SUMMARY NOTICE OF SALE
CITY OF GARDNER, KANSAS
GENERAL OBLIGATION BONDS,
(GENERAL OBLIGATION BONDS PAYABLE
FROM UNLIMITED AD VALOREM TAXES)
Bids. SUBJECT to the Notice of Sale dated November 7, 2019 (the “Notice of Sale”), bids will be received on behalf of the City of Gardner, Kansas (the “City”), at the offices of Ehlers & Associates, Inc., 3060 Centre Pointe Drive, Roseville, Minnesota 55113 1105, by delivery; by telephone at 651-697-8500 or via facsimile at 651-697-8555; or in the case of electronic proposals, via PARITY® Electronic Bid Submission System (“PARITY”), until 10:30 a.m., Central Time, on November 18, 2019, for the purchase of $2,600,000* principal amount of General Obligation Bonds, Series 2019E (the “Bonds”). No bid of less than 98.80% of the par value of the Bonds, plus accrued interest 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.
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 December 12, 2019 (the “Dated Date”), and will become due on October 1 in the years as follows:
Amount2020$245,0002025$260,0002021240,0002026270,0002022245,0002027270,0002023255,0002028275,0002024255,0002029285,000 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 April 1 and October 1 in each year, beginning on April 1, 2020. 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 in the manner that complies with the requirements set forth in the Notice of Sale in the amount of $52,000 (2% of the principal amount of the 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 December 12, 2019, 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 2018 is $214,501,523. The total general obligation indebtedness of the City as of the date of the Bonds, including the Bonds being sold, is $49,165,000.
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 Matt Wolff, the City’s Finance Director 913-856-7535; from the City’s Municipal Advisor, Ehlers & Associates, Inc. of Roseville, Minnesota 651-697-8500; or from Kutak Rock LLP, Bond Counsel, 2300 Main Street, Suite 800, Kansas City, Missouri 64108 816-960-0090, Attention: Tyler Ellsworth.
DATED October 24, 2019.
120 East Main
Gardner, Kansas 66030
* Subject to change.