Volume 42 - Issue 42 - October 19, 2023
(Published in the Kansas Register October 19, 2023.)
City of Derby, Kansas
Summary Notice of Bond Sale
$12,915,000*
General Obligation Bonds, Series 2023-A
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Notice of Bond Sale dated October 10, 2023 (the “Notice”), facsimile, email, and electronic bids will be received on behalf of the Director of Finance of the City of Derby, Kansas (the “Issuer”) in the case of facsimile or email bids, at the address set forth below, and in the case of electronic bids, through PARITY® until 11:00 a.m. (Central Time) November 8, 2023, for the purchase of the above-referenced bonds (the “Bonds”). No bid of less than 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 November 30, 2023, and will become due on December 1 in the years as follows:
| Year | Principal Amount* |
|---|---|
| 2025 | $655,000 |
| 2026 | 685,000 |
| 2027 | 710,000 |
| 2028 | 735,000 |
| 2029 | 765,000 |
| 2030 | 795,000 |
| 2031 | 825,000 |
| 2032 | 860,000 |
| 2033 | 895,000 |
| 2034 | 925,000 |
| 2035 | 725,000 |
| 2036 | 755,000 |
| 2037 | 785,000 |
| 2038 | 825,000 |
| 2039 | 865,000 |
| 2040 | 200,000 |
| 2041 | 210,000 |
| 2042 | 225,000 |
| 2043 | 235,000 |
| 2044 | 240,000 |
| * 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 June 1 and December 1 in each year, beginning on June 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 $258,300.
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 November 30, 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 2023 is $352,109,031. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $80,845,000.
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 Derby, Kansas
Attn: Director of Finance
City Hall
611 N. Mulberry
Derby, KS 67037
316-788-1519
Fax: 316-788-6067
megansneller@derbyweb.com
Municipal Advisor
Baker Tilly Municipal Advisors, LLC
Attn: Bond Services
Wells Fargo Place
30 E. 7th St., Suite 3025
Saint Paul, MN 55101
651-226-3000
bondservices@bakertilly.com
Dated October 10, 2023.
Megan Sneller
Director of Finance
City of Derby, Kansas
Doc. No. 051575
