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Posted on: January 30, 2024

Notice of Intention to Issue Certificates of Obligation








            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 in connection with constructing, improving, designing, acquiring, and equipping the City's: (1) water and waste water system, including replacing and upsizing existing waterlines and upsizing existing wastewater lines; (2) streets and transportation facilities, including easements and right of way, sidewalks, drainage, traffic improvements, parking and lighting; (3) flood control and drainage system; (4) parks and athletic fields to include splash pad reconstruction, lighting, parking, synthetic turf, concourse, shade, and bleachers; (5) public safety facilities, including Fire Station 1 and Fire Station 2; and (6) the payment of professional services in connection therewith including legal, architectural, fiscal and engineering fees and the costs of issuing the certificates of obligation and other matters related thereto. 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 25th day of April, 2024.   The maximum amount of Certificates of Obligation that may be authorized for the above listed purposes is $29,900,000. 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.


The following information is required pursuant to Texas Local Government Code, Section 271.049(b)(4):  As of January 25, 2024 principal of all outstanding debt obligations of the City is $126,840,000.  As of January 25, 2024 combined principal and interest required to pay all outstanding debt obligations of the City on time and in full is $188,113,773.  The maximum principal amount of the Certificates to be authorized is $29,900,000. The estimated combined principal and interest required to pay the Certificates to be authorized on time and in full is $59,102,528.  The estimated interest rate for the Certificates to be authorized is 5%.   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, 2054.

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