Volume 40 - Issue 9 - March 4, 2021
(Published in the Kansas Register March 4, 2021.)
City of Topeka, Kansas
Summary Notice of Bond Sale
General Obligation Refunding Bonds
Taxable General Obligation Bonds
Series 2021-B (Zoo Projects)
(General Obligation Bonds Payable from Unlimited Ad Valorem Taxes)
Subject to the Notice of Bond Sale dated February 25, 2021, (the “Notice”), facsimile and electronic bids will be received on behalf of the Director of Administrative and Financial Services of the City of Topeka, Kansas (the “Issuer”) in the case of facsimile bids, at the fax number set forth below, and in the case of electronic bids, via www.columbiacapitalauction.com (the “Columbia Capital Auction”) until 9:30 a.m. (CST) for the General Obligation Refunding Bonds, Series 2021-A, (the “Series 2021-A Bonds”) and 10:00 a.m. (CST) for the Taxable General Obligation Bonds, Series 2021-B (Zoo Projects) (the “Series 2021-B Bonds,” and, with the Series 2021-A Bonds, jointly, the “Bonds”), March 16, 2021, for the purchase of the Bonds. No bid of less than 98.0% of the principal amount of each series of Bonds and accrued interest thereon to the date of delivery will be considered.
The Bonds will consist of fully registered bonds in the denomination of $5,000 or any integral multiple thereof. The Bonds will be dated April 13, 2021. The Series 2021-A Bonds will become due August 15 in the years as follows:
The Series 2021-B Bonds will become due August 15 in the years as follows:
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 February 15 and August 15 in each year, beginning on August 15, 2021.
*Adjustment of Issue Size
The Issuer reserves the right to increase or decrease the total principal amount of the Bonds, depending on the purchase price and interest rates bid and the offering prices specified by the Successful Bidder and savings generated in connection with the refunding of certain general obligation bonds of the Issuer (the “Refunded Bonds”). The principal amount of any maturity may be adjusted by the Issuer in order to properly size the Bond, structure certain funds and accounts and substantially obtain debt service parameters determined by the Issuer. In formulating bids, bidders should consider that bids generating significant premium may lead to post-bid revisions by the Issuer as described above, resulting in greater principal amortization in later years, and bids generating significant discount may lead to post-bid revisions by the Issuer as described above, resulting in greater principal amortization in earlier years. The Successful Bidder may not withdraw its bid or change the interest rates bid as a result of any changes made to the principal amount of the Bonds or principal of any maturity as described herein. If there is an increase or decrease in the final aggregate principal amount of the Bonds or the schedule of principal payments as described above, the Issuer will notify the Successful Bidder by means of telephone or facsimile transmission, subsequently confirmed in writing, no later than 12:00 p.m. (CST) on the Sale Date. The actual purchase price for each series of Bonds shall be calculated by applying the percentage of par value bid by the Successful Bidder against the final aggregate principal amount of such series of Bonds, as adjusted. If the principal amounts are modified, the Issuer will seek to modify the maturity schedule, or make other mutually agreeable changes, in a way that will neither increase nor reduce the Successful Bidder’s spread as a percentage of the principal amount of the Bonds issued, after taking into account such adjustments.
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 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 $707,700 for the Series 2021-A Bonds and $58,300 for the Series 2021-B Bonds.
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 April 13, 2021, to DTC for the account of the successful bidder.
Assessed Valuation and Indebtedness
The total assessed valuation of the taxable tangible property within the Issuer as of August 25, 2020, including 2019 motor vehicle valuation, is $1,298,037,124. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, but excluding the Refunded Bonds to be retired with a portion of the proceeds of the Bonds being sold on the Sale Date, is $183,640,000.
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 regarding the Bonds may be obtained from the undersigned, or from the Financial Advisor at the addresses set forth below:
Financial Advisor–Facsimile Bid and Good Faith Deposit Delivery Address Columbia Capital Management, LLC
Dated February 25, 2021.
City of Topeka, Kansas
Director of Administrative and Financial Services
215 SE 7th St.
Topeka, KS 66603
Doc. No. 048918