Volume 43 - Issue 40 - October 3, 2024
(Published in the Kansas Register October 3, 2024.)
Coffey County, Kansas
Summary Notice of Bond Sale
$10,255,000*
General Obligation Bonds, Series 2024
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Notice of Bond Sale dated on or about October 10, 2024 (the “Notice of Sale”), bids will be received by the County Treasurer of Coffey County, Kansas (the “County”), on behalf of the Board of County Commissioners, at 110 S. 6th St., Burlington, KS 66839, by facsimile at 620-364-8975, or, in the case of electronic proposals, via PARITY® Electronic Bid Submission System (“PARITY”) until 10:00 a.m. (Central Time) October 21, 2024 (the “Sale Date”), for the purchase of $10,255,000* principal amount of General Obligation Bonds, Series 2024 (the “Bonds”). The Board of County Commissioners will hold its regular meeting beginning at 9:00 a.m. on the Sale Date and will consider the bids received at the 10:00 a.m. sale at such regular meeting or as soon thereafter as may be heard. 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 County 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 19, 2024 (the “Dated Date”), and will become due September 1 in the years as follows:
| Year | Principal Amount* |
|---|---|
| 2025 | $435,000 |
| 2026 | 350,000 |
| 2027 | 365,000 |
| 2028 | 385,000 |
| 2029 | 405,000 |
| 2030 | 425,000 |
| 2031 | 445,000 |
| 2032 | 470,000 |
| 2033 | 490,000 |
| 2034 | 515,000 |
| 2035 | 545,000 |
| 2036 | 570,000 |
| 2037 | 600,000 |
| 2038 | 630,000 |
| 2039 | 660,000 |
| 2040 | 695,000 |
| 2041 | 730,000 |
| 2042 | 755,000 |
| 2043 | 785,000 |
| * Preliminary; 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 March 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 County with a cashier’s or certified check drawn on a bank located in the United States of America or a wire transfer of same day funds in accordance with the requirements set forth in the Notice of Sale in the amount of $205,100 (2% of the principal amount of the Bonds).
Delivery
The County 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 19, 2024, through the facilities of The Depository Trust Company, New York, New York.
Assessed Valuation and Indebtedness
The County’s equalized assessed tangible valuation for computation of bonded indebtedness is $641,357,246. The total general obligation indebtedness of the County as of the date of issuance of the Bonds, including the Bonds being sold, is $22,720,000*. The general obligation indebtedness of the County which is subject to debt limitation, as of the date of issuance of the Bonds and including the Bonds being sold, is $19,220,000*.
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 County 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 County Treasurer, phone 620-364-5532; the County’s Municipal Advisor, Raymond James & Associates, Inc., Attn: Greg Vahrenberg, 11551 Ash St., Suite 250, Leawood, KS 66211, phone 816-509-5451; or from Kutak Rock LLP, Bond Counsel, Attn: Joe Serrano, 2405 Grand Blvd., Suite 600, Kansas City, MO 64108, phone 816-960-0090.
Dated September 26, 2024.
Coffey County, Kansas
Richard Croll, County Treasurer
110 S. 6th St.
Burlington, KS 66839
620-364-5532
Doc. No. 052538
