Volume 41 - Issue 13 - March 31, 2022
(Published in the Kansas Register March 31, 2022.)
City of Arkansas City, Kansas
Summary Notice of Bond Sale
$4,470,000*
Taxable General Obligation Bonds, Series 2022
(Taxable General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Notice of Bond Sale dated March 15, 2022 (the “Notice”), facsimile bids, bids submitted by email, and electronic bids will be received on behalf of the Finance Director of the City of Arkansas City, Kansas (the “Issuer”) in the case of written or facsimile bids, at the address set forth below, and in the case of electronic bids, through PARITY® until 11:00 a.m. (CDT) April 19, 2022, 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 May 3, 2022, and will become due on September 1 in the years as follows:
| Year | Principal Amount |
|---|---|
| 2023 | $215,000 |
| 2024 | 255,000 |
| 2025 | 265,000 |
| 2026 | 270,000 |
| 2027 | 275,000 |
| 2028 | 280,000 |
| 2029 | 290,000 |
| 2030 | 295,000 |
| 2031 | 305,000 |
| 2032 | 310,000 |
| 2033 | 320,000 |
| 2034 | 330,000 |
| 2035 | 340,000 |
| 2036 | 355,000 |
| 2037 | 365,000 |
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 March 1 and September 1 in each year, beginning on March 1, 2023.
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 $89,400.
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 May 3, 2022, 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 $70,926,133. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $24,675,000.
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 Financial Advisor at the addresses set forth below:
Issue – Good Faith Deposit Delivery Address
City of Arkansas City, Kansas
Attn: Jennifer Waggoner, Finance Director
118 W. Central
PO Box 778
Arkansas City, KS 67005-0778
620-441-4400
Fax: 620-441-4426
jwaggoner@arkansascityks.gov
Financial Advisor – Facsimile and Email Bid Delivery Address
Ranson Financial Group, LLC
Attn: Larry Kleeman
200 W. Douglas, Suite 600
Wichita, KS 67202
316-264-3400
Fax: 316-265-5403
bids@ransonfinancial.com
Dated March 15, 2022.
Jennifer Waggoner
Finance Director
* Subject to change, see the Notice
Doc. No. 049981
