SUMMARY NOTICE OF BOND SALE
$6,100,000*
CITY OF PRATT, KANSAS
GENERAL OBLIGATION BONDS, SERIES 2022
(GENERAL OBLIGATION BONDS PAYABLE FROM UNLIMITED AD VALOREM TAXES)
Bids. SUBJECT to the Notice of Bond Sale dated June 6, 2022 (the “Notice”), facsimile, written and electronic bids will be received on behalf of the Clerk of the City of Pratt, 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. applicable Central Time, on JULY 18, 2022 for the purchase of the above-referenced bonds (the “Bonds”). No bid of less than 98.0% of the principal amount of the 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 there-of. The Bonds will be dated August 9, 2022, and will become due on September 1 in the years as follows:
Year Principal Amount*
2023 $280,000
2024 550,000
2025 570,000
2026 595,000
2027 620,000
2028 645,000
2029 670,000
2030 695,000
2031 725,000
2032 750,000
* Subject to change, see the Notice
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 March 1 and September 1 in each year, beginning on March 1, 2023.
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 $122,000.
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 August 9, 2022, 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 2021 is $49,920,437. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $6,100,000.
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. Additional information regarding the Bonds may be obtained from the undersigned at the addresses set forth below:
DATED: June 6, 2022.
Issuer--Written Bid Delivery Address and Good Faith Deposit Delivery Address:
619 S. Main St., Pratt, Kansas 67124 Attn: LuAnn Kramer, Clerk
Phone No.: (620) 672-5571
Fax No.: (620) 672-6415
Email: lkramer@cityofprattks.com
Financial Advisor -
Facsimile Bid Delivery Address:
Stifel, Nicolaus & Company, Inc.
301 North Main, Suite 800, Wichita, Kansas 67202 Attn: Bret Shogren
Phone No.: (316) 264-9351
Fax No.: (316) 337-8492