Volume 41 - Issue 12 - March 24, 2022
(Published in the Kansas Register March 24, 2022.)
City of Lawrence, Kansas
Summary Notice of Bond Sale
$6,290,000*
General Obligation Improvement Bonds
Series 2022-A
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Notice of Sale dated on or about March 23, 2022 (the “Notice”), electronic bids will be received on behalf of the Clerk of the City of Lawrence, Kansas (the “Issuer”) through PARITY® or via email to the Municipal Advisor at bondservice@bakertilly.com until 10:00 a.m., (CDT) April 5, 2022, for the purchase of the above-referenced bonds (the “Bonds”). No bid for the Bonds of less than 99.00% 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 April 28, 2022, and will become due on September 1 in the years as follows:
| Maturity Date (September 1) |
Principal Amount* |
|---|---|
| 2023 | $330,000 |
| 2024 | 375,000 |
| 2025 | 385,000 |
| 2026 | 390,000 |
| 2027 | 395,000 |
| 2028 | 275,000 |
| 2029 | 280,000 |
| 2030 | 285,000 |
| 2031 | 295,000 |
| 2032 | 300,000 |
| 2033 | 265,000 |
| 2034 | 270,000 |
| 2035 | 280,000 |
| 2036 | 285,000 |
| 2037 | 295,000 |
| 2038 | 300,000 |
| 2039 | 310,000 |
| 2040 | 315,000 |
| 2041 | 325,000 |
| 2042 | 335,000 |
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 March 1, 2023.
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
The successful bidder for the Bonds shall submit 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 2.00% of the principal amount of the Bonds in the manner that complies with the requirements set forth in the Notice of Sale.
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 April 28, 2022, 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 2021 was $1,273,713,789. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds and temporary notes being sold contemporaneously with the Bonds, but excluding any temporary notes to be paid off with the proceeds thereof, is $171,488,000.
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 Municipal Advisor or Finance Director at the addresses set forth below:
Municipal Advisor
Baker Tilly Municipal Advisors, LLC
Attn: Bond Services
225 S. Sixth St., Suite 2300
Minneapolis, MN 55402
651-226-3000
Fax: 651-223-3046
bondservice@bakertilly.com
Dated March 24, 2022.
City of Lawrence, Kansas
Jeremy Willmoth, Finance Director
City Hall
6 E. 6th St.
Lawrence, KS 66044
785-832-3214
Fax: 785-832-3405
jwillmoth@lawrenceks.org
*Preliminary; subject to change.
Doc. No. 049949
