Volume 42 - Issue 18 - May 4, 2023
(Published in the Kansas Register May 4, 2023.)
City of Baldwin City, Kansas
Summary Notice of Bond Sale
$4,185,000*
General Obligation Bonds
Series 2023-A
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Notice of Bond Sale dated April 18, 2023 (the “Notice”), written, email, and electronic (as explained below) bids for the purchase of the above-referenced General Obligation Bonds, Series 2023-A (the “Bonds”) of the City of Baldwin City, Kansas (the “Issuer”) herein described will be received on behalf of the undersigned Clerk of the Issuer at the email address hereinafter set forth in the case of email bids, and via PARITY® in the case of electronic bids, until 11:00 a.m. (Central Time) (the “Submittal Hour”), Tuesday, May 16, 2023, for the purchase of the above-referenced bonds (the “Bonds”). No bid of less than 98.9% 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 June 1, 2023, and will become due in principal installments on September 1, as follows:
| Stated Maturity (Sept. 1) |
Principal Amount* |
|---|---|
| 2028 | $175,000 |
| 2029 | 180,000 |
| 2030 | 185,000 |
| 2031 | 195,000 |
| 2032 | 195,000 |
| 2033 | 205,000 |
| 2034 | 215,000 |
| 2035 | 220,000 |
| 2036 | 275,000 |
| 2037 | 285,000 |
| 2038 | 295,000 |
| 2039 | 410,000 |
| 2040 | 430,000 |
| 2041 | 450,000 |
| 2042 | 470,000 |
| * Subject to change, see the Notice | |
The Bonds will bear interest from the Dated Date 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, 2024 (the “Interest Payment Dates”).
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 $83,700.
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 1, 2023, 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 $50,059,246. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $19,345,000.
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 Baldwin City, Kansas
Attn: Amara Packard, Clerk
803 8th St.
PO Box 86
Baldwin City, KS 66006
785-594-6427
apackard@baldwincity.org
Municipal Advisor–Email Bid Delivery Address
Baker Tilly Municipal Advisors, LLC
Attn: Bond Services
Wells Fargo Place
30 E. 7th St., Suite 3025
Saint Paul, MN 55101
651-223-3000
bids@bakertilly.com
Dated April 18, 2023.
Amara Packard
Clerk
City of Baldwin City, Kansas
Doc. No. 051116
