Volume 43 - Issue 37 - September 12, 2024
(Published in the Kansas Register September 12, 2024.)
City of Wichita, Kansas
Summary Notice of Bond Sale
$33,245,000*
General Obligation Bonds, Series 834
$25,930,000*
General Obligation Bonds, Series 835
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Official Notice of Bond Sale, dated August 20, 2024, 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 19, 2024. 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 (CDT) |
|---|---|
| Series 834 Bonds | 10:00 a.m. |
| Series 835 Bonds | 10:30 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, 2024 (the “Dated Date”), and will become due in the years as follows:
Series 834 Bonds
The Series 834 Bonds shall become due in principal installments as follows:
| Payment Date (June 1) |
Principal Amount* |
|---|---|
| 2025 | $1,730,000 |
| 2026 | 1,370,000 |
| 2027 | 1,445,000 |
| 2028 | 1,515,000 |
| 2029 | 1,590,000 |
| 2030 | 1,640,000 |
| 2031 | 1,685,000 |
| 2032 | 1,740,000 |
| 2033 | 1,795,000 |
| 2034 | 1,850,000 |
| 2035 | 1,910,000 |
| 2036 | 1,965,000 |
| 2037 | 2,030,000 |
| 2038 | 2,100,000 |
| 2039 | 2,170,000 |
| 2040 | 1,250,000 |
| 2041 | 1,290,000 |
| 2042 | 1,340,000 |
| 2043 | 1,390,000 |
| 2044 | 1,440,000 |
| * Subject to change | |
Series 835 Bonds
The Series 835 Bonds will become due in principal installments as follows:
| Payment Date (December 1) |
Principal Amount* |
|---|---|
| 2025 | $230,000 |
| 2026 | 395,000 |
| 2027 | 710,000 |
| 2028 | 1,010,000 |
| 2029 | 1,230,000 |
| 2030 | 1,380,000 |
| 2031 | 1,725,000 |
| 2032 | 1,865,000 |
| 2033 | 2,005,000 |
| 2034 | 2,155,000 |
| 2035 | 2,305,000 |
| 2036 | 2,465,000 |
| 2037 | 2,635,000 |
| 2038 | 2,815,000 |
| 2039 | 3,005,000 |
| * 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, 2025 (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 15, 2024 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 2024 is $5,108,604,371. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $635,190,000, 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:
Mark L. Manning
Director of Finance
316-268-4300
Fax: 316-219-6262
mmanning@wichita.gov
Cheryl Busada
Debt Coordinator
316-268-4143
Fax: 316-219-6216
cbusada@wichita.gov
Dated August 20, 2024.
Mark L. Manning
Director of Finance
City of Wichita, Kansas
Doc. No. 052466
