Volume 40 - Issue 23 - June 10, 2021
(Published in the Kansas Register June 10, 2021.)
City of Wellington, Kansas
Summary Notice of Bond Sale
$7,790,000*
General Obligation Bonds
Series C, 2021
$630,000*
General Obligation Bonds
Series D, 2021
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Bids
Subject to the Notice of Bond Sale dated June 1, 2021 (the “Notice”), facsimile, written, and electronic bids will be received on behalf of the Clerk of the City of Wellington, Kansas (the “Issuer”) in the case of written or facsimile bids, at the address set forth below, and in the case of electronic bids, through PARITY® until 10:00 a.m. (CST) July 6, 2021, for the purchase of the above-referenced Series C, Bonds (the “Series C, Bonds”) and Series D, Bonds (the “Series D, Bonds,” and, with the Series C, Bonds, jointly the “Bonds”). No bid of less than 99.0% of the principal amount of the Series C, 2021 Bonds and accrued interest thereon to the date of delivery will be considered. No bid of less than 98.5% of the principal amount of the Series D, 2021 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 27, 2021. The Series C, 2021 Bonds will become due semiannually on March 1 and September 1 in the years as follows:
| Principal Payment Date | Principal Amount* |
|---|---|
| 03/01/2022 | $400,000 |
| 09/01/2022 | 405,000 |
| 03/01/2023 | 425,000 |
| 09/01/2023 | 430,000 |
| 03/01/2024 | 430,000 |
| 09/01/2024 | 430,000 |
| 03/01/2025 | 430,000 |
| 09/01/2025 | 430,000 |
| 03/01/2026 | 430,000 |
| 09/01/2026 | 435,000 |
| 03/01/2027 | 435,000 |
| 09/01/2027 | 440,000 |
| 03/01/2028 | 440,000 |
| 09/01/2028 | 440,000 |
| 03/01/2029 | 445,000 |
| 09/01/2029 | 445,000 |
| 03/01/2030 | 450,000 |
| 09/01/2030 | 450,000 |
The Series C, 2021 Bonds will bear interest from the date thereof at rates to be determined when the Series C, 2021 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, 2022.
The Series D, 2021 Bonds will become due annually on November 1 in the years as follows:
| Principal Payment Date | Principal Amount* |
|---|---|
| 11/01/2022 | $25,000 |
| 11/01/2023 | 30,000 |
| 11/01/2024 | 30,000 |
| 11/01/2025 | 30,000 |
| 11/01/2026 | 30,000 |
| 11/01/2027 | 30,000 |
| 11/01/2028 | 30,000 |
| 11/01/2029 | 30,000 |
| 11/01/2030 | 30,000 |
| 11/01/2031 | 30,000 |
| 11/01/2032 | 30,000 |
| 11/01/2033 | 30,000 |
| 11/01/2034 | 30,000 |
| 11/01/2035 | 35,000 |
| 11/01/2036 | 35,000 |
| 11/01/2037 | 35,000 |
| 11/01/2038 | 35,000 |
| 11/01/2039 | 35,000 |
| 11/01/2040 | 35,000 |
| 11/01/2041 | 35,000 |
The Series D, 2021 Bonds will bear interest from the date thereof at rates to be determined when the Series D, 2021 Bonds are sold as hereinafter provided, which interest will be payable semiannually on May 1 and November 1 in each year, beginning on May 1, 2022.
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 cashier’s or certified check drawn on a bank located in the United States of America or a wire transfer in Federal Reserve funds immediately available for use by the Issuer in the amount of $155,800, for the Series C, 2021 Bonds, and $12,600, for the Series D, 2021 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 July 27, 2021, to DTC for the account of the successful bidder or at such bank or trust company in the contiguous United States of America as may be specified by the successful bidder, or elsewhere at the expense of the successful bidder.
Assessed Valuation and Indebtedness
The Equalized Assessed Tangible Valuation for Computation of Bonded Debt Limitations for the year 2020 is $52,273,237. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $20,599,105.
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 Financial Advisor at the address set forth below:
Issuer Address
City of Wellington, Kansas
Attn: Heidi Theurer, Clerk/Finance Director
317 S. Washington Ave.
Wellington, KS 67152
620-326-2811
Fax: 620-326-8506
heiditheurer@cityofwellington.net
Financial Advisor – Facsimile Bid and Good Faith Deposit Delivery Address
Ranson Financial Group, LLC
Attn: John Haas
200 W. Douglas, Suite 600
Wichita, KS 67202
316-264-3400
Fax: 316-265-5403
jhaas@ransonfinancial.com
Bid Email: bids@ransonfinancial.com
Dated June 1, 2021.
Heidi Theurer
Clerk/Finance Director
* Subject to change, see the Notice
Doc. No. 049214
