Volume 42 - Issue 11 - March 16, 2023
(Published in the Kansas Register March 16, 2023.)
City of Lawrence, Kansas
Summary Notice of Bond Sale
General Obligation Improvement Bonds
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Subject to the Notice of Sale dated on or about March 14, 2023 (the “Notice”), electronic bids will be received on behalf of the Clerk of the City of Lawrence, Kansas (the “Issuer”) through PARITY® or via email to the Municipal Advisor at firstname.lastname@example.org until 10:00 a.m. (Central Time) April 4, 2023, for the purchase of the above-referenced bonds (the “Bonds”). No bid for less than 98.6% of the principal amount of the Bonds and accrued interest thereon to the date of delivery will be considered.
The Bonds will consist of fully registered bonds in the denomination of $5,000 or any integral multiple thereof. The Bonds will be dated April 25, 2023, and will become due on September 1 in the years as follows:
The Bonds will bear interest from the date thereof at rates to be determined when the Bonds are sold as hereinafter provided, which interest will be payable semiannually on March 1 and September 1 in each year, beginning on March 1, 2024.
The Bonds shall be registered under a book-entry-only system administered through DTC.
Paying Agent and Bond Registrar
Treasurer of the State of Kansas, Topeka, Kansas.
Good Faith Deposit
The successful bidder for the Bonds shall submit a good faith deposit in the form of a wire transfer in Federal Reserve funds immediately available for use by the Issuer in the amount of 2.00% of the principal amount of the Bonds in the manner that complies with the requirements set forth in the Notice.
The Issuer will pay for preparation of the Bonds and will deliver the same properly prepared, executed, and registered without cost to the successful bidder on or about April 25, 2023, to DTC for the account of the successful bidder.
Assessed Valuation and Indebtedness
The Equalized Assessed Tangible Valuation for Computation of Bonded Debt Limitations for the year 2022 was $1,414,225,294. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds and temporary notes being sold contemporaneously with the Bonds, but excluding any temporary notes to be paid off with the proceeds thereof, is $156,613,000.
Approval of Bonds
The Bonds will be sold subject to the legal opinion of Gilmore & Bell, P.C., Kansas City, Missouri, Bond Counsel to the Issuer, whose approving legal opinion as to the validity of the Bonds will be furnished and paid for by the Issuer, printed on the Bonds, and delivered to the successful bidder as and when the Bonds are delivered.
Additional information regarding the Bonds may be obtained from the undersigned Municipal Advisor or Finance Director at the addresses set forth below:
Baker Tilly Municipal Advisors, LLC
Attn: Bond Services
30 E. Seventh St., Suite 3025
Saint Paul, MN 55101
Dated March 14, 2023.
City of Lawrence, Kansas
Jeremy Willmoth, Finance Director
6 E. 6th St.
Lawrence, KS 66044
*Preliminary; subject to change.
Doc. No. 050962