Volume 43 - Issue 4 - January 25, 2024
(Published in the Kansas Register January 25, 2024.)
City of Lansing, Kansas
Summary Notice of Bond Sale
$2,305,000*
General Obligation Bonds, Series 2024-A
$9,000,000*
General Obligation Sales Tax Bonds, Series 2024-B
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Notice of Bond Sale dated on or about February 1, 2024 (the “Notice”), email and electronic bids will be received for the above-referenced bonds (respectively, the “Series 2024-A Bonds” and the “Series 2024-B Bonds,” and together the “Bonds”) on behalf of the Finance Director of the City of Lansing, Kansas (the “Issuer”) in the case of email bids, at dustin.avey@psc.com, and in the case of electronic bids, through PARITY® on February 13, 2024 (the “Sale Date”) until 10:00 a.m. (Central Time) for the purchase of the Series 2024-A Bonds and until 10:30 a.m. (Central Time) for the purchase of the Series 2024-B Bonds. No bid of less than 100% of the principal amount of the Series 2024-A Bonds and accrued interest thereon to the date of delivery will be considered. No bid of less than 103.50% of the principal amount of the Series 2024-B 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 March 7, 2024.
The Series 2024-A Bonds will become due on September 1 in the years as follows:
| Year | Principal Amount* |
|---|---|
| 2024 | $230,000 |
| 2025 | 480,000 |
| 2026 | 505,000 |
| 2027 | 530,000 |
| 2028 | 560,000 |
| * Subject to change, see the Notice. | |
The Series 2024-B Bonds will become due on September 1 in the years as follows:
| Year | Principal Amount* |
|---|---|
| 2024 | $490,000 |
| 2025 | 280,000 |
| 2026 | 290,000 |
| 2027 | 305,000 |
| 2028 | 320,000 |
| 2029 | 340,000 |
| 2030 | 355,000 |
| 2031 | 370,000 |
| 2032 | 390,000 |
| 2033 | 410,000 |
| 2034 | 430,000 |
| 2035 | 455,000 |
| 2036 | 475,000 |
| 2037 | 500,000 |
| 2038 | 525,000 |
| 2039 | 550,000 |
| 2040 | 580,000 |
| 2041 | 610,000 |
| 2042 | 645,000 |
| 2043 | 680,000 |
| * 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 September 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 2.00% of the principal amount of the respective series of Bonds.
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 March 7, 2024, 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 was $133,650,265. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $32,800,000.
Approval of Bonds
The Bonds will be sold subject to the legal opinion of Gilmore & Bell, P.C., Kansas City, Missouri, 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 Financial Advisor, at the addresses set forth below:
Financial Advisor and Email Bid Address
Piper Sandler & Co.
Attn: Dustin Avey
11635 Rosewood St.
Leawood, KS 66211
913-345-3300
dustin.avey@psc.com
Dated February 1, 2024.
City of Lansing, Kansas
Beth Sanford
Finance Director
800 First Terrace
Lansing, KS 66043
913-727-3233
Doc. No. 051820
