Volume 42 - Issue 30 - July 27, 2023
(Published in the Kansas Register July 27, 2023.)
City of Hutchinson, Kansas
Summary Notice of Bond Sale
$2,510,000*
General Obligation Bonds,
Series 2023-A
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Notice of Bond Sale dated on or about August 4, 2023 (the “Notice of Bond Sale”), bids will be received by the Director of Finance of the City of Hutchinson, Kansas (the “City”), on behalf of the governing body at the address set forth below, in the case of facsimile bids, at the fax number set forth below, or, in the case of electronic proposals, via PARITY Electronic Bid Submission System (“PARITY”) until 10:00 a.m. (Central Time) August 14, 2023, for the purchase of $2,510,000* principal amount of General Obligation Bonds, Series 2023-A (the “Bonds”). No bid of less than 100% of the par value of the Bonds, plus accrued interest to the date of delivery, will be considered. Bidders may be required to be qualified in a manner established by the City before submitting a bid.
Bond Details
The Bonds will consist of fully registered bonds in the denomination of $5,000 or any integral multiple thereof. The Bonds will be dated September 12, 2023 (the “Dated Date”), and will become due on October 1 in the years as follows:
| Maturity | Principal Amount* |
|---|---|
| 2025 | $80,000 |
| 2026 | 90,000 |
| 2027 | 90,000 |
| 2028 | 100,000 |
| 2029 | 100,000 |
| 2030 | 100,000 |
| 2031 | 120,000 |
| 2032 | 120,000 |
| 2033 | 130,000 |
| 2034 | 135,000 |
| 2035 | 135,000 |
| 2036 | 140,000 |
| 2037 | 140,000 |
| 2038 | 150,000 |
| 2039 | 165,000 |
| 2040 | 165,000 |
| 2041 | 170,000 |
| 2042 | 180,000 |
| 2043 | 200,000 |
| * Subject to change. | |
The Bonds will bear interest from the Dated Date at rates to be determined when the Bonds are sold as provided in the Notice of Bond Sale, which interest will be payable semiannually on April 1 and October 1 in each year, beginning on April 1, 2024. A bidder may elect to have all or a portion of the Bonds scheduled to mature in consecutive years issued as term bonds subject to the requirements set forth in the Notice of Bond Sale.
Paying Agent and Bond Registrar
Treasurer of the State of Kansas, Topeka, Kansas.
Good Faith Deposit
The bidder for the Bonds shall provide the City with a cashier’s or certified check drawn on a bank located in the United States of America or a wire transfer of same-day funds in accordance with the requirements set forth in the Notice of Bond Sale in the amount of $50,200 for the Bonds (2% of the principal amount of the Bonds).
Delivery
The City 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 September 12, 2023, at the offices of The Depository Trust Company, New York, New York.
Assessed Valuation and Indebtedness
The equalized assessed tangible valuation for computation of bonded debt limitations for the year 2022 is $380,509,485. The total general obligation indebtedness of the City as of the date of the Bonds, including the Bonds, is $55,438,000.
Approval of Bonds
The Bonds will be sold subject to the legal opinion of Kutak Rock LLP, Kansas City, Missouri, Bond Counsel, whose approving legal opinion as to the validity of the Bonds will be furnished and paid for by the City and delivered to the successful bidder(s) when the Bonds are delivered.
Additional Information
Additional information regarding the Bonds may be obtained from the Municipal Advisor, Piper Sandler & Co., Attn: Dustin Avey, 11635 Rosewood St., Leawood, KS 66211, phone 913-345-3375; from Angela Richard, the Director of Finance; or from Kutak Rock LLP, Bond Counsel, Attn: Tyler Ellsworth, Two Pershing Square, 2300 Main St., Suite 800, Kansas City, MO 64108-2416, phone 816-960-0090.
Dated July 19, 2023.
City of Hutchinson, Kansas
Angela Richard
Director of Finance
Hutchinson City Hall
125 E. Avenue B
Hutchinson, KS 67501
620-694-2784
Fax: 620-694-2673
Doc. No. 051349
