Escrow Agreement 2018-2021 ESCROW AGREEMENT
THIS AGREEMENT is made this 11w day of September, 2017, by and between
Douglas L. Oliphant & 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:
I. Payment. The Property Owner deposits with the Escrow Agent the sum of
Seven thousand six hundred ninety-five and 60 /100 Dollars ($7,695.60), 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 $10.00 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 11th day of September, 2017.
Doug as Iliphant �
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"Pr&Jdt
erty ZZ��55jjwnee
Oliphantt
"Property Owner"
CITY OF SALINA, KANSAS
et� (j4r
Cindy Ben
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY. ss:
The above and foregoing instrument acknowledged before me this /1 day of September,
2017, by Douglas,j ,OOJiphant,,the Property Owner.
`‘‘‘0.•..«... ,
rJp NOTARY '• O �77
1 I PUBLIC =_
Mr Ap01. �• ' Notary Pu lic
T.: 7-11-24 .O :
. q .5', .
STATE OF KS 4I ,EOUNTY, ss:
...........•
The above and.foregoing instrument acknowledged before me this lI day of September,
2017, by ReneeOliphan;the Ni iperty Owner. /�///
NOTARY'. O ///�
? PUBLIC �:�: i�)?
My APp�. ems,. Notary Public I \.
tpJ,:.7" -' aio,
STATE OF I A�JSASN�SAk,..:COUNTY, ss:
......u...... •
The above and foregoing instrument acknowledged before me this I S day of September,
2017, by Cindy Beneke, Interim Finance Director of the City of Salina. Kansas, on behalf of the City of
Salina. Kansas.
if
ALLISON STRAIT otary Public d -- y
Notary Public-State of Kansas
My Appt ExpiteS-a""
SA5052 - Special Assessments - Tract Assessments 8/22/17
10 : 52 : 58
Job: 2005-1556 MAGNOLIA HILLS ESTATES, PHASE I
(Amortized)
Tract# Lot Block Subdivision
30593 5 3 852 MAGNOLIA HILLS ESTATES
LGL: Magnolia Hills Estates, 529, 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
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract# 30593
Job Number 2005-1556 Total Future Assessments Due: $7,655.60
Other Description: Lot 5, Block 3 Magnolia Amount of Prepayment Required: $7,695.60
Hills Estate
Savings on Prepayment: ($40.00)
Date of Payment or Sale 09/15/17 W/E: f 8/17/2017
Discount Rate Used: 0.01600% From: http://w+.tederaireserve.gov/releases/h1!
Date First Prepaid •
Assessment is Due 12/20/2018
Total Due
First prepaid assesment Scheduled Principal and Escrow From
due Scheduled Principal Interest Interest Adm. Fee Escrow
9/15/2017 (This is the Date Paid) 0
12/20/2018 $1,606.77 $307.13 -$1,913.90 $10.00 $1,923.90
12/20/2019 $1,678.60 $235.30 $1,913.90 $10.00 $1,923.90
12/20/2020 $1,753.63 $160.27 $1,913.90 $10.00 $1,923.90
12/20/2021 $1,832.01 $81.89 $1,913.90 $10.00 $1,923.90
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
12/20/2025 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2026 $0.00 $0.00 $0.00 $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 .4 $0.00 $0.00 - $0.00 $0.00 $0.00
12/20/2030 It $0.00. $0.00 $0.00 $0.00 $0.00
12/20/2031 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2032 $0.00 $0.00 - $0.00 $0.00 $0.00
Totals $6,871.01 $784.59 $7,655.60 $40.00 $7,695.60
The Fed - H.15 - Selected Interest Rates (Daily) - August 18, 2017 Pane 1 of 3
Selected Interest Rates (Daily) - H.15
H.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 I 2017 ; 2017 i 2017 I 2017 ; 2017 1
Aug i Aug i Aug s Aug , Aug n
11 i 14 15 1` 16 17 �' `
Federal funds(effective) 1 2 3 1.161 1.161 1.16 1 1.16 1 1.16 1
Commercial Paper 3 4 5 6 'l •
_� -
Nonfinancial 1 I I
1-month -_ _ --- i_--._ 1.11 ' 1.09' 1.101 1:10: - --1.10 .
2-month j 1.151 1.141 1.151 1.131 1.14
3-month ------_- --� 1.19j 1.201 1.191 1.16 i 1.18
--� ,
T --- --- -- -
Financial i 1 1 1
1-monthi 1181 1.15 1.071 1.191 1.15
2-month - i n.a.1 1.191 • 1.12 1.23 1.19 •
3-month 1--___126, 1.24j 1.17 1.271_1.23
Bank prime loan 2 3 7 ' 4.25 4.2514.25 4.251 4.25
Discount window primary credit 2 8 , 1.7_151 1.751 1.75; 1.751 1.75
U.S.government securities I1 1 ;µ __ 1
Treasury bills(secondary market)3 4 I ' _
4-week 0.98'-_-___0.93• 0.96 0.95; 0.94
3-month 1.01 1.01 , 1.02, 1.00 j 0.98
6-monthw- 1.12 1.111 L14i - -- - -1.111 _- -1.09 ,,_t
1-year � t_1t 1.19 - 1_20 1.211; 1.21
Treasury constant maturities 1 1 1 1 I
Nominal 9I
1 '
0.99
1-month 0.951 - -0.971 .. - - 0.97 .-_ 0.95 ;
3-month 1.031 1.02 1.041 1.02 I 1.00
6-month ------^ ___1 1.1a i .13�__ 1.161 1.131 1.111!
1-year 1.211• 1.231 1.231 1.24 I 1.241:
2-year - 1.30 1.331 1.351 1.33 1.32 - '
-
3-year - 1 1.43! 1.481 1 1.49 1.46
5-year t-_ 75;1- 1.77, 1.831 --_ 1.79 - 1.76
7-year i 2.00'. - 2. 041 2.091 2.04 2.01 v
10-year 12.19j 2.22 2.27; 2.231 2A9
https://www.federalreserve.gov/releases/h15/ 8/21/2017
• CUSTOMER COPY Miscellaneous Receipt
Cnrof City of Salina Receipt 13619
PO Box 736 Number
J . Salina, KS 67402-0736
.. (785) 309-5735 Fax: (785)309-5738 Receipt Date '
--Salina-- 09/13/17
Received from:
LAND TITLE SERVICES,
TIME: 16:25
• CLERK:SbaitA
Charge Code . Org - Object - Proj Comment - Description • • - • Amount
TRACT#30593 2018-20 5.7,695.60
70001 4778 Prepaid Sp.Assessments $7,695.60
000 1000 Cash 57,695.60
PAID BY: LAND TITLE SERVICES,
PAYMENT METH: CHECK
18852
AMT TENDERED: $7,695.60
AMT APPLIED: $7,695.60
CHANGE: 50.00