SUMMARY NOTICE OF BOND SALE
CITY OF GARDNER, KANSAS
$12,900,000
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2012C
(GENERAL OBLIGATION BONDS PAYABLE
FROM UNLIMITED AD VALOREM TAXES)
Bids. SUBJECT to the Notice of Sale dated March 20, 2012 (the “Notice of Sale”), bids will be received on behalf of the city of Gardner, Kansas (the “City”), at the offices of Springsted Incorporated, 380 Jackson Street, 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 11:00 a.m., Central Daylight Saving Time, on April 2, 2012, for the purchase of $12,900,000* principal amount of General Obligation Refunding Bonds, Series 2012C (the “Bonds”). Only bids of 99.3% of the par value of the Bonds, plus accrued interest 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 April 24, 2012 (the “Dated Date”), and will become due September 1 in the years as follows:
Year Principal
Amount Year Principal
Amount
2012 $ 565,000 2017 $1,455,000
2013 1,185,000 2018 1,475,000
2014 1,200,000 2019 1,500,000
2015 1,210,000 2020 1,525,000
2016 1,225,000 2021 1,560,000
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 September 1, 2012. 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, a wire transfer in the manner that complies with the requirements set forth in the Notice of Sale or a financial surety bond in a form that complies with the requirements set forth in the Notice of Sale in an amount equal to 2% of the principal amount of Bonds.
Delivery. 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 April 24, 2012, at the offices of The Depository Trust Company, New York, New York.
Assessed Valuation and Indebtedness. The equalized assessed tangible valuation for computation of bonded debt limitations for the year 2011 is $147,959,143. The total general obligation indebtedness of the City as of the date of the Bonds, including the Bonds being sold and certain general obligation temporary notes being sold contemporaneously with the Bonds, is $60,735,000.
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. Additional information regarding the Bonds may be obtained from Laura Gourley, the City’s Finance Director 913/856-7535; from the City’s Financial Advisor, Springsted Incorporated of St. Paul, Minnesota 651/223-3000; or from Kutak Rock LLP, Bond Counsel, 1010 Grand Boulevard, Suite 500, Kansas City, Missouri 64106-2220 816/960-0090, Attention: Dorothea Riley.
DATED March 15, 2012.
CITY OF GARDNER, KANSAS
By /s/ Laura Gourley
Finance Director
120 East Main
Gardner, Kansas 66030
913/856-7535