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[Official Statement] nin PRELIMINARY OFFICIAL STATEMENT NEW ISSUE – BOOK-ENTRY ONLY RATINGS: See “Ratings” herein In the opinion of Gilmore & Bell, P.C., Bond Counsel, under existing law and assuming continued compliance with certain requirements of the Internal Revenue Code of 1986, as amended (the “Code”): (1) the interest on the Series 2020A Bonds [(including any original issue discount properly allocable to an owner thereof)] is excludable from gross income for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax; (2) the interest on the Series 2020A Bonds is exempt from income taxation by the State of Kansas; and (3) the Series 2020A Bonds have not been designated as “qualified tax-exempt obligations” within the meaning of Code § 265(b)(3). See “TAX MATTERS – Opinion of Bond he timethe Official Statement Counsel” in this Official Statement. CITY OF WICHITA, KANSAS $32,400,000* WATER AND SEWER UTILITY REVENUE BONDS SERIES 2020A *subject to change Dated: May 1, 2020 Due: as shown on the inside cover The above-referenced bonds (the “Series 2020A Bonds”) will be issued by the City of Wichita, Kansas (the “City” or “Issuer”), as fully registered bonds, without coupons, and, when issued, will be registered in the name of Cede & Co., as registered owner and nominee for The Depository Trust Company (“DTC”), New York, New York. DTC will act as securities depository for the Series 2020A Bonds. Purchases of the Series 2020A Bonds will be made in book-entry form, in the denominations of $5,000 or any integral multiple thereof (the “Authorized Denomination”). Purchasers will not receive certificates representing their interests in Series 2020A Bonds purchased. So long as Cede & Co. is the registered owner of the Series 2020A Bonds, as nominee of DTC, references herein to the Series 2020A Bond owners or registered owners shall mean Cede & Co., as aforesaid, and shall not mean the Beneficial Owners (as herein defined) of the Series 2020A Bonds. ities may not be sold nor may offers to buy be accepted prior to t to prior accepted be buy to offers may nor sold be not may ities Principal will be payable at maturity or earlier redemption upon presentation and surrender of the Series 2020A Bonds by the a solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdictio any in securities these of sale any be there shall nor buy to offer an of solicitation a registered owners thereof at the office of the Treasurer of the State of Kansas, Topeka, Kansas, as paying agent and registrar any such jurisdiction. such any (the “Paying Agent” and “Registrar”). Interest on the Series 2020A Bonds will be payable on April 1 and October 1, commencing October 1, 2020 (the “Interest Payment Dates”) to the persons who are the registered owners of the Series 2020A Bonds as of the close of business on the fifteenth day (whether or not a business day) of the calendar month next preceding such Interest Payment Date by check or draft of the Paying Agent mailed to such registered owner or, in the case of an interest payment to a registered owner of $500,000 or more in aggregate principal amount of Series 2020A Bonds, by electronic transfer. So long as DTC or its nominee, Cede & Co., is the Owner of the Series 2020A Bonds, such payments will be made directly to DTC. DTC is expected, in turn, to remit such principal and interest to the DTC Participants (herein defined) for subsequent disbursement to the Beneficial Owners. The schedule of maturity and interest payment dates, interest rates, yields, redemption provisions and security for the Series 2020A Bonds are set forth herein. The Series 2020A Bonds are special obligations of the City, payable solely from, and secured as to the payment of principal and interest by a pledge of the Net Revenues (as defined herein) derived from the operation of the City’s Water and Sewer Utility (the “Utility”) on a parity of lien with the Parity Indebtedness (as defined herein). THE SERIES 2020A BONDS SHALL NOT BE OR CONSTITUTE A GENERAL OBLIGATION OF THE CITY NOR SHALL THEY CONSTITUTE AN INDEBTEDNESS OF THE ISSUER WITHIN THE MEANING OF ANY CONSTITUTIONAL, STATUTORY OR CHARTER PROVISION, LIMITATION OR RESTRICTION, AND THE TAXING POWER OF THE CITY IS NOT PLEDGED TO THE PAYMENT OF THE SERIES 2020A BONDS, EITHER AS TO PRINCIPAL OR INTEREST. See “THE SERIES 2020A BONDS – Security for the Series 2020A Bonds” herein. The Series 2020A Bonds are offered when, as and if issued by the Issuer, subject to the approval of legality by Gilmore & Bell, P.C., Wichita, Kansas, Bond Counsel to the Issuer. Certain other legal matters will be passed on for the City by Jennifer Magaña, Esq., Director of Law and City