Volume 43 - Issue 5 - February 1, 2024
(Published in the Kansas Register February 1, 2024.)
City of Russell, Kansas
Summary Notice of Bond Sale
$5,000,000*
General Obligation Bonds, Series 2024-A
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Notice of Bond Sale dated January 16, 2024 (the “Notice”), electronic bids submitted through PARITY® or emailed to the Municipal Advisor at the address below, will be received on behalf of the City of Russell, Kansas (the “Issuer”) until 11:00 a.m. (Central Time) February 20, 2024, for the purchase of the above-referenced bonds (the “Bonds”). The minimum bid price for the Bonds shall be as specified in the Notice.
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 14, 2024, and will become due on August 1 in the years as follows:
| Year | Principal Amount* |
|---|---|
| 2025 | $160,000 |
| 2026 | 170,000 |
| 2027 | 180,000 |
| 2028 | 185,000 |
| 2029 | 195,000 |
| 2030 | 205,000 |
| 2031 | 215,000 |
| 2032 | 225,000 |
| 2033 | 240,000 |
| 2034 | 245,000 |
| 2035 | 255,000 |
| 2036 | 260,000 |
| 2037 | 270,000 |
| 2038 | 280,000 |
| 2039 | 290,000 |
| 2040 | 300,000 |
| 2041 | 315,000 |
| 2042 | 325,000 |
| 2043 | 335,000 |
| 2044 | 350,000 |
| * 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 February 1 and August 1 in each year, beginning on August 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 equal to 2% of the principal amount of the 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 14, 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 is $40,115,091. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $6,745,000.
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 at the addresses set forth below.
Issuer Address
City of Russell, Kansas
Attn: City Clerk
133 W. 8th St.
Russell, KS 67665
785-483-6311
Fax: 785-483-4397
Municipal Advisor–Email Bid Delivery Address
Stifel Nicolaus & Company, Incorporated
Attn: David Arteberry
4622 Pennsylvania Ave., Suite 1210
Kansas City, MO 64112
816-203-8773
arteberryd@stifel.com
Dated January 16, 2024.
Ashley Mai
City Clerk
City of Russell, Kansas
Doc. No. 051840
