The interest rate table above illustrates recent changes in a sample of MBIS “investment grade” yields. Every issuer’s credit is different. For rates that may be applicable to your municipality, contact our Municipal Bond Advisors, Larry Kleeman and Beth Warren.

After accepting a developer’s petition to finance street, sewer, and water improvements for a housing development under K.S.A. 12-6a01 et seq., the City of Wichita levied special assessments against David L. and Leslie J. Snodgrass (Appellants), and other property owners in 2004. The City issued bonds to pay for the improvements, then in 2011 issued refunding bonds to benefit from lower interest rates. But the City did not refund to property owners any of the money it saved by doing so. Appellants sued the City and individually named defendants asserting an entitlement to money based on the difference between the interest rate on the original bonds in 2004 and the interest rate of refunding bonds issued in 2011.
Appellants then moved for partial summary judgment, arguing the City’s failure to pass on its savings constituted a “‘taking, under the guise of taxation.'” The City cross-moved for summary judgment. The district court granted summary judgment for the City, finding that the assessment was voluntary, that the alleged injury was too small to sustain a takings claim, and that the action was barred by a 30-day statute of limitations. The court dismissed Appellants’ remaining claims, including those against the individually named defendants. On review, we find the district court properly dismissed Appellants’
claims as untimely and properly granted summary judgment for the City.
Source: Snodgrass vs. City of Wichita