Volume 43 - Issue 39 - September 26, 2024
(Published in the Kansas Register September 26, 2024.)
City of Hutchinson, Kansas
Summary Notice of Bond Sale
$4,340,000*
General Obligation Bonds
Series 2024-A
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Notice of Sale dated on or about September 25, 2024 (the “Notice of 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) October 15, 2024 (the “Sale Date”), for the purchase of $4,340,000* principal amount of General Obligation Bonds, Series 2024-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 November 12, 2024 (the “Dated Date”), and will become due on October 1 in the years as follows:
| Maturity | Principal Amount* |
|---|---|
| 2025 | $250,000 |
| 2026 | 285,000 |
| 2027 | 295,000 |
| 2028 | 315,000 |
| 2029 | 320,000 |
| 2030 | 330,000 |
| 2031 | 345,000 |
| 2032 | 360,000 |
| 2033 | 370,000 |
| 2034 | 385,000 |
| 2035 | 95,000 |
| 2036 | 95,000 |
| 2037 | 105,000 |
| 2038 | 105,000 |
| 2039 | 105,000 |
| 2040 | 110,000 |
| 2041 | 110,000 |
| 2042 | 115,000 |
| 2043 | 115,000 |
| 2044 | 130,000 |
| * 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 April 1 and October 1 in each year, beginning on April 1, 2025. 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 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 sameday funds in accordance with the requirements set forth in the Notice of Sale in the amount of $86,800 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 November 12, 2024, 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 2023 is $402,277,788. The total general obligation indebtedness of the City as of the date of the Bonds, including the Bonds, is $41,572,000.
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., 11635 Rosewood St., Leawood, KS 66211, phone 913-345-3300; from Angela Richard, the Director of Finance; or from Kutak Rock LLP, Bond Counsel, Attn: Tyler Ellsworth, 2405 Grand Blvd., Suite 600, Kansas City, MO 64108, phone 816-960-0090.
Dated September 19, 2024.
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. 052520
