Volume 42 - Issue 22 - June 1, 2023
(Published in the Kansas Register June 1, 2023.)
City of Newton, Kansas
Summary Notice of Bond Sale
$4,145,000*
General Obligation Bonds, Series 2023-A
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Notice of Bond Sale dated May 23, 2023 (the “Notice”), email and electronic bids will be received on behalf of the Finance Director of the City of Newton, Kansas (the “Issuer”) in the case of email bids, at the email address set forth below, and in the case of electronic bids, through PARITY® until 10:00 a.m. (Central Time) June 27, 2023, for the purchase of the above-referenced bonds (the “Bonds”). No bid of less than $4,082,825 (98.5%) 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 July 20, 2023, and will become due on September 1 in the years as follows:
| Year | Principal Amount* |
|---|---|
| 2024 | $135,000 |
| 2025 | 155,000 |
| 2026 | 160,000 |
| 2027 | 170,000 |
| 2028 | 170,000 |
| 2029 | 175,000 |
| 2030 | 180,000 |
| 2031 | 185,000 |
| 2032 | 190,000 |
| 2033 | 195,000 |
| 2034 | 195,000 |
| 2035 | 215,000 |
| 2036 | 220,000 |
| 2037 | 230,000 |
| 2038 | 235,000 |
| 2039 | 245,000 |
| 2040 | 260,000 |
| 2041 | 270,000 |
| 2042 | 275,000 |
| 2043 | 285,000 |
| * Subject to change, see the Notice | |
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, 2024.
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 $82,900.
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 July 20, 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 $157,208,363. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $41,700,000.
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 Municipal Advisor at the address set forth below.
Issuer
City of Newton, Kansas
Donna Pickman, Finance Director
City Hall
201 E. 6th
PO Box 426
Newton, KS 67114-0426
316-284-6001
Fax: 316-284-6090
dpickman@newtonkansas.com
Municipal Advisor and 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
Fax: 651-223-3046
bids@bakertilly.com
Dated May 23, 2023.
Donna Pickman
Finance Director
City of Newton, Kansas
Doc. No. 051190
