Volume 44 - Issue 6 - February 6, 2025
(Published in the Kansas Register February 6, 2025.)
City of Independence, Kansas
Summary Notice of Bond Sale
$10,200,000*
Taxable General Obligation Bonds, Series 2025-A
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Notice of Bond Sale dated January 9, 2025 (the “Notice”), facsimile and electronic bids will be received on behalf of the Finance Director of the City of Independence, Kansas (the “Issuer”) in the case of facsimile bids, at the address set forth below, and in the case of electronic bids, through PARITY® until 10:30 a.m. (Central Time) February 25, 2025, for the purchase of the above-referenced bonds (the “Bonds”). No bid of less than 99% 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 March 27, 2025, and will become due on October 1 in the years as follows:
| Year | Principal Amount* |
|---|---|
| 2025 | $1,835,000 |
| 2026 | 1,940,000 |
| 2027 | 2,035,000 |
| 2028 | 2,140,000 |
| 2029 | 2,250,000 |
| * 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 April 1 and October 1 in each year, beginning on October 1, 2025.
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 wire transfer in Federal Reserve funds immediately available for use by the Issuer in the amount of $204,000.
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 27, 2025, 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 2024 is $74,773,292. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $39,485,000.
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 Independence, Kansas
Attn: Lacey Lies, Finance Director
City Hall
811 W. Laurel St.
Independence, KS 67301
620-332-2505
Fax: 620-332-2511
laceyl@independenceks.gov
Municipal Advisor
Piper Sandler & Co.
Attn: Clayton Kelley
11635 Rosewood St.
913-345-3300
clayton.kelley@psc.com
Dated January 9, 2025.
Lacey Lies
Finance Director
City of Independence, Kansas
Doc. No. 052845
