Volume 40 - Issue 17 - April 29, 2021
(Published in the Kansas Register April 29, 2021.)
City of Hesston, Kansas
Summary Notice of Bond Sale
$945,000*
General Obligation Bonds
Series 2021-A
$3,535,000*
General Obligation Refunding and Improvement Bonds
Series 2021-B
Details of the Sale
Subject to the terms and requirements of the Official Notice of Bond Sale, dated April 12, 2021, of the City of Hesston, Kansas (the “City”), bids to purchase the City’s (i) General Obligation Bonds, Series 2021-A (the “Series A Bonds”) and (ii) General Obligation Refunding and Improvement Bonds, Series 2021-B, (the “Series B Bonds”) will be received at the office of the City Clerk at City Hall, 115 E. Smith, Hesston, KS 67062 or by telefacsimile at 316-327-4595 or electronically as described in the Official Notice of Bond Sale until 10:00 a.m. (CST) Monday, May 10, 2021. The bids will be considered by the governing body at its meeting at 6:00 p.m. (CST) on the sale date.
No oral or auction bids for the Series A Bonds and Series B Bonds (collectively, the “Bonds”) shall be considered, and no bids for less than 98.75 percent of the total principal amount of the applicable series of Bonds and accrued interest to the date of delivery shall be considered.
Good Faith Deposit
Bidders must submit a good faith deposit in the form of a wire transfer or certified or cashier’s check made payable to the order of the City, or a financial surety bond (if then available), in an amount equal to 2% of the principal amount of the applicable Bonds.
Details of the Series A Bonds
The Series A Bonds will be dated June 3, 2021 and will be issued as registered bonds in denominations of $5,000, or any integral multiple thereof. Interest on the Series A Bonds is payable semiannually on June 1 and December 1 of each year, beginning June 1, 2022. Principal of the Series A Bonds becomes due on December 1 in the years and amounts as shown below:
| Maturity Schedule | |
|---|---|
| Principal Amount* | Maturity Date |
| $235,000 | 2022 |
| 235,000 | 2023 |
| 235,000 | 2024 |
| 240,000 | 2025 |
Details of the Series B Bonds
The Series B Bonds will be dated June 3, 2021 and will be issued as registered bonds in denominations of $5,000, or any integral multiple thereof. Interest on the Series B Bonds is payable semiannually on March 1 and September 1 of each year, beginning September 1, 2021. Principal of the Series B Bonds becomes due on the dates and in the amounts as shown below:
| Maturity Schedule | |
|---|---|
| Principal Amount* | Maturity Date |
| $295,000 | Sept. 1, 2021 |
| 80,000 | March 1, 2022 |
| 305,000 | Sept. 1, 2022 |
| 80,000 | March 1, 2023 |
| 310,000 | Sept. 1, 2023 |
| 80,000 | March 1, 2024 |
| 310,000 | Sept. 1, 2024 |
| 80,000 | March 1, 2025 |
| 315,000 | Sept. 1, 2025 |
| 80,000 | March 1, 2026 |
| 265,000 | Sept. 1, 2026 |
| 80,000 | March 1, 2027 |
| 85,000 | Sept. 1, 2027 |
| 85,000 | March 1, 2028 |
| 85,000 | Sept. 1, 2028 |
| 85,000 | March 1, 2029 |
| 85,000 | Sept. 1, 2029 |
| 85,000 | March 1, 2030 |
| 90,000 | Sept. 1, 2030 |
| 85,000 | March 1, 2031 |
| 90,000 | Sept. 1, 2031 |
| 90,000 | March 1, 2032 |
| 90,000 | Sept. 1, 2032 |
| 90,000 | March 1, 2033 |
| 90,000 | Sept. 1, 2033 |
| 120,000 | March 1, 2034 |
Payment of Principal and Interest
The Treasurer of the State of Kansas will serve as the Bond Registrar and Paying Agent for the Bonds.
Book-Entry Option
The successful bidder may elect to have the bonds registered under a book-entry-only system administered through The Depository Trust Company, New York, New York, (“DTC”) at bidder’s expense.
Delivery of the Bonds
The City will prepare the Bonds at its expense and will deliver the registered Bonds to the successful bidder, on or about June 3, 2021, at such bank or trust company or other qualified depository in the contiguous United States, specified by the successful bidder. Delivery elsewhere shall be made at the expense of the successful bidder. Any bond printing costs will be paid by the City from the proceeds of the Bonds or other City funds.
Legal Opinion
The Bonds will be sold subject to the legal opinion of Triplett Woolf Garretson, LLC, Wichita, Kansas, Bond Counsel, whose fees will be paid by the City.
Financial Matters
The City’s current assessed valuation for purposes of calculating statutory debt limitations is $38,311,859. As of June 3, 2021, the City’s total outstanding general obligation debt (including the Bonds), is $7,715,000* which excludes bonds outstanding in the amount of $1,240,000 which will be retired out of the proceeds of the Bonds herein offered for sale. The City’s total indebtedness which is subject to debt limitation, as of June 3, 2021, is estimated to be $3,094,274.86*, which is 8.08%* of the assessed valuation of the City.
Additional Information
For additional information contact the City Clerk at the address and telephone number shown below, or the Financial Advisor, Mr. John Haas, Ranson Financial Group, LLC, 200 W. Douglas, Suite 600, Wichita, KS 67202, telephone 316-264-3400.
City of Hesston, Kansas
By Jason Thrasher, City Clerk
City Hall, 115 E. Smith
Hesston, KS 67062
316-327-4412
Fax: 316-327-4595
* Principal amount subject to change.
Doc. No. 049087
