SUMMARY NOTICE OF BOND SALE
$3,405,000*
CITY OF MCPHERSON, KANSAS
GENERAL OBLIGATION BONDS, SERIES 142 OF 2025
(GENERAL OBLIGATION BONDS PAYABLE FROM UNLIMITED AD VALOREM TAXES)
Bids. SUBJECT to the Notice of Bond Sale dated February 25, 2025 (the “Notice”), email and electronic bids will be received on behalf of the Finance Director of the City of McPherson, Kansas (the “Issuer”) in the case of email bids, at the address set forth below, and in the case of electronic bids, through PARITY® until 12:00 P.M. (noon) applicable Central Time, on APRIL 7, 2025 for the purchase of the above-referenced bonds (the “Bonds”). No bid of less than 100% 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 thereof. The Bonds will be dated April 29, 2025, and will become due on August 1 in the years as follows:
Year | Principal Amount* | Year | Principal Amount* |
2026 | $270,000 | 2031 | $345,000 |
2027 | 310,000 | 2032 | 355,000 |
2028 | 315,000 | 2033 | 370,000 |
2029 | 325,000 | 2034 | 385,000 |
2030 | 335,000 | 2035 | 395,000 |
* 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 February 1 and August 1 in each year, beginning on February 1, 2026.
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 $68,100.
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 April 29, 2025, to DTC for the account of the successful bidder.
Assessed Valuation and Indebtedness. The Equalized Assessed Tangible Valuation for Computation of Bonded Debt Limitations for the year 2024 is $168,414,057. The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $20,020,000.
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 or from the Financial Advisor at the addresses set forth below:
DATED: February 25, 2025.
Issuer | Financial Advisor |
City of McPherson, Kansas | Stifel, Nicolaus & Company, Incorporated |
400 E. Kansas Avenue | 8401 Main Street |
P.O. Box 1008 | Suite 530 |
McPherson, Kansas 67460 | Kansas City, Missouri 64112 |
Attn: Richard Miller, Finance Director | Attn: Dave Arteberry |
Phone No.: (620) 245-2535 | Phone No.: (816) 283-5137 |
Email: richardm@mcpcity.com | Email: arteberryd@stifel.com |