Publications iconKansas Register

Volume 40 - Issue 17 - April 29, 2021

(Published in the Kansas Register April 29, 2021.)

City of Manhattan, Kansas

Summary Notice of Bond Sale
$5,515,000*
General Obligation Bonds, Series 2021-A

(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)

Bids

Subject to the Notice of Bond Sale dated April 20, 2021 (the “Notice”), facsimile and electronic bids will be received on behalf of the Director of Finance of the City of Manhattan, Kansas (the “Issuer”) in the case of facsimile bids, at the address set forth below, and in the case of electronic bids, through PARITY® until 11:00 a.m. (CST) May 13, 2021, for the purchase of the above-referenced bonds (the “Bonds”). No bid of less than $5,448,820 (98.8% 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 (or such amount added to $5,000 or any integral multiple thereof. The Bonds will be dated June 7, 2021, and will become due on November 1 in the years as follows:

Year Principal Amount*
2022 $355,000
2023 355,000
2024 360,000
2025 360,000
2026 365,000
2027 365,000
2028 375,000
2029 375,000
2030 375,000
2031 385,000
2032 170,000
2033 175,000
2034 180,000
2035 180,000
2036 180,000
2037 185,000
2038 185,000
2039 195,000
2040 195,000
2041 200,000

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 May 1 and November 1 in each year, beginning on November 1, 2021.

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 wire transfer in Federal Reserve funds immediately available for use by the Issuer in the amount of $110,300.

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 June 7, 2021, 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 2020 is $654,933,465. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $240,200,000. Temporary notes in the principal amount of $5,805,000 will be retired out of proceeds of the Bonds and other available funds, which will reduce the outstanding general obligation indebtedness of the Issuer to $234,395,000.

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 persons set forth below:

Issuer

City of Manhattan, Kansas
Rina Neal, Director of Finance
City Hall, First Floor
1101 Poyntz Ave.
Manhattan, KS 66502-5497
785-587-2465
Fax: 785-587-2409
neal@cityofmhk.com

Municipal Advisor and Facsimile Bid Delivery Address

Baker Tilly Municipal Advisors, LLC
Attn: Bond Services
380 Jackson St., Suite 300
St. Paul, MN 55101-2887
651-223-3000
Fax: 651-223-3046
bond_service@bakertilly.com

Dated April 20, 2021.

Rina Neal
Director of Finance

* Subject to change, see the Notice

Doc. No. 049084