Volume 40 - Issue 35 - September 2, 2021
(Published in the Kansas Register September 2, 2021.)
City of Garden City, Kansas
Summary Notice of Bond Sale
$8,000,000*
Taxable General Obligation Bonds
Series A, 2021
$3,035,000*
General Obligation Bonds
Series B, 2021
Details of the Sale
Subject to the terms and requirements of the Official Notice of Bond Sale, dated August 17, 2021 (“Official Notice”), of the City of Garden City, Kansas (the “City”), bids to purchase the City’s (i) Taxable General Obligation Bonds, Series A, 2021, (the “Series A, 2021 Bonds”) and (ii) General Obligation Bonds, Series B, 2021 (the “Series B, 2021 Bonds”) will be received at the office of the City Clerk at the City Administrative Center, 301 N. 8th, Garden City, KS 67846 or by telefacsimile at 620-276-1169, or electronically as described in the Official Notice, until 10:00 a.m. (CST) Tuesday, September 21, 2021. The bids will be considered by the governing body at its meeting at 1:00 p.m. (CST) on the sale date.
The Series A, 2021 Bonds and the Series B, 2021 Bonds (collectively, the “Bonds”) will be sold separately and bidders may bid on one or both series of Bonds, but bids must be for the entire amount of the series of Bonds for which a bid is submitted. No oral or auction bids for the Bonds will be considered, and no bids for less than 100 percent of the total principal amount of the 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 series of Bonds for which the bidder submits a bid, as further described in the Official Notice.
Details of the Series A, 2021 Bonds
The Series A, 2021 Bonds will be dated October 12, 2021, and will be issued as registered bonds in denominations of $5,000, or any integral multiple thereof. Interest on the Series A, 2021 Bonds is payable semiannually on May 1 and November 1 of each year, beginning May 1, 2022. Principal of the Series A, 2021 Bonds becomes due on November 1 in the years and amounts as shown below:
| Series A, 2021 Bonds Maturity Schedule | |
|---|---|
| Principal Amount* | Maturity Date |
| $435,000 | 2022 |
| 460,000 | 2023 |
| 470,000 | 2024 |
| 480,000 | 2025 |
| 495,000 | 2026 |
| 505,000 | 2027 |
| 520,000 | 2028 |
| 530,000 | 2029 |
| 545,000 | 2030 |
| 560,000 | 2031 |
| 570,000 | 2032 |
| 585,000 | 2033 |
| 600,000 | 2034 |
| 615,000 | 2035 |
| 630,000 | 2036 |
Details of the Series B, 2021 Bonds
The Series B, 2021 Bonds will be dated October 12, 2021, and will be issued as registered bonds in denominations of $5,000, or any integral multiple thereof. Interest on the Series B, 2021 Bonds is payable semiannually on May 1 and November 1 of each year, beginning May 1, 2022. Principal of the Series B, 2021 Bonds becomes due on November 1 in the years and amounts as shown below:
| Series B, 2021 Bonds Maturity Schedule | |
|---|---|
| Principal Amount* | Maturity Date |
| $270,000 | 2022 |
| 280,000 | 2023 |
| 285,000 | 2024 |
| 295,000 | 2025 |
| 300,000 | 2026 |
| 305,000 | 2027 |
| 315,000 | 2028 |
| 320,000 | 2029 |
| 330,000 | 2030 |
| 335,000 | 2031 |
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 Bonds
The Bonds will be issued and registered under a book-entry-only system administered by The Depository Trust Company, New York, New York (“DTC”).
Delivery of the Bonds
The City will prepare the Bonds at its expense and will deliver the registered Bonds to DTC on or about October 12, 2021. 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 $270,577,183. As of October 12, 2021, the City’s total outstanding general obligation debt (including the Bonds), is $82,530,000.* The City’s total indebtedness which is subject to debt limitation, as of October 12, 2021, is estimated to be $40,203,053.13,* which is 14.86%* 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. Bret Shogren, Stifel, Nicolaus & Company, Inc., Wichita, Kansas, 301 N. Main, Suite 800, Wichita, KS 67202, telephone 316-264-9351.
City of Garden City, Kansas
Celyn N. Hurtado, City Clerk
City Administrative Center
301 N. 8th
Garden City, KS 67846
620-276-1100
Fax: 620276-1169
* Principal amount subject to change.
Doc. No. 049404
