Volume 42 - Issue 17 - April 27, 2023
(Published in the Kansas Register April 27, 2023.)
City of Manhattan, Kansas
Summary Notice of Bond Sale
$29,335,000*
General Obligation Bonds
Series 2023-A
$9,205,000*
Taxable General Obligation Bonds
Series 2023-B
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Notice of Bond Sale dated April 18, 2023 (the “Notice”), separate email and electronic bids will be received on behalf of the Director of Finance of the City of Manhattan, Kansas (the “Issuer”) in the case of email bids, at the email address set forth below, and in the case of electronic bids, through PARITY® until 11:00 a.m. (Central Time) May 11, 2023, for the purchase of the above-referenced bonds (the “Series 2023-A Bonds,” “Series 2023-B Bonds,” and collectively the “Bonds”). No bid for less than $29,335,000 (100%) of the principal amount of the Series 2023-A Bonds and accrued interest thereon to the date of delivery will be considered; and no bid for less than $9,066,925 (98.5%) of the principal amount of the Series 2023-B Bonds and accrued interest thereon to the date of delivery will be considered.
Bond Details
General
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 5, 2023 (the “Dated Date”), and will become due in principal installments on November 1 as hereinafter set forth. The Bonds will bear interest from the Dated Date 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, 2023 (the “Interest Payment Dates”).
Series 2023-A Bonds
The Series 2023-A Bonds will become due in principal installments on November 1 in the years as follows:
| Year | Principal Amount* |
|---|---|
| 2024 | $2,230,000 |
| 2025 | 2,330,000 |
| 2026 | 2,415,000 |
| 2027 | 2,515,000 |
| 2028 | 2,615,000 |
| 2029 | 2,720,000 |
| 2030 | 2,825,000 |
| 2031 | 2,945,000 |
| 2032 | 3,065,000 |
| 2033 | 3,175,000 |
| 2034 | 210,000 |
| 2035 | 220,000 |
| 2036 | 225,000 |
| 2037 | 235,000 |
| 2038 | 245,000 |
| 2039 | 250,000 |
| 2040 | 260,000 |
| 2041 | 275,000 |
| 2042 | 285,000 |
| 2043 | 295,000 |
Series 2023-B Bonds
The Series 2023-B Bonds will become due in principal installments on November 1 in the years as follows:
| Year | Principal Amount* |
|---|---|
| 2024 | $495,000 |
| 2025 | 520,000 |
| 2026 | 540,000 |
| 2027 | 570,000 |
| 2028 | 590,000 |
| 2029 | 620,000 |
| 2030 | 650,000 |
| 2031 | 685,000 |
| 2032 | 715,000 |
| 2033 | 750,000 |
| 2034 | 240,000 |
| 2035 | 255,000 |
| 2036 | 265,000 |
| 2037 | 280,000 |
| 2038 | 295,000 |
| 2039 | 310,000 |
| 2040 | 330,000 |
| 2041 | 345,000 |
| 2042 | 365,000 |
| 2043 | 385,000 |
| * Subject to change, see the Notice | |
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 $586,700 for the Series 2023-A Bonds, and $184,100 for the Series 2023-B 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 June 5, 2023, 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 2022 is $679,093,471. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $325,970,000; such amount excludes General Obligation Temporary Notes, Series 2023-01, dated June 15, 2023, in the principal amount of $11,255,000 being sold on the same Sale Date as the Bonds and to be issued on June 15, 2023. On June 15, 2023, general obligation temporary notes in the principal amount of $53,270,000 will be retired out of proceeds of the Bonds, the proceeds of the Series 2023-01 Notes and other available funds, which will reduce the outstanding general obligation indebtedness of the Issuer to $272,700,000.
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 persons set forth below:
Issuer
City of Manhattan, Kansas
Rina Neal, Director of Finance
City Hall, First Floor
1101 Poyntz Ave.
Manhattan, KS 66502-5497
785-587-2465
Fax: 785-587-2409
neal@cityofmhk.com
Municipal Advisor and Email Bid Delivery Address
Baker Tilly Municipal Advisors LLC
Attn: Bond Services
Wells Fargo Pl.
30 E. 7th St., Suite 3025
Saint Paul, MN 55101
651-223-3000
Fax: 651-223-3046
bids@bakertilly.com
Dated April 18, 2023.
Rina Neal
Director of Finance
City of Manhattan, Kansas
Doc. No. 051083
