_
2-year 1.30 1.33 1.35 1.33 1.32.
3-year 1.43 1.48 1.51 1.49 1.46
i5-year 1.74 1.77 1.83 1.79 1.76;
7-year 2.00 2.04 2.09 2.04 2.01 v
10-year 2.19 2.22 2.27 2.23 2.19;
hups://www.federalreserve.gov/releases/h15/ 8/21/2017
CUSTOMER COPY Miscellaneous FZeceipt
City of City of Salina
Receipt
•
PO Box 736 Number 13233
Salina, KS 67402-0736
(785) 309-5735 Fax: (785)309-5738 'Receipt Date
Salina 08/22/17
Received from:
DOULGAS & RENEE OLIP
TIME: 14:25
CLERK:StraitA
Charge Code-'. Org Object - Proj 'Comment.: _` Description •..:r"? Amount"- •'
ESCROW AGR TRACT 305 51,923.90
70001 4778 Prepaid Sp.Assessments 51,923.90
000 1000 Cash 51,923.90
PAID BY: DOULGAS&RENEE OLIP
PAYMENT METH: CHECK
5868
AMT TENDERED: 51,923.90
AMT APPLIED: 51,923.90
CHANGE: 50.00