Publications iconKansas Register

Volume 40 - Issue 32 - August 12, 2021

(Published in the Kansas Register August 12, 2021.)

City of Park City, Kansas

Summary Notice of Bond Sale
$4,855,000*
General Obligation Bonds, Series 2021-A

(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)

Bids

Subject to the Notice of Bond Sale dated July 27, 2021 (the “Notice”), facsimile, email, and electronic bids will be received on behalf of the Finance Director of the City of Park City, 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 10:00 a.m. (CST) August 24, 2021, for the purchase of the above-referenced bonds (the “Bonds”). No bid of less than 98.75% 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. The Bonds will be dated September 9, 2021, and will become due on December 1 in the years as follows:

Year Principal Amount*
2022 $285,000
2023 305,000
2024 305,000
2025 310,000
2026 310,000
2027 315,000
2028 315,000
2029 320,000
2030 325,000
2031 330,000
2032 335,000
2033 340,000
2034 345,000
2035 355,000
2036 360,000

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 June 1 and December 1 in each year, beginning on June 1, 2022.

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 cashier’s or certified check drawn on a bank located in the United States of America or a wire transfer in Federal Reserve funds immediately available for use by the Issuer in the amount of $97,100.

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 September 9, 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 2021 is $110,321,487. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $28,770,000; such amount includes the Issuer’s temporary notes in the principal amount of $3,995,000, also dated as of the Dated Date, which will be issued on the Closing Date. Temporary notes in the principal amount of $3,300,000 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 $25,470,000.

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 undersigned, or from the Municipal Advisor at the addresses set forth below:

Issuer

City of Park City, Kansas
Attn: Dee Anne Grunder, Finance Director
City Hall
1941 E. 61st St. North
Park City, KS 67219
316-744-2026
Fax: 316-744-3865
dgrunder@parkcityks.com

Municipal Advisor – Facsimile and Email Bid Delivery Address

Ranson Financial Ground, LLC
Attn: Larry Kleeman
200 W. Douglas, Suite 600
Wichita, KS 67202
316-264-3400
Fax: 316-265-5403
larry@citycode.com
Bid email: bids@ransonfinancial.com

Dated July 27, 2021.

Dee Anne Grunder
Finance Director

* Subject to change, see the Notice.

Doc. No. 049355