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Summary Notice of Bond Sale
Bridget Colp
Wednesday, November 20, 2019

SUMMARY NOTICE OF BOND SALE

$15,000,000

UNIFIED SCHOOL DISTRICT NO. 378,

RILEY COUNTY, KANSAS (RILEY)

GENERAL OBLIGATION BONDS, SERIES 2019

(GENERAL OBLIGATION BONDS PAYABLE FROM UNLIMITED AD VALOREM TAXES)

             Bids.  SUBJECT to the Notice of Bond Sale dated November 11, 2019 (the “Notice”), facsimile and electronic bids will be received on behalf of the Clerk of Unified School District No. 378, Riley County, Kansas (Riley) (the “Issuer”) in the case of facsimile bids, at the address set forth below, and in the case of electronic bids, through PARITY® until 11:00 a.m. applicable Central Time, on DECEMBER 5, 2019 for the purchase of the above-referenced bonds (the “Bonds”).  No bid of less than 100>#/i### 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 December 20, 2019, and will become due on September 1 in the years as follows:


Year

Principal

Amount*

Year

Principal

Amount*

2021

$230,000

2031

$  760,000

2022

585,000

2032

785,000

2023

600,000

2033

810,000

2024

620,000

2034

835,000

2025

640,000

2035

860,000

2026

655,000

2036

885,000

2027

675,000

2037

920,000

2028

695,000

2038

955,000

2029

720,000

2039

995,000

2030

740,000

2040

1,035,000

* 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, 2021.

             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 $300,000.

             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 December 20, 2019, 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 2019 is $62,822,529.  The total general obligation indebtedness of the Issuer as of the Dated Date, including the Bonds being sold, is $15,000,000.

             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:  November 11, 2019.

Issuer – Good Faith Deposit Delivery Address:

             Office of the Board of Education

             204 West Kansas

             P.O. Box 326

             Riley, Kansas  66531

             Attn:  Bridget Colp, Clerk

             Phone No.:  (785) 485-4000

             Fax No.:  (785) 485-2860

             Email:  bcolp@usd378.org

Financial Advisor – Facsimile Bid Delivery Address:

             Piper Jaffray & Co.

             11635 Rosewood Street

             Leawood, Kansas  66211

             Attn:  Dustin Avey

             Phone No.:  (913) 345-3300

             Fax No.:  (913) 345-3393

             Email:  dustin.j.avey@pjc.com