Volume 42 - Issue 31 - August 3, 2023
(Published in the Kansas Register August 3, 2023.)
City of Lenexa, Kansas
Summary Notice of Bond Sale
$14,205,000*
General Obligation Bonds
Series 2023A
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Notice of Bond Sale dated on or about August 7, 2023 (the “Notice of Sale”) bids will be received on behalf of the City Clerk of the City of Lenexa, Kansas (the “City”), at the offices of Baker Tilly Municipal Advisors, LLC, 30 E. 7th St., Suite 3025, Saint Paul, MN 55101, by email at bids@bakertilly.com, or, in the case of electronic proposals, via PARITY® Electronic Bid Submission System (“PARITY”) until 10:30 a.m. (Central Time) August 17, 2023, for the purchase of $14,205,000* principal amount of General Obligation Bonds, Series 2023A (the “Bonds”). No bid of less than 98.8% 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 14, 2023 (the “Dated Date”), and will become due on September 1 in the years as follows:
| Year | Principal Amount* |
|---|---|
| 2024 | $665,000 |
| 2025 | 670,000 |
| 2026 | 685,000 |
| 2027 | 710,000 |
| 2028 | 725,000 |
| 2029 | 750,000 |
| 2030 | 770,000 |
| 2031 | 790,000 |
| 2032 | 815,000 |
| 2033 | 835,000 |
| 2034 | 865,000 |
| 2035 | 890,000 |
| 2036 | 925,000 |
| 2037 | 955,000 |
| 2038 | 995,000 |
| 2039 | 400,000 |
| 2040 | 415,000 |
| 2041 | 430,000 |
| 2042 | 450,000 |
| 2043 | 465,000 |
| * 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 Sale, which interest will be payable semiannually on March 1 and September 1 in each year, beginning on September 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 Sale.
Paying Agent and Bond Registrar
Treasurer of the State of Kansas, Topeka, Kansas.
Good Faith Deposit
The winning bidder shall submit the good faith deposit in the amount of 2% of the principal amount of the Bonds ($284,100) by electronic fund transfer through the federal reserve system to an account specified by the City by 1:30 p.m. on the sale date.
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 14, 2023, at the offices of The Depository Trust Company, New York, New York.
Assessed Valuation and Indebtedness
The equalized assessed tangible valuation of the City for computation of bonded debt limitations for the year 2022 is $1,694,734,760. The total general obligation indebtedness of the City as of the date of the Bonds, including the Bonds, is $149,985,000.
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 as and when the Bonds are delivered.
Additional Information
Additional information regarding the Bonds may be obtained from Nate Blum, the City’s Chief Financial Officer, phone 913-477-7544; the City’s Municipal Advisor, Baker Tilly Municipal Advisors, LLC of Saint Paul, Minnesota, phone 651-223-3000; or from Kutak Rock LLP, Bond Counsel, Attn: Joe Serrano, 2300 Main St., Suite 800, Kansas City, MO 64108-2416, phone 816-960-0090.
Dated July 26, 2023.
City of Lenexa, Kansas
Jennifer Martin
City Clerk
17101 W. 87th St. Pkwy.
Lenexa, KS 66219
913-477-7550
Doc. No. 051375
