Volume 41 - Issue 39 - September 29, 2022
(Published in the Kansas Register Septmeber 29, 2022.)
City of Overland Park, Kansas
Summary Notice of Bond Sale
Internal Improvement Bonds
(General Obligations Payable from Unlimited Ad Valorem Taxes)
Subject to the complete Notice of Bond Sale (the “Notice of Sale”), bids for the Series 2022A Bonds, as hereinafter defined, will be received by the undersigned, Director of Finance and Budget for the City of Overland Park, Kansas (the “City”), at Overland Park City Hall, 8500 Santa Fe Dr., Overland Park, KS 66212 until 10:30 a.m. (CDT) Monday, October 17, 2022, for the purchase of all of the City’s $19,770,000* principal amount of Internal Improvement Bonds, Series 2022A (the “Series 2022A Bonds”), as hereinafter described. Bids for the purchase of all of the Series 2022A Bonds may be submitted to the City by facsimile to 913-895-5009, and by electronic bids as provided herein. Electronic bids for the purchase of all of the Series 2022A Bonds will only be accepted through PARITY® electronic bid submission system. Each bidder shall be solely responsible for making the necessary arrangements to access PARITY® for the purpose of submitting its electronic bid in a timely manner and in compliance with the requirements of the Notice of Sale. If any provisions in this Summary Notice of Bond Sale conflict with information provided by PARITY®, this Summary Notice of Bond Sale will control. Further information about PARITY®, including any fee charged and registration requirements, may be obtained from i-Deal, LLC, 1359 Broadway, 2nd Floor, New York, NY 10018, Customer Support, 212-849-5021. The City assumes no responsibility or liability for bids submitted through PARITY®. The City is using the services of PARITY® solely as a communication mechanism to conduct the electronic bidding for the Series 2022A Bonds. PARITY® is not an agent of the City.
All bids will be publicly opened on the date and at the time set forth above and acted upon by the City Council at a meeting to be held at 7:30 p.m. (CDT), or soon thereafter as practicable, on said sale date. No oral, telephone, or auction bids will be considered. Arrangements may be made with the Municipal Advisor, PFM Financial Advisors LLC, Attn: Heather Casperson, 50 S. Sixth St., Suite 2250, Minneapolis, MN 55402, phone 612-371-3753, to deliver a bid for the Series 2022A Bonds to the City.
No bid of less than 99.4% of the principal amount of the Series 2022A Bonds, plus accrued interest thereon, if any, to the date of delivery will be considered.
The Series 2022A Bonds will be in bookentry form only. The Series 2022A Bonds will be issued in the denomination of $5,000 or any integral multiple thereof, will be dated November 10, 2022 (the “Dated Date”), will be issued in the principal amount of $19,770,000*, and will become due serially on September 1 in each of the years as follows:
|Maturity Sept. 1||Principal Amount|
Bids for the Series 2022A Bonds may contain a maturity schedule providing for a combination of serial bonds and term bonds. All Series 2022A term bonds shall be subject to mandatory sinking fund redemption and must conform to the maturity schedule set forth above at a price of par plus accrued interest to the date of redemption.
The Series 2022A Bonds will bear interest from the Dated Date at the rates to be determined when the Series 2022A Bonds are sold as provided in the Notice of Sale, payable semiannually on March 1 and September 1 in each year, commencing March 1, 2023.
Delivery and Payment
The Series 2022A Bonds will be delivered to the successful bidder properly prepared, executed, and registered without cost on or about November 10, 2022, through the facilities of The Depository Trust Company, in New York, New York.
Good Faith Deposit
Each bid shall either be accompanied by a cashier’s check or certified check drawn on a bank located in the United States of America in the amount of $395,400 (2% of the principal amount of the Series 2022A Bonds) or shall specify the agreement of the bidder to submit such good faith deposit amount by electronic fund transfer through the federal reserve system to an account specified by the City by 1:00 p.m. on the sale date.
The City will pay the cost of printing the Series 2022A Bonds and the expense of all legal services, including the opinion of Kutak Rock LLP, Bond Counsel, approving the legality of the Series 2022A Bonds and the exclusion of the interest thereon (with specified minor exceptions) from federal and Kansas gross income taxes.
Assessed Valuation and Indebtedness
For the computation of the debt limitation relating to the Series 2022A Bonds, the assessed valuation of the taxable tangible property within the City for the year 2021 is $4,505,746,294. The total general obligation bonded indebtedness of the City as of the Dated Date of the Series 2022A Bonds is $107,025,000, which includes the Series 2022A Bonds.
A complete Notice of Bond Sale for the Series 2022A Bonds, Official Statement and bid form approved by the City will be provided to all interested parties upon request. Bidders may be required to be qualified in a manner established by the City before submitting a bid. Additional information regarding the Series 2022A Bonds may be obtained from the Municipal Advisor, PFM Financial Advisors LLC at 612-371-3753 or Gena McDonald, the City’s Director of Finance and Budget at 913-895-6158.
City of Overland Park, Kansas
Director of Finance and Budget
8500 Santa Fe Dr.
Overland Park, KS 66212
* Preliminary, subject to change
Doc. No. 050542