Attorney. It is expected that the Series 2020A Bonds will be available for delivery through the facilities of DTC in New York, New York on or about May 1, 2020. BIDS FOR THE SERIES 2020A BONDS WILL RECEVIED VIA PARITY® IN ACCORDANCE WITH THE NOTICE OF BOND SALE RELATING TO SERIES 2020A BONDS THE COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. THE COVER PAGE IS NOT A SUMMARY OF THIS ISSUE. INVESTORS MUST READ THE ENTIRE OFFICIAL STATEMENT, INCLUDING ALL APPENDICES ATTACHED HERETO TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION. “APPENDIX C – SUMMARY OF FINANCING DOCUMENTS” CONTAINS DEFINITIONS USED IN THIS OFFICIAL STATEMENT. The date of this Preliminary Official Statement is March 26, 2020. This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These secur These amendment. or completion to subject are herein contained information the and Statement Official Preliminary This or sell to offer an constitute Statement Official Preliminary this shall circumstances no Under form. final in delivered is of laws securities the under or qualification to registration prior unlawful be would sale or solicitation offer, such which (THIS PAGE INTENTIONALLY LEFT BLANK) MATURITY SCHEDULE $32,400,000* Water and Sewer Utility Revenue Bonds Series 2020A Stated Annual CUSIP(1) Stated Annual CUSIP(1) Maturity Principal Rate of Base Maturity Principal Rate of Base (October 1) Amount* Interest Yield 967338 (October 1) Amount* Interest Yield 967338 2021 $1,395,000 2031 $1,720,000 2022 1,450,000 2032 1,750,000 2023 1,510,000 2033 1,780,000 2024 1,570,000 2034 1,810,000 2025 1,595,000 2035 1,840,000 2026 1,615,000 2036 1,870,000 2027 1,630,000 2037 1,910,000 2028 1,650,000 2038 1,945,000 2029 1,675,000 2039 1,985,000 2030 1,700,000 *subject to change [TERM BONDS] Stated Annual CUSIP(1) Maturity Principal Rate of Base (October 1) Amount* Interest Yield 967338 2039 (1) CUSIP data is provided by CUSIP Global Services, which is managed on behalf of the American Bankers Association by S&P Capital IQ, a subsidiary of The McGraw-Hill Companies, Inc, and is included solely for the convenience of the Owners of the Series 2020A Bonds. Neither the Issuer nor the Original Purchaser shall be responsible for the selection or correctness of the CUSIP numbers set forth above. (THIS PAGE INTENTIONALLY LEFT BLANK) NO DEALER, BROKER, SALESMAN OR OTHER PERSON HAS BEEN AUTHORIZED BY THE ISSUER TO GIVE INFORMATION OR TO MAKE ANY REPRESENTATIONS WITH RESPECT TO THE SERIES 2020A BONDS OTHER THAN THOSE CONTAINED IN THIS OFFICIAL STATEMENT AND, IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE ISSUER. IN CERTAIN INSTANCES, AS NOTED HEREIN, INFORMATION CONTAINED IN THIS OFFICIAL STATEMENT HAS BEEN OBTAINED FROM HISTORICAL RECORDS AND SOURCES OTHER THAN THE ISSUER. ALTHOUGH THE ISSUER BELIEVES SUCH OUTSIDE SOURCES OF INFORMATION ARE RELIABLE, THE ISSUER DOES NOT GUARANTEE THE ACCURACY OR COMPLETENESS OF INFORMATION CONTAINED HEREIN WHICH WAS OBTAINED FROM SOURCES OTHER THAN THE ISSUER. THE FINANCIAL AND OTHER INFORMATION PRESENTED HEREIN IS INTENDED TO SHOW RECENT HISTORIC INFORMATION, AND IS NOT INTENDED TO INDICATE FUTURE OR CONTINUING TRENDS IN THE FINANCIAL POSITION OR OTHER AFFAIRS OF THE ISSUER. NO REPRESENTATION IS MADE THAT PAST PERFORMANCE, AS MIGHT BE SHOWN BY SUCH FINANCIAL AND OTHER INFORMATION, WILL NECESSARILY CONTINUE OR BE EXPECTED IN THE FUTURE. THE INFORMATION AND EXPRESSIONS OF OPINION IN THIS OFFICIAL STATEMENT ARE SUBJECT TO CHANGE WITHOUT NOTICE AND NEITHER THE DELIVERY OF THIS OFFICIAL STATEMENT NOR ANY SALE MADE AFTER SUCH DELIVERY SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE ISSUER SINCE THE DATE OF THIS OFFICIAL STATEMENT. THE SERIES 2020A BONDS HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE SERIES 2020A BONDS ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE SECURITIES AND EXCHANGE COMMISSION. THE REGISTRATION, QUALIFICATION OR EXEMPTION OF THE SERIES 2020A BONDS IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAW PROVISIONS OF THE JURISDICTIONS IN WHICH THESE SECURITIES HAVE BEEN REGISTERED, QUALIFIED OR EXEMPTED SHOULD NOT BE REGARDED AS A RECOMMENDATION THEREOF. NEITHER THESE JURISDICTIONS NOR ANY OF THEIR AGENCIES HAVE GUARANTEED OR PASSED UPON THE SAFETY OF THE SERIES 2020A BONDS AS AN INVESTMENT, UPON THE PROBABILITY OF ANY EARNINGS THEREON OR UPON THE ACCURACY OR ADEQUACY OF THIS OFFICIAL STATEMENT. ANY REPRESENTATION TO THE CONTRARY MAY BE A CRIMINAL OFFENSE. THIS PRELIMINARY OFFICIAL STATEMENT IS DEEMED TO BE FINAL (EXCEPT FOR PERMITTED OMISSIONS) BY THE ISSUER FOR PURPOSES OF COMPLYING WITH RULE 15c2-12 OF THE SECURITIES AND EXCHANGE COMMISSION.
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