Volume 41 - Issue 39 - September 29, 2022
(Published in the Kansas Register September 29, 2022.)
City of Minneapolis, Kansas
Summary Notice of Bond Sale
$2,810,000*
General Obligation Bonds, Series 2022
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Notice of Bond Sale dated September 13, 2022 (the “Notice”), facsimile, email, and electronic bids will be received on behalf of the City Administrator of the City of Minneapolis, Kansas (the “Issuer”) in the case of email or facsimile bids, at the address set forth below, and in the case of electronic bids, through PARITY® until 11:00 a.m. (CDT) October 11, 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 October 25, 2022, and will become due on August 1 in the years as follows:
| Year | Principal Amount* |
|---|---|
| 2023 | $125,000 |
| 2024 | 110,000 |
| 2025 | 110,000 |
| 2026 | 115,000 |
| 2027 | 120,000 |
| 2028 | 120,000 |
| 2029 | 125,000 |
| 2030 | 125,000 |
| 2031 | 130,000 |
| 2032 | 135,000 |
| 2033 | 140,000 |
| 2034 | 140,000 |
| 2035 | 145,000 |
| 2036 | 150,000 |
| 2037 | 155,000 |
| 2038 | 160,000 |
| 2039 | 165,000 |
| 2040 | 175,000 |
| 2041 | 180,000 |
| 2042 | 185,000 |
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 February 1 and August 1 in each year, beginning on February 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 $56,200.
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 October 25, 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 2022 is $13,866,035. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $3,965,000.
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 Minneapolis, Kansas
Attn: Barry S. Hodges, City Administrator
City Hall
311 N. Mill St.
Minneapolis, KS 67467
785-392-2176
Fax: 785-392-2177
bhodges@cityofminnks.org
Municipal Advisor
Ranson Financial Group, LLC
Attn: Beth Warren
200 W. Douglas, Suite 600
Wichita, KS 67202
316-264-3400
Fax: 316-265-5403
bids@ransonfinancial.com
Dated September 13, 2022.
Barry S. Hodges
City Administrator
* Subject to change, see the Notice
Doc. No. 050532
