Publications iconKansas Register

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