NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that the City Council of the City of Taylor, Texas (the "City"), at its meeting to commence at 6:00 P.M. on June 8, 2023 (the "meeting"), at its regular meeting place in the City Hall, 400 Porter Street, Taylor, Texas, tentatively proposes to authorize the issuance of one or more series of interest bearing certificates of obligation of the City, in the total aggregate principal amount not to exceed $5,090,000 for paying contractual obligations incurred in connection with: (1) planning, acquisition, design and construction of certain water, wastewater and flood control improvements to include improvements to Donna Channel and Bull Branch; and (2) the payment of professional services in connection therewith including legal, fiscal and engineering fees and the costs of issuing the certificates of obligation and other matters related thereto. The certificates of obligation are expected to be purchased by the Texas Water Development Board which has offered the City a zero percent interest rate on this debt. The City presently proposes to provide for the payment of the certificates of obligation by the levy of ad valorem taxes, within the limits prescribed by law. The certificates of obligation will be additionally payable from a limited pledge of surplus revenues of the City’s drainage utility system not to exceed $1,000.
The following information is required pursuant to Texas Local Government Code, Section 271.049(b)(4): As of April 13, 2023, principal of all outstanding debt obligations of the City is $74,335,000. As of April 13, 2023, combined principal and interest required to pay all outstanding debt obligations of the City on time and in full is $94,170,814. The maximum principal amount of the Certificates to be authorized is $5,090,000. The estimated combined principal and interest required to pay the Certificates to be authorized on time and in full is $5,090,000. The interest rate on the Certificates is expected to be 0% however the maximum interest rate for the Certificates may not exceed the maximum legal interest rate. The maximum maturity date of the Certificates to be authorized is August 15, 2053.
Mayor, City of Taylor, Texas