Volume 40 - Issue 28 - July 15, 2021
(Published in the Kansas Register July 15, 2021.)
City of Spring Hill, Kansas
Summary Notice of Bond Sale
General Obligation Bonds
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Subject to the Notice of Bond Sale dated July 9, 2021 (the “Notice of Sale”), bids will be received on behalf of the Interim Finance Director of the City of Spring Hill, Kansas (the “City”), at the offices of Baker Tilly Municipal Advisors, LLC, 380 Jackson St., Suite 300, Saint Paul, MN 55101-2887, by delivery, by telephone at 651-223-3000, or via facsimile at 651-223-3046, or, in the case of electronic proposals, via PARITY® Electronic Bid Submission System (“PARITY”) until 10:00 a.m. (CST) July 22, 2021, for the purchase of $1,700,000* principal amount of General Obligation Bonds, Series 2021B (the “Bonds”). No bid of less than the par value of the Bonds, plus accrued interest, if any, to the date of delivery, will be considered. Bidders may be required to be qualified in a manner established by the City before submitting a bid.
The Bonds will consist of fully registered bonds in the denomination of $5,000 or any integral multiple thereof. The Bonds will be dated August 19, 2021 (the “Dated Date”), and will become due on September 1 in the years as follows:
The Bonds will bear interest from the Dated Date at rates to be determined when the Bonds are sold as provided in the Notice of Sale, which interest will be payable semiannually on March 1 and September 1 in each year, beginning on March 1, 2022. A bidder may elect to have all or a portion of the Bonds scheduled to mature in consecutive years issued as term bonds subject to the requirements set forth in the Notice of Sale.
Paying Agent and Bond Registrar
Treasurer of the state of Kansas, Topeka, Kansas.
Good Faith Deposit
Each bid shall be accompanied by a cashier’s or certified check drawn on a bank located in the United States of America or a wire transfer of same-day funds in accordance with the requirements set forth in the Notice of Sale in an amount equal to 2% of the principal amount of the Bonds.
The City 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 August 19, 2021, at the offices of The Depository Trust Company, New York, New York.
Assessed Valuation and Indebtedness
The City’s equalized assessed tangible valuation for computation of bonded debt limitations for the year 2020 is $116,396,619. The total general obligation indebtedness of the City as of the date of the Bonds, including the Bonds being sold, is $37,004,830.
Approval of Bonds
The Bonds will be sold subject to the legal opinion of Kutak Rock LLP, Kansas City, Missouri, Bond Counsel, whose approving legal opinion as to the validity of the Bonds will be furnished and paid for by the City and delivered to the successful bidder as and when the Bonds are delivered.
Additional information regarding the Bonds may be obtained from Lou Ann Armstrong, the City’s Interim Finance Director, phone 913-592-3664; or from the Municipal Advisor, Baker Tilly Municipal Advisors, LLC, 380 Jackson St., Suite 300, Saint Paul, MN 55101-2887, phone 651-223-3000; or from Kutak Rock LLP, Bond Counsel, Attn: Tyler Ellsworth, 2300 Main St., Suite 800, Kansas City, MO 64108-2416, phone 816-960-0090.
Dated July 9, 2021.
City of Spring Hill, Kansas
Lou Ann Armstrong
Interim Finance Director
401 N. Madison
Spring Hill, KS 66083
* Subject to change.
Doc. No. 049