Volume 42 - Issue 8 - February 23, 2023
(Published in the Kansas Register February 23, 2023.)
City of Spring Hill, Kansas
Summary Notice of Bond Sale
$5,145,000*
General Obligation Bonds
Series 2023A
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Notice of Bond Sale dated on or about February 23, 2023 (the “Notice of Sale”), bids will be received on behalf of the Finance Director of the City of Spring Hill, Kansas (the “City”), by Baker Tilly Municipal Advisors, LLC by email at bids@bakertilly.com, or, in the case of electronic proposals, via PARITY® Electronic Bid Submission System (“PARITY”) until 10:00 a.m. (Central Time) March 9, 2023, for the purchase of $5,145,000* principal amount of General Obligation Bonds, Series 2023A (the “Bonds”). No bid of less than $5,083,260 (98.8% of the par value of the Bonds), plus accrued interest, if any, to the date of delivery, will be considered. Bidders may be required to be qualified in a manner established by the City before submitting a bid.
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 28, 2023 (the “Dated Date”), and will become due on September 1 in the years as follows:
| Maturity | Principal Amount* |
|---|---|
| 2024 | $390,000 |
| 2025 | 470,000 |
| 2026 | 480,000 |
| 2027 | 495,000 |
| 2028 | 510,000 |
| 2029 | 525,000 |
| 2030 | 545,000 |
| 2031 | 560,000 |
| 2032 | 575,000 |
| 2033 | 595,000 |
The Bonds will bear interest from the Dated Date at rates to be determined when the Bonds are sold as provided in the Notice of Sale, which interest will be payable semiannually on March 1 and September 1 in each year, beginning on March 1, 2024. A bidder may elect to have all or a portion of the Bonds scheduled to mature in consecutive years issued as term bonds subject to the requirements set forth in the Notice of Sale.
Paying Agent and Bond Registrar
Treasurer of the State of Kansas, Topeka, Kansas.
Good Faith Deposit
Each bid shall be accompanied by a cashier’s or certified check drawn on a bank located in the United States of America or a wire transfer of same-day funds in accordance with the requirements set forth in the Notice of Sale in an amount equal to 2% of the principal amount of the Bonds.
Delivery
The City 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 28, 2023, at the offices of The Depository Trust Company, New York, New York.
Assessed Valuation and Indebtedness
The City’s equalized assessed tangible valuation for computation of bonded debt limitations for the year 2022 is $153,563,099. The total general obligation indebtedness of the City as of the date of the Bonds, including the Bonds being sold, is $30,850,113.
Approval of Bonds
The Bonds will be sold subject to the legal opinion of Kutak Rock LLP, Kansas City, Missouri, Bond Counsel, whose approving legal opinion as to the validity of the Bonds will be furnished and paid for by the City and delivered to the successful bidder as and when the Bonds are delivered.
Additional Information
Additional information regarding the Bonds may be obtained from Rhonda Dunn, Finance Director, phone 913-592-3664; or from the Municipal Advisor, Baker Tilly Municipal Advisors, LLC, 30 E. 7th St., Suite 3025, Saint Paul, MN 55101, phone 651-223-3000; or from Kutak Rock LLP, Bond Counsel, Attn: Tyler Ellsworth, 2300 Main St., Suite 800, Kansas City, MO 64108-2416, phone 816-960-0090.
Dated February 15, 2023.
City of Spring Hill, Kansas
Rhonda Dunn
Finance Director
Spring Hill City Hall
401 N. Madison
Spring Hill, KS 66083
913-592-3664
* Preliminary; subject to change.
Doc. No. 050902
