Volume 42 - Issue 26 - June 29, 2023
(Published in the Kansas Register June 29, 2023.)
City of Kechi, Kansas
Summary Notice of Bond Sale
$1,260,000*
General Obligation Bonds
Series A, 2023
Details of the Sale
Subject to the terms and requirements of the Official Notice of Bond Sale, dated May 11, 2023, of the City of Kechi, Kansas (the “City”), bids to purchase the City’s General Obligation Bonds, Series A, 2023, (the “Bonds”) will be received at the office of the City Clerk at City Hall, 220 W. Kechi Rd., Kechi, KS 67067 or by telefacsimile at 316-744-9636 or electronically as described in the Official Notice of Bond Sale until 10:00 a.m. (Central Time) Thursday, July 13, 2023. The bids will be considered by the governing body at its meeting at 7:00 p.m. (Central Time) on the sale date.
No oral or auction bids for the Bonds shall be considered, and no bids for less than 100 percent of the total principal amount of the Bonds and accrued interest to the date of delivery shall be considered.
Good Faith Deposit
Bidders must submit a good faith deposit in the form of a wire transfer or certified or cashier’s check made payable to the order of the City, or a financial surety bond (if then available), in an amount equal to 2% of the principal amount of the Bonds.
Details of the Bonds
The Bonds will be dated August 1, 2023 and will be issued as registered bonds in denominations of $5,000, or any integral multiple thereof. Interest on the Bonds is payable semiannually on March 1 and September 1 of each year, beginning March 1, 2024. Principal of the Bonds becomes due on September 1 in the years and amounts as shown below:
| Maturity Schedule | |
|---|---|
| Principal Amount* | Maturity Date |
| $35,000 | 2024 |
| 45,000 | 2025 |
| 45,000 | 2026 |
| 45,000 | 2027 |
| 50,000 | 2028 |
| 50,000 | 2029 |
| 55,000 | 2030 |
| 55,000 | 2031 |
| 60,000 | 2032 |
| 60,000 | 2033 |
| 60,000 | 2034 |
| 65,000 | 2035 |
| 65,000 | 2036 |
| 70,000 | 2037 |
| 75,000 | 2038 |
| 75,000 | 2039 |
| 80,000 | 2040 |
| 85,000 | 2041 |
| 90,000 | 2042 |
| 95,000 | 2043 |
| * Amounts subject to change. | |
Payment of Principal and Interest
The Treasurer of the State of Kansas will serve as the Bond Registrar and Paying Agent for the Bonds.
Book-Entry Option
The successful bidder may elect to have the bonds registered under a book-entry-only system administered through The Depository Trust Company, New York, New York, (“DTC”) at bidder’s expense.
Delivery of the Bonds
The City will prepare the Bonds at its expense and will deliver the registered Bonds to the successful bidder, on or about August 1, 2023, at such bank or trust company or other qualified depository in the contiguous United States, specified by the successful bidder. Delivery elsewhere shall be made at the expense of the successful bidder. Any bond printing costs will be paid by the City from the proceeds of the Bonds or other City funds.
Legal Opinion
The Bonds will be sold subject to the legal opinion of Triplett Woolf Garretson, LLC, Wichita, Kansas, Bond Counsel, whose fees will be paid by the City.
Financial Matters
The City’s current assessed valuation for purposes of calculating statutory debt limitations is $29,866,564. As of August 1, 2023, the City’s total outstanding general obligation debt (including the Bonds), is $7,945,000* which excludes temporary notes outstanding in the amount of $1,395,000, which will be retired out of the proceeds of the Bonds herein offered for sale. The City’s total indebtedness which is subject to debt limitation, as of August 1, 2023, is estimated to be $2,265,599.61*, which is 7.58%* of the assessed valuation of the City.
Additional Information
For additional information contact the City Clerk at the address and telephone number shown below, or the Financial Advisor, Dustin Avey, Piper Sandler & Co., 11635 Rosewood St., Leawood, KS 66211-2000, telephone 800-829-5377.
City of Kechi, Kansas
Debra Creekmore, City Clerk
City Hall
220 W. Kechi Rd.
Kechi, KS 67067
316-744-9287
Fax: 316-744-9636
Doc. No. 051273
