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Publications iconKansas Register

Volume 43 - Issue 38 - September 19, 2024

(Published in the Kansas Register September 19, 2024.)

City of Derby, Kansas

Summary Notice of Bond Sale
$19,685,000
General Obligation Bonds, Series 2024-A

(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)

Bids

Subject to the Notice of Bond Sale dated September 10, 2024 (the “Notice”), email and electronic bids will be received on behalf of the Director of Finance of the City of Derby, Kansas (the “Issuer”) in the case of email bids, at the address set forth below, and in the case of electronic bids, through PARITY® until 11:00 a.m. (Central Time) October 17, 2024, for the purchase of the above-referenced bonds (the “Bonds”). No bid of less than 98.6% of the principal amount of the Bonds and accrued interest thereon to the date of delivery will be considered.

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 November 13, 2024, and will become due on December 1 in the years as follows:

Year Principal Amount*
2026 $440,000
2027 465,000
2028 480,000
2029 500,000
2030 515,000
2031 535,000
2032 550,000
2033 575,000
2034 595,000
2035 615,000
2036 535,000
2037 550,000
2038 575,000
2039 595,000
2040 620,000
2041 645,000
2042 665,000
2043 700,000
2044 730,000
2045 765,000
2046 640,000
2047 675,000
2048 705,000
2049 740,000
2050 775,000
2051 815,000
2052 855,000
2053 895,000
2054 945,000
2055 990,000
* Subject to change, see the Notice

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 June 1 and December 1 in each year, beginning on June 1, 2025.

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 (in the manner set forth in the Notice) by a good faith deposit in the form of a cashier’s or certified check drawn on a bank located in the United States of America or a wire transfer in Federal Reserve funds immediately available for use by the Issuer in the amount of $393,700.

Delivery

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 November 13, 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 $371,936,427. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $104,610,000.

Approval of Bonds

The Bonds will be sold subject to the legal opinion of Gilmore & Bell, P.C., Wichita, Kansas, 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

Additional information regarding the Bonds may be obtained from the undersigned or from the Municipal Advisor at the addresses set forth below.

Issuer

City of Derby, Kansas
Attn: Director of Finance
City Hall
611 N. Mulberry
Derby, KS 67037
316-788-1519
Fax: 316-788-6067
megansneller@derbyweb.com

Municipal Advisor

Baker Tilly Municipal Advisors, LLC
Attn: Bond Services
Wells Fargo Place
30 E. 7th St., Suite 3025
Saint Paul, MN 55101
651-226-3000
bondservice@bakertilly.com

Dated September 10, 2024.

Megan Sneller
Director of Finance
City of Derby, Kansas

Doc. No. 052494