Volume 41 - Issue 42 - October 20, 2022
(Published in the Kansas Register , 2022.)
City of Garden City, Kansas
Summary Notice of Bond Sale
$16,645,000*
General Obligation Bonds
Series A, 2022
Details of the Sale
Subject to the terms and requirements of the Official Notice of Bond Sale, dated September 20, 2022, of the City of Garden City, Kansas (the “City”), bids to purchase the City’s General Obligation Bonds, Series A, 2022, (the “Bonds”) will be received at the office of the City Clerk at 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 of Bond Sale until 10:00 a.m. (CDT) Tuesday, November 1, 2022. The bids will be considered by the governing body at its meeting at 1:00 p.m. (CDT) on the sale date.
No oral or auction bids for the Bonds shall 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 Bonds.
Details of the Bonds
The Bonds will be dated November 22, 2022 and will be issued as registered bonds in denominations of $5,000, or any integral multiple thereof. Interest on the Bonds is payable semiannually on May 1 and November 1 of each year, beginning May 1, 2023. Principal of the Bonds becomes due on November 1 in the years and amounts as shown below:
| Maturity Schedule | |
|---|---|
| Principal Amount* | Maturity Date |
| $1,435,000 | 2023 |
| 1,450,000 | 2024 |
| 1,505,000 | 2025 |
| 1,565,000 | 2026 |
| 1,620,000 | 2027 |
| 1,685,000 | 2028 |
| 1,745,000 | 2029 |
| 1,810,000 | 2030 |
| 1,880,000 | 2031 |
| 1,950,000 | 2032 |
Payment of Principal and Interest
The Treasurer of the State of Kansas will serve as the Bond Registrar and Paying Agent for the 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”).
The City will prepare the Bonds at its expense and will deliver the registered Bonds to DTC on or about November 22, 2022. 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 $278,666,916. As of November 22, 2022, the City’s total outstanding general obligation debt (including the Bonds), is $100,540,000*. The City’s total indebtedness which is subject to debt limitation, as of November 22, 2022, is estimated to be $60,482,447.13*, which is 21.70%* 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., 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: 620-276-1169
* Amounts subject to change.
Doc. No. 050601
