Volume 44 - Issue 17 - April 24, 2025
(Published in the Kansas Register April 24, 2025.)
City of Manhattan, Kansas
Summary Notice of Bond Sale
$44,695,000*
General Obligation Bonds, Series 2025-A
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Notice of Bond Sale dated April 15, 2025 (the “Notice”), email and electronic bids will be received by Baker Tilly Municipal Advisors LLC, the Issuer’s Municipal Advisor (the “Municipal Advisor”) on behalf of the Director of Finance of the City of Manhattan, Kansas (the “Issuer”) in the case of email bids, at the address set forth below, and in the case of electronic bids, through PARITY® until 10:30 a.m. (Central Time) May 15, 2025, for the purchase of the above-referenced bonds (the “Bonds”). No bid of less than 100% 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 June 12, 2025, and will become due on November 1 in the years as follows:
| Year | Principal Amount* |
|---|---|
| 2026 | $2,075,000 |
| 2027 | 2,190,000 |
| 2028 | 2,290,000 |
| 2029 | 2,415,000 |
| 2030 | 2,525,000 |
| 2031 | 2,655,000 |
| 2032 | 2,780,000 |
| 2033 | 2,930,000 |
| 2034 | 3,065,000 |
| 2035 | 3,225,000 |
| 2036 | 1,810,000 |
| 2037 | 1,910,000 |
| 2038 | 2,000,000 |
| 2039 | 2,105,000 |
| 2040 | 2,205,000 |
| 2041 | 1,540,000 |
| 2042 | 1,615,000 |
| 2043 | 1,700,000 |
| 2044 | 1,785,000 |
| 2045 | 1,875,000 |
| * 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 May 1 and November 1 in each year, beginning on November 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 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 $893,900.
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 June 12, 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 $793,721,827. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $304,435,000; such amount excludes the General Obligation Temporary Notes, Series 2025-01, dated June 17, 2025, in the principal amount of $27,885,000 being sold on the same Sale Date as the Bonds. On June 15, 2025, general obligation temporary notes in the aggregate principal amount of $48,430,000 will be retired out of proceeds of the Bonds and other available funds of the Issuer, which will reduce the outstanding general obligation indebtedness of the Issuer to $256,005,000.
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 Manhattan, Kansas
Attn: Rina Neal, Director of Finance
City Hall
1101 Poyntz Ave.
Manhattan, KS 66502-5497
785-587-2465
neal@cityofmhk.com
Municipal Advisor
Baker Tilly Municipal Advisors, LLC
Attn: Bond Services
Wells Fargo Place
30 E. 7th St., Suite 3025
Saint Paul, MN 55101
651-223-3000
bids@bakertilly.com
Dated April 15, 2025.
Rina Neal
Director of Finance
City of Manhattan, Kansas
Doc. No. 053086
