Volume 43 - Issue 22 - May 30, 2024
(Published in the Kansas Register May 30, 2024.)
City of Olathe, Kansas
Summary Notice of Sale
$50,000,000*
General Obligation Improvement Bonds,
Series 2024A
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Notice of Sale dated on or about May 23, 2024 (the “Notice”), emailed and electronic bids will be received on behalf of the Chief Financial Officer of the City of Olathe, Kansas (the “Issuer”) in the case of emailed bids, via email to jwhite@columbiacapital.com and jprichard@columbiacapital.com, and in the case of electronic bids, via www.columbiacapitalauction.com (the “Columbia Capital Auction”) on June 18, 2024 (the “Sale Date”) until 10:00 a.m. (Central Time), for the purchase of the above-referenced bonds (the “Bonds”). No bid of less than 99% 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 July 16, 2024, and will become due on October 1 in the years as follows:
| Year | Principal Amount* |
|---|---|
| 2025 | $2,460,000 |
| 2026 | 2,585,000 |
| 2027 | 2,715,000 |
| 2028 | 2,850,000 |
| 2029 | 2,990,000 |
| 2030 | 3,140,000 |
| 2031 | 3,300,000 |
| 2032 | 3,460,000 |
| 2033 | 3,635,000 |
| 2034 | 3,815,000 |
| 2035 | 1,585,000 |
| 2036 | 1,650,000 |
| 2037 | 1,715,000 |
| 2038 | 1,785,000 |
| 2039 | 1,855,000 |
| 2040 | 1,930,000 |
| 2041 | 2,010,000 |
| 2042 | 2,090,000 |
| 2043 | 2,170,000 |
| 2044 | 2,260,000 |
| * 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 April 1 and October 1 in each year, beginning on October 1, 2024.
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 must submit a good faith deposit in the amount of 2% of the principal amount of the Bonds, in the form of a wire transfer in Federal Reserve funds immediately available for use by the Issuer, by 2:00 p.m. (Central Time) on the Sale Date, as further set forth in the Notice.
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 July 16, 2024, 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 2023 was $2,974,868,616. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold and temporary notes being sold contemporaneously with the Bonds but excluding any temporary notes to be refunded with proceeds of the Bonds, is $381,445,000.
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, or from the Financial Advisor, at the addresses set forth below.
Financial Advisor
Columbia Capital Management
Attn: Jeff White or James Prichard
6700 Antioch, Suite 250
Merriam, KS 66204
913-312-8078 or
913-312-8072
Fax: 913-312-8053
jwhite@columbiacapital.com or
jprichard@columbiacapital.com
Dated May 28, 2024.
City of Olathe, Kansas
Briana Burrichter
Chief Financial Officer
City Hall
100 E. Santa Fe
Olathe, KS 66061
913-971-8680
Fax: 913-971-8715
Doc. No. 052167
