Volume 42 - Issue 35 - August 31, 2023
(Published in the Kansas Register August 31, 2023.)
City of Wichita, Kansas
Summary Notice of Bond Sale
$16,945,000
General Obligation Bonds, Series 831
$23,065,000
General Obligation Bonds, Series 832
$2,135,000
Taxable General Obligation Bonds, Series 833
$4,220,000
General Obligation Tax Increment Financing Bonds, Series 965
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Official Notice of Bond Sale, dated August 15, 2023, separate electronic bids for the purchase of each series of the above-referenced bonds (collectively, the “Bonds”) of the City of Wichita, Kansas (the “City”) herein described will be received by the Director of Finance of the City via PARITY® at the times set forth below (the “Submittal Hour”) Thursday, September 14, 2023. No bid of less than 100% of the principal amount of each series of the Bonds and accrued interest thereon to the date of delivery will be considered.
| Description | Submittal Hour (Central Time) |
|---|---|
| Series 831 Bonds | 10:00 a.m. |
| Series 832 Bonds | 10:00 a.m. |
| Series 833 Bonds | 11:00 a.m. |
| Series 965 Bonds | 11:00 a.m. |
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 October 1, 2023 (the “Dated Date”), and will become due in the years as follows:
Series 831 Bonds
The Series 831 Bonds shall become due in principal installments as follows:
| Payment Date (Dec. 1) | Principal Amount* |
|---|---|
| 2024 | $1,315,000 |
| 2025 | 1,465,000 |
| 2026 | 1,530,000 |
| 2027 | 1,595,000 |
| 2028 | 1,670,000 |
| 2029 | 1,745,000 |
| 2030 | 1,805,000 |
| 2031 | 1,870,000 |
| 2032 | 1,940,000 |
| 2033 | 2,010,000 |
| * Subject to change | |
Series 832 Bonds
The Series 832 Bonds will become due in principal installments as follows:
| Payment Date (June 1) | Principal Amount* |
|---|---|
| 2024 | $1,160,000 |
| 2025 | 855,000 |
| 2026 | 890,000 |
| 2027 | 930,000 |
| 2028 | 970,000 |
| 2029 | 1,020,000 |
| 2030 | 1,055,000 |
| 2031 | 1,090,000 |
| 2032 | 1,130,000 |
| 2033 | 1,175,000 |
| 2034 | 1,215,000 |
| 2035 | 1,265,000 |
| 2036 | 1,315,000 |
| 2037 | 1,370,000 |
| 2038 | 1,430,000 |
| 2039 | 1,130,000 |
| 2040 | 1,180,000 |
| 2041 | 1,235,000 |
| 2042 | 1,295,000 |
| 2043 | 1,355,000 |
| * Subject to change | |
Series 833 Bonds
The Series 833 Bonds will become due in principal installments as follows:
| Payment Date (June 1) | Principal Amount* |
|---|---|
| 2024 | $65,000 |
| 2025 | 105,000 |
| 2026 | 110,000 |
| 2027 | 115,000 |
| 2028 | 125,000 |
| 2029 | 130,000 |
| 2030 | 135,000 |
| 2031 | 140,000 |
| 2032 | 150,000 |
| 2033 | 155,000 |
| 2034 | 165,000 |
| 2035 | 170,000 |
| 2036 | 180,000 |
| 2037 | 190,000 |
| 2038 | 200,000 |
| * Subject to change | |
Series 965 Bonds
The Series 965 Bonds will become due in principal installments as follows:
| Payment Date (Dec. 1) | Principal Amount* |
|---|---|
| 2024 | $190,000 |
| 2025 | 220,000 |
| 2026 | 230,000 |
| 2027 | 240,000 |
| 2028 | 250,000 |
| 2029 | 260,000 |
| 2030 | 270,000 |
| 2031 | 280,000 |
| 2032 | 290,000 |
| 2033 | 300,000 |
| 2034 | 315,000 |
| 2035 | 325,000 |
| 2036 | 335,000 |
| 2037 | 350,000 |
| 2038 | 365,000 |
| * Subject to change | |
The Bonds will bear interest from the Dated Date at rates to be determined when the Bonds are sold as hereinafter provided, which interest will be payable semiannually on June 1 and December 1, beginning on June 1, 2024 (the “Interest Payment Dates”).
Book-Entry-Only System
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
Each bid shall be accompanied by a good faith deposit in the form of a wire transfer in Federal Reserve funds immediately available for use by the City in an amount equal to 2% of the principal amount of the applicable series 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 October 13, 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 2023 is $4,707,007,290. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $664,235,000, which includes the Bonds being sold, the City’s temporary notes which will be issued on the Closing Date, less the City’s previously issued temporary notes to be retired out of proceeds of the Bonds and other funds on the Closing Date.
Approval of Bonds
The Bonds will be sold subject to the legal opinion of Gilmore & Bell, P.C., Wichita, Kansas, Bond Counsel, whose approving legal opinion as to the validity of the Bonds will be furnished and paid for by the City, printed on the Bonds, and delivered to the successful bidder as and when the Bonds are delivered.
Additional Information
Additional information regarding the Bonds, the delivery of the Deposit and notification regarding the same may be obtained from the Department of Finance, 12th Floor, City Hall, 455 N. Main, Wichita, KS 67202-1679, or by contacting:
Mr. Mark L. Manning
Director of Finance
316-268-4300
Fax: 316-219-6262
mmanning@wichita.gov
Ms. Cheryl Busada
Debt Coordinator
316-268-4143
Fax: 316-219-6216
cbusada@wichita.gov
Dated August 15, 2023.
Mark L. Manning
Director of Finance
City of Wichita, Kansas
Doc. No. 051448
