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Posted on: January 14, 2022

NOTICE OF INTENT TO ISSUE

PUBLIC NOTICE

NOTICE OF INTENTION TO ISSUE

CITY OF TAYLOR, TEXAS

COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION,

SERIES 2022

                                    

 

            NOTICE is hereby given that it is the intention of the City Council of the City of Taylor, Texas to issue Certificates of Obligation of the City in one or more series for the purpose of providing funds for paying contractual obligations incurred or to be incurred for: (i) constructing, improving and extending the City's water and waste water system including acquiring equipment; (ii) constructing and improving the City's drainage and flood control facilities; (iii) constructing, improving and upgrading City streets including related drainage, sidewalks, right-of-way and related traffic improvements and equipment; (iv) constructing, designing, improving and equipping the City's parks and recreational trails; (v) constructing, improving and equipping the City's existing animal shelter; (vi) acquisition and installation of public safety equipment and vehicles including a new fire truck; and, (vii) payment of professional services in connection therewith including legal, engineering, architectural and fiscal fees and the costs of issuing the Certificates.  The City Council tentatively proposes to authorize the issuance of the Certificates of Obligation at its regular meeting place in the City Hall, 400 Porter Street, Taylor, Texas to be commenced at 6:00 p.m., on the 10th day of March, 2022.  The maximum amount of Certificates of Obligation that may be authorized for the above listed purposes is $24,900,000.  The City Council presently proposes to provide for payment of the Certificates of Obligation by a pledge of ad valorem taxes upon all taxable property within the City within the limits allowed by law.  The Certificates of Obligation will be additionally payable from a limited pledge of the City’s surplus water and sewer system revenues not to exceed $1,000.

 

Due to the ongoing public health concerns regarding the COVID 19 virus, and as may be authorized by Executive Order of the Governor of Texas, such meeting on March 10, 2022 may be conducted via a free public video conference or other lawful electronic means.  In such event, information regarding how to access the meeting and public participation in the meeting will be available on the City's website and in the agenda posted no less than 72 hours before the March 10, 2022 meeting at the following internet address: https://cityoftaylor.org/index.html.

 

The following information is required pursuant to Texas Local Government Code, Section 271.049(b)(4):  As of January 13, 2022 principal of all outstanding debt obligations of the City is $50,705,000.  As of January 13, 2022 combined principal and interest required to pay all outstanding debt obligations of the City on time and in full is $63,821,539.  The maximum principal amount of the Certificates to be authorized is $24,900,000.  The estimated combined principal and interest required to pay the Certificates to be authorized on time and in full is $33,961,550.  The estimated interest rate for the Certificates to be authorized is 3.0%.   Such estimate takes into account a number of factors, including the issuance schedule, maturity schedule and the expected bond ratings of the proposed bonds.  Such estimated maximum interest rate is provided as a matter of information, but is not a limitation on the interest rate at which the bonds, or any series thereof, may be sold.  The maximum maturity date of the Certificates to be authorized is August 15, 2042.

 

